AIM-listed United Oil & Gas has provided an update on the conditional sale of the UK Central North Sea Licence P2519 containing the Maria discovery in Block 15/18 to Quattro Energy, a UK North Sea focused company which is being acquired by Jesmond Capital Limited to form an enlarged entity to be listed on the TSXV.
On 8 August 2023 the Company announced that as all the conditions under the asset purchase agreement (the 'APA') for the conditional sale of its UK Central North Sea Licence P2519 had not been met by the expiry of the long stop date on 31 July 2023 the parties had agreed an extension of the long stop date in the APA to 30 September 2023. Further to that announcement, United confirms that the funding condition under the APA have not been met by the expiry of the long stop date on 30 September 2023.
Following the receipt by United from Quattro of an update on its funding process and a formal request to extend the long stop date, the parties have agreed an extension of the long stop date in the APA to 27 October 2023. It was also agreed that a further extension may be required for all conditions precedent to be met to allow completion of the sale, namely regulatory approvals, to enable the transfer of funds to United, and the Licence assignment to Quattro, with such extension to be automatically granted on the satisfaction of the Quattro funding condition being met by 27 October 2023.
Brian Larkin, Chief Executive Officer commented:
'We remain confident that our Licence is highly prospective, particularly following the recent support given to drilling in the North Sea by the UK Government and Regulators. It is clear that the North Sea remains a strategic asset for both the UK and Europe to bolster energy security, and that investment into the area continues to be strong.'
Source: United Oil & Gas
