News Oil & Gas

United on course to complete SPA for gas licence in Italy

Posted on Author editorial Comments Off on United on course to complete SPA for gas licence in Italy

United Oil & Gas plc announced it was nearing the completion of selling its interests in the Podere Gallina licence holding the Selva gas project in Italy.

Agreement: Prospex has completed the fundraising for United’s subsidiary in Italy (CGG GeoConsulting)

SPA

PXOG Marshall Ltd, a subsidiary of Prospex Energy plc, signed a conditional sales and purchase agreement to buy United’s 100%-owned subsidiary UOG Italia Srl for €2.165m ($2.54m / £1.8m) with an effective date of 1 January 2021.

UOG Italia Srl holds a 20% non-operated interest in the Podere Gallina licence which contains the Selva gas development project in Italy.

United received a deposit of €108,235 ($150,000 ) in August 2021.

The company said that Prospex had now completed the fundraising. The long stop date for completion is 6 April 2022.

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