United Oil & Gas PLC (AIM:UOG) told investors it has received approval from the Ministry of Ecological Transition in Italy for the transfer of ownership of the UOG Italia business to Prospex Energy, in line with its previously announced disposal agreement.
The company, in a statement, noted that the completion would now occur when the deed of transfer is legally executed and funds are transferred by Prospex to United to pay for the remainder of the acquisition cost.
United and Prospex agreed the deal in August 2021, with Prospex acquiring the unit which owns a 20% non-operated interest in the Selva gas development project for €2.165mln in cash.