United Oil & Gas PLC (AIM:UOG, FRA:1UO) (AIM:UOG, FRA:1UO) chief executive Brian Larkin joins Proactive London's Katie Pilbeam about the divesting their North Sea assets as it focuses on low-cost growth in Egypt.
The deal is to sell the assets to Quattro Energy Limited for £3.2mln, with £2mln paid in cash up front.
As Larkin explains in detail, the sale follows a strategic review with the proceeds providing flexibility to allow further growth in its low-cost production business in Egypt and the Greater Mediterranean area.