Business

United Oil & Gas to sell licence for up to £5.7 million

The energy group, led by Dubliner Brian Larkin, has agreed to sell its UK Central North Sea oil licence, including the Maria oil discovery, to Quattro Energy

Brian Larkin, founder and managing director, United Oil & Gas: ‘Active portfolio management, to realise value from our assets, has always been a key part of United’s strategy.’ Picture: Fergal Phillips

United Oil & Gas has entered into an agreement with Quattro Energy to sell its UK Central North Sea oil licence for a maximum consideration, including contingent bonus payments, of up to £5.7 million.

United was founded and is led by Dubliner Brian Larkin, who previously worked at both Tullow Oil and Providence Resources. The sale of the licence, which is known as P2519 and contains the Maria oil discovery in the North Sea, will ...