EurOil: United signs deal on sale of UK Maria find to Quattro

UK-based oil and gas firm Quattro Energy has mutually agreed with United Oil & Gas to extend the long stop date for the acquisition of United Oil & Gas' licence in the Central North Sea, the companies said this week. This licence encompasses an existing hydrocarbon discovery, Maria, in the Outer Moray Firth Basin.

Initially United had entered into a binding asset purchase agreement with Quattro, which is in the process of being acquired by Jesmond Capital, to form an expanded entity set to be listed on the Toronto stock exchange. The original long stop date for the completion of the deal’s conditions was April 16 this year.

As a result of a delay in finalising the sale, both parties agreed to extend the long stop date to May 17, to allow additional time to meet the conditions. In June, the long stop date was further extended to July 31, providing Quattro Energy with the necessary time to fulfil its funding requirement.

However, as of the beginning of August, United disclosed that not all the conditions stipulated in the asset purchase agreement had been met by the expiry of the long stop date on July 31. This led to ongoing negotiations for a potential further extension.

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