United Oil & Gas PLC (UOG) terminated the asset purchase agreement (APA) with Quattro Energy Ltd. for the conditional sale by United to Quattro of the UK Central North Sea license P2519 containing the Maria discovery in Block 15/18.
On Oct. 4, 2023, United extended the long stop date for the satisfaction of the APA conditions to Oct. 27, 2023. The regulatory consent for transfer of the license had been approved, but Quattro was unable to raise the funds to complete the deal due to regulatory and fiscal challenges impacting the UK North Sea, United said in a release Oct. 31. The parties have not agreed to a further extension.
The current phase of the license expires on Nov. 30, 2023, and a firm commitment to drill a well in the next phase is required to continue. United will not apply for the next phase, and it's interest in the license will cease on Nov. 30.
UOG will focus on progressing the farmout of Jamaica and the upcoming drilling activities in Egypt including drilling of the Kuwait Energy Egypt-operated ASD-S-1X exploration well later this year.
