United, Quattro extend term for North Sea Maria transaction
DUBLIN, Ireland — United Oil & Gas has issued a progress report on its 100% interest in UK central North Sea license P2519 containing the Maria discovery to Quattro Energy.
Jesmond Capital is in the process of acquiring Quattro with the intention of forming a larger entity that would be listed on the TSXV.
P2519 encompasses blocks 15/18e and 15/19c and covers a 225-sq-km area. Shell/Esso discovered Maria in 1976 in the Forties sandstone. United estimates mid-case recoverable resources at about 6 MMboe.
In addition, the license includes two Jurassic discoveries, Brochel and Maol. Shell drilled Maol in 1987, with the well flowing more than 2,000 boe/d on test.
Although Quattro missed the initial long stop date for the transaction of July 31, it has since supplied a non-refundable deposit of $100,000. And the two parties have agreed to extend the long stop date to September, noting that a further extension may be needed to secure the regulatory approvals that would lead the transfer of the license to Quattro.
08.08.2023