LONDON – United Oil & Gas has signed terms for the sale of two UK central North Sea licenses to Quattro Energy for up to £3.2 million (c. $4.4 million).
The company was awarded P2480 in the UK’s 31st Licensing Round in August 2019 and P2519 in the 32nd Licensing Round. United holds a 100% equity interest in each case. P2519 includes the Maria discovery in block 15/18.
Quattro Energy was formed earlier this year by a North Sea-focused management team. The company plans to develop a portfolio of oil and gas appraisal, development, and producing interests.
United will pay the full amount negotiated if Britain’s Oil and Gas Authority approves the field development plan for block 15/18. The company expects to complete the transaction by Sept. 30.
The proceeds will help the company grow its low-cost production business in Egypt and the Greater Mediterranean area, supported by exploration in the Caribbean and Latin America.