Irish exploration firm United Oil and Gas agrees asset sale as part of North Sea exit strategy

United Oil and Gas chief executive Brian Larkin.

Irish exploration company United Oil and Gas has agreed the sale of its North Sea licences, which will see it exit the region and pump more resources into its core assets in Egypt and the Mediterranean.

United is selling its two central North Sea UK licences for up to £3.2m (€3.8m) to newly-founded UK explorer Quattro Energy. An initial payment of £2m has been agreed, and the overall deal is expected to complete by the end of September.