LONDON, UK: United Oil & Gas PLC (AIM: UOG) announced the termination of the Asset Purchase Agreement (APA) with Quattro Energy Limited (Quattro) for the sale of the UK Central North Sea Licence P2519, which contains the Maria discovery in Block 15/18.
The long stop date for the satisfaction of the APA conditions was extended to October 27, 2023, but Quattro did not meet the funding conditions by that date.
United also announced that it would not apply to move into the next phase of the licence, which expires on November 30, 2023. This means that the company’s interest in the licence is expected to cease on that date.
United Oil & Gas CEO Brian Larkin said that the company had successfully monetized its interests in other licences in recent years and had identified its interest in the Maria licence as non-core to its future strategy.
Larkin said that United had sought to support Quattro’s efforts to raise the funds needed to complete the transaction, but that Quattro was unable to do so due to the challenging regulatory and fiscal backdrop in the North Sea.
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