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Proposed Sale of UK Central North Sea Licences

28 Jul 2021 07:00

RNS Number : 6757G
United Oil & Gas PLC
28 July 2021
 

 

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

28 July 2021

United Oil & Gas PLC

("United" or the "Company") 

 

Proposed Sale of UK Central North Sea Licences

 

· United agrees to sell UK Central North Sea Licences P2480 and P2519 to Quattro Energy Limited for a Consideration of up to £3.2 million (c. US $4.4 million)

o Initial payment of £2 million at completion of the transaction

o On Field Development Plan approval, a further consideration of £1.2 million

 

United Oil & Gas Plc (AIM: "UOG"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, announces the signing of non-binding Heads of Terms on an agreement to sell UK Central North Sea Licences P2480 and P2519 ("the Licences") to Quattro Energy Limited ("Quattro") for a headline consideration of up to £3.2 million (c. US $4.4 million).

United was awarded Licence P2480, in the UK Oil and Gas Authority ("OGA") 31st Licencing Round in August 2019 and Licence P2519 in the 32nd Licencing Round, in December 2020. United holds a 100% equity interest in each. Licence P2519 includes the Maria Discovery in block 15/18. Low-cost but important data analysis, carried out by the United team, has added significant value to the Licences since award.

Quattro Energy is a new UK company incorporated in April 2021 by an experienced North Sea focused management team. The acquisition of United's CNS interests is a first step towards Quattro's objective to build a portfolio of oil & gas appraisal, development, and producing assets.

The transaction will result in an initial payment of £2 million (c. US $2.8 million) at completion. Subject to a Field Development Plan being approved for block 15/18, an additional uplift amount of £1.2 million (c. $1.7 million) will be paid to United.

This deal, which is subject to completion of satisfactory due diligence, definitive documentation and OGA approval, is expected to complete by 30 September 2021.

The divestment of these Licences, following a strategic review of the Company's portfolio, will see United exit activities in the North Sea region. The transaction proceeds will provide financial flexibility for the Company to grow its low-cost production business in Egypt and the Greater Mediterranean area, complemented with selected high impact exploration opportunities in the Caribbean and Latin America.

 

Brian Larkin CEO, United Oil and Gas PLC:

"With this transaction we continue to demonstrate our ability to actively manage our portfolio of assets to unlock significant return in value for our shareholders in a short period of time. In line with our stated strategy, the proceeds of this transaction will further strengthen our balance sheet to support the growth of the company".

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR") as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

**ENDS**

 

 

United Oil & Gas Plc (Company)

 

Brian Larkin, CEO

brian.larkin@uogplc.com

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish and Felicity Geidt

+44 (0) 20 7628 3396

Optiva Securities Limited

Christian Dennis

+44 (0) 20 3137 1902

Murray (PR Advisor)

+353 (0) 87 6909735

Joe Heron

jheron@murrayconsultants.ie

Camarco (Financial PR/IR)

Billy Clegg

James Crothers

+44 (0) 20 3757 4983

uog@camarco.co.uk

Tessa Gough-Allen

 

 

Notes to Editors

United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production, development, appraisal and exploration assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.

The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit www.uogplc.com 

 

Quattro Energy is a new company co-founded by Neill Carson (Executive Chairman), Jens Pace (CEO) and Brad Gunn (CFO) incorporated in April 2021. Neil Carson is currently a Non Executive Director at i3 Energy plc, having formerly been the CEO of i3 Energy plc and President & COO of Ithaca Energy (UK) Limited. Jens Pace was previously CEO of Petronor E&P and African Petroleum Corp Ltd. Brad Gunn was previously CFO of Ithaca Energy (UK) Limited.

The acquisition of UOG's CNS interests is a first step towards Quattro's objective to build a portfolio of oil & gas appraisal, development, and producing assets. Quattro are actively progressing funding support for this and other transactions from the capital markets anticipated to complete Q3 2021. www.quattroenergy.co.uk

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DISDGGDRDDDDGBR
Date   Source Headline
28th Mar 202412:45 pmRNSStandard form for notification of major holdings
28th Mar 20247:00 amRNSTotal Voting Rights
20th Mar 20243:30 pmRNSResult of General Meeting TVR & PDMR Notifications
14th Mar 20247:00 amRNSProposed Adjournment of GM to 20 March 2024
1st Mar 202411:29 amRNSInvestor Presentation
29th Feb 20247:00 amRNSAppointment of Country Manager in Jamaica
28th Feb 20247:00 amRNSPosting of Circular and Notice of General Meeting
27th Feb 20247:00 amRNSResults of the Fundraising
26th Feb 20244:45 pmRNSLaunch of Placing to raise approximately £0.9mn
25th Jan 20247:00 amRNSConfirmation of Jamaica Licence Extension
22nd Jan 20247:22 amRNSJamaica update
22nd Jan 20247:21 amRNSNotice of Default from the Operator of Abu Sennan
2nd Jan 20247:00 amRNSEgyptian update - ASD S-1X well test update
18th Dec 20237:00 amRNSEgyptian update - ASD S-1X exploration well
23rd Nov 20237:00 amRNSCorporate and Jamaica update
14th Nov 20237:00 amRNSBoard Change
9th Nov 20237:00 amRNSJamaica and Egypt Update
1st Nov 20237:00 amRNSTermination of Agreement with Quattro
4th Oct 20237:00 amRNSLong Stop Date Extension
28th Sep 20237:00 amRNSHalf-year 2023 results
22nd Aug 20237:27 amRNSBoard Change
8th Aug 20237:00 amRNSLong Stop Date Extension
1st Aug 20237:00 amRNSMaria Discovery, North Sea Licence Update
18th Jul 20237:00 amRNSHalf Year 2023 Trading and Operations update
7th Jun 20233:19 pmRNSResult of AGM
1st Jun 20237:00 amRNSASD-3 Well-Test Results
18th May 20237:00 amRNSLong Stop Date Extension - North Sea Licence Sale
12th May 20237:00 amRNSNotice of AGM, Posting of Annual Report & Accounts
27th Apr 20237:00 amRNSFinal results for the year ended 31 December 2022
24th Apr 20237:02 amRNSNotice of Results
17th Apr 20237:00 amRNSLong Stop Date Extension
4th Apr 20237:00 amRNSEgypt Operations Update
21st Mar 20236:09 pmRNSHolding(s) in Company
21st Mar 20239:00 amRNSPrice Monitoring Extension
21st Mar 20237:00 amRNSCommencement of Production from the ASH-8 well
28th Feb 20237:00 amRNSASH-8 well update
31st Jan 20234:40 pmRNSSecond Price Monitoring Extn
31st Jan 20234:35 pmRNSPrice Monitoring Extension
31st Jan 20232:05 pmRNSSecond Price Monitoring Extn
31st Jan 20232:00 pmRNSPrice Monitoring Extension
26th Jan 20237:00 amRNSFY22 Trading / operations update and 2023 guidance
17th Jan 20234:40 pmRNSSecond Price Monitoring Extn
17th Jan 20234:35 pmRNSPrice Monitoring Extension
17th Jan 20232:05 pmRNSSecond Price Monitoring Extn
17th Jan 20232:00 pmRNSPrice Monitoring Extension
17th Jan 202311:05 amRNSSecond Price Monitoring Extn
17th Jan 202311:00 amRNSPrice Monitoring Extension
17th Jan 20239:05 amRNSSecond Price Monitoring Extn
17th Jan 20239:00 amRNSPrice Monitoring Extension
17th Jan 20237:00 amRNSAPA Signed - Conditional Sale of Maria Discovery

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