Galicia Energy has reached an agreement in principle to sell its the licence for its Ukraine oil and gas asset.
The sale will enable Galicia to exit the asset at no cost and will release it from all obligations.
Upon completion of the sale the deal will remain subject to shareholder approval because the asset is technically Galicia’s main undertaking.
The sale will leave Galicia with no residual oil and gas assets as the company seeks to execute its stated strategy to move into the technology sector.
