REG - United Oil & Gas PLC - Maria Discovery, North Sea Licence Update

United Oil & GasAnnouncement

01/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230801:nRSA8154Ha&default-theme=true

RNS Number : 8154H  United Oil & Gas PLC  01 August 2023

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

 

1 August 2023

United Oil & Gas plc

("United" or "the Company")

 

Maria Discovery, North Sea Licence Update

 

United Oil & Gas PLC (AIM: "UOG"), the full cycle oil and gas company
with a portfolio of production, development, exploration and appraisal assets,
provides an update on the conditional sale of the UK Central North Sea Licence
P2519 containing the Maria discovery in Block 15/18 to Quattro Energy Limited
("Quattro").

 

On 18 January 2023 United announced that it had entered into a binding asset
purchase agreement (APA) with Quattro for the conditional sale of its UK
Central North Sea Licence P2519. Further to the announcement of 18 May 2023
United confirms that all conditions under the APA have not been met by the
expiry of the long stop date on the 31 July. The Company are in advanced
discussions with Quattro regarding a possible further extension and expects to
be in a position to update the market shortly.

 

 

END

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

 

 

 Enquiries
 United Oil & Gas Plc (Company)
 Brian Larkin, CEO                                       brian.larkin@uogplc.com (mailto:brian.larkin@uogplc.com)
 Peter Dunne, CFO                                        Peter.dunne@uogplc.com (mailto:Peter.dunne@uogplc.com)

 Beaumont Cornish Limited (Nominated Adviser)
 Roland Cornish | Felicity Geidt  | Asia Szusciak        +44 (0) 20 7628 3396

 Tennyson Securities (Joint Broker)
 Peter Krens                                             +44 (0) 20 7186 9030

 Optiva Securities Limited (Joint Broker)
 Christian Dennis                                        +44 (0) 20 3137 1902

 Camarco (Financial PR)
 Georgia Edmonds | Emily Hall | Sam Morris               +44 (0) 20 3757 4983

 

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 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 (http://www.uogplc.com)

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDNKDBQCBKDOON