Irish exploration firm United Oil and Gas to sell UK assets

Irish exploration company United Oil and Gas plans to lower its exposure to the UK market as part of a refocusing on its three main geographical areas of interest of Egypt, Italy and Jamaica.

The company, which is headed by former Tullow Oil executives Brian Larkin and Jonathan Leather, is looking to sell its interest in the Wessex Basin suite of licences in Britain, the main elements of which are the offshore Colter field and the onshore Waddock Cross licence. In all, United has a stake of between 10% and 26% across five licences in the Wessex Basin.