DUBLIN, Ireland – United Oil & Gas has entered a binding sale agreement to sell two UK central North Sea licenses to Quattro Energy.
Under the proposed transaction, Quattro will initially pay £2 million ($2.76 million) to United for P2480 and P2519, and a further £1.2 million ($1.66 million) following approval of a field development plan for block 15/18e in P2519, which includes the Maria discovery.
United was awarded 100% interest in the two concessions under UK offshore licensing rounds in 2019 and 2020.
Quattro Energy was formed last April by an experienced North Sea-focused management team, with plans to build a portfolio of oil and gas appraisal, development, and producing assets.
United expects to complete the transaction in 4Q, assuming regulatory approval comes through, and will then have exited the North Sea region.