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.
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.