United Oil & Gas PLC on Tuesday said it extended the long stop date of a planned licence sale.
The London-based oil and gas company with projects in Egypt, Italy and the UK said that the longstop date for sale of UK Central North Sea licence P2519 for the Maria discovery in Block 15/18 to Quattro Energy Ltd has been extended to September 30.
It is one of several extensions after United Oil & Gas agreed to sell the license to Quattro Energy in July 2021 for up to £3.2 million. This was increased to £5.7 million on January 17, 2023, when Jesmond Capital Ltd announced that it will buy Quattro Energy.
Last week Tuesday, United Oil said that not all conditions for the sale had been met.
Further on Tuesday, United Oil said it revised consideration payments, under which Quattro had to pay United Oil a $100,000 non-refundable deposit by the day before. Further, contingent bonus payments are increased to up to £3.3 million from £2.3 million upon reaching gross production thresholds from the field of three, four and five million barrels.
United Oil & Gas shares rose 9.3% to 1.48 pence each on Tuesday morning in London.
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