UOG to sell UK Maria discovery
United Oil & Gas (UOG) has entered a binding deal to sell a UK central North Sea licence containing the Maria oil and gas discovery to fellow UK independent Quattro Energy.
The sale of licence P2519 will involve payments of up to £5.7mn ($6.95mn), including an initial cash payment of £2.45mn, a further £1mn pending approval of a field development plan, expected in late 2023, and a further £2.25mn when production thresholds are reached, UOG said on January 17.
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UOG is the 100% owner of P2519, which has been independently audited to hold 6.3mn barrels of oil and 23.3bn ft3 of gas in mid-case 2C gross contingent resources.
"Active portfolio management, to realise value from our assets, has always been a key part of United's strategy," UOG CEO Brian Larkin said in a statement. "Whilst the Company explored options whereby we participated directly in the future development of Maria, we ultimately believe that monetising the Maria discovery at this time provides us with a significant return from our investment and gives us additional capital to continue to execute our ambition to grow the business in our core focus areas in the Greater Mediterranean and North Africa regions."