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United Oil & Gas said it had signed a non-binding agreement to sell two North Sea oil blocks to Anasuria Hibiscus UK for up to $5m including milestone payments.
The company was awarded blocks 15/18d and 15/19b in a licencing round last August and held a 95% equity interest.
They include the Crown discovery, initially discovered by Conoco Philips in 1998.
'Low-cost but important data analysis, carried out by the United team, has added significant value to the licence since acquisition,' the company said.
This deal was subject to completion of satisfactory due diligence, including geological, legal and financial due diligence, regulatory OGA approval and definitive documentation.
At 1:15pm: (LON:UOG) United Oil Gas Plc share price was +0.3p at 4p