United Oil and Gas (LON: UOG) has entered into a binding asset purchase agreement with Quattro Energy for the conditional sale of the UK Central North Sea Licence containing the Maria discovery.
For an as yet undisclosed sum, Quattro Energy will take on Licence P2519, located in Block 15/18e.
The two firms have agreed an extension of the long stop date which was originally 16th April 2023, pushing it back to the 17th of May.
This it to allow additional time for the asset purchase agreement conditions required for completion to be “satisfied”.
United says that there will be a further update to the sale processes “in due course.”
Earlier this year, a contingent resources audit conducted by Gaffney, Cline and Associates, found the Maria discovery holds up to 17.7 million barrels of oil and gas.
United Oil and Gas currently owns a 100% stake in the license of the Maria discovery which has possible reserves of 17.7 million barrels of oil and gas (mmboe), however, the research does indicate a best estimate of 10.2 mmboe.
This was an evaluation of contingent resources which are quantities of petroleum that are potentially recoverable, however, at present they are not currently considered to be commercially recoverable.