Shares in United Oil & Gas PLC (AIM:UOG) rose almost 15% after it announced it is selling a North Sea asset for up to £5.7mln.
Quattro Energy is buying licence P2519, containing the Maria discovery, for an initial down payment of £2.45mln.
In a statement, United O&G chief executive Brian Larkin said: “Whilst the company explored options whereby we participated directly in the future development of Maria, we ultimately believe that monetising the Maria discovery at this time provides us with a significant return from our investment and gives us additional capital to continue to execute our ambition to grow the business in our core focus areas in the Greater Mediterranean and North Africa regions. We wish Quattro all the very best for their new venture."
The shares were 0.15p higher in early trade at 1.16p.