DUBLIN, Ireland — United Oil & Gas has a binding agreement to sell its interest in license P2519 in the UK central North Sea to London-based independent Quattro Energy for up to £5.7 million ($6.95 million) as set out below.
The 225-sq km concession covers blocks 15/18e and 15/19c and contains the 6-MMboe Maria Field in the Forties sandstone, drilled by Shell/Esso in 1976, and the Jurassic discoveries, Brochel and Maol.
Completion of the transaction remains subject to approval from the UK’s North Sea Transition Authority and other conditions, but it should complete within the next 90 days.
United, which was awarded the license in late 2020 under the UK’s 32nd Licensing Round, intends to focus on other opportunities in the Mediterranean and North Africa regions.
Quattro, formed by a North Sea-focused management team, has entered a separate agreement to be acquired by Canadian company Jesmond Capital.