United Oil and Gas and newcomer Quattro Energy have entered a binding sale and purchase agreement for two licences in the Central North Sea.
The £3.2n deal, announced in July, had been slated for September completion but is now expected in Q4.
Quattro was formed in April by North Sea stalwart Neill Carson, a founder of Ithaca Energy and i3 Energy.
The divestment marks the end of United’s operations in the UK sector.
United CEO Brian Larkin said: “The sale of United’s Licenses in the North Sea demonstrates our commitment to portfolio optimisation, which forms a key part of the Group’s strategy.
“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.”
The deal covers licences PP2480 and P2519, the latter including the Maria discovery.
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