Pxog Marshall Limited agreed to acquire UOG Italia Srl from United Oil & Gas Plc (AIM:UOG) for €2.2 million on August 10, 2021. The consideration will be paid in cash. €0.1 million will be paid immediately and rest will paid on completion.

For the year ended 31 December 2020, UOG Italia Srl. reported a total assets of €2.06 million. The transaction is subject to regulatory approval.

The sale is conditional upon receipt of approval of the Italian authorities and Prospex completing fundraising. The effective date of the transaction will be January 1, 2021. The transaction is expected to complete in late 2021.

As of January 27, 2022, the long-stop date by which the transaction should complete has been extended by mutual consent from March 7, 2022 to April 6. 2022. Christian Dennis of Optiva Securities Limited acted as financial advisor to United Oil & Gas Plc. Roland Cornish and Felicity Geidt of Beaumont Cornish Limited acted as financial advisor to United Oil & Gas Plc.

Prospex Energy PLC received approval from the Ministry of Ecological Transition.