United Oil & Gas offloads Italy's Selva field
United Oil & Gas said March 3 it had agreed a conditional sales and purchase agreement to sell its 20% non-operated interest in the Podere Gallina licence onshore Italy, home to the idle Selva gas field.
The €2.2mn ($2.5mn) deal with Prospex Energy subsidiary PXOG Marshall will be finalised once regulatory approvals have been secured and once Prospex finalises the fundraising package for the transaction. The longstop date for Prospex's financing, which is already in place, is due on April 6.
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Prospex has a 17% stake in Podere Gallina, situated in Italy's Po Valley region, with operator Po Valley Energy holding 63%. Eni was the original operator but oversaw Selva's closure in 1984. The field produced 83bn ft3of gas over its 24-year initial lifespan, while an appraisal well drilled to explore its reopening in 2018 struck gas, with P50 reserves now pegged at 13.4bn ft3.