United Oil & Gas PLC (LON:UOG) has completed the sale of North Sea Blocks 15/18d and 15/19b (Licence P2366) to Hibiscus for US$5mln.

The AIM-listed group gets US$855,000 now, a further US$3mln by the end of next year and an additional US$1mln as royalty once the Crown discovery on the blocks moves into production. 

Brian Larkin, United’s chief executive, said: “We have, in a short space of time, added significant value to Licence P2366 and realised a significant return.”

“With activity across our portfolio of multi-stage assets over the next twelve months, including the completion of the Rockhopper Egypt acquisition and the commencement of production at the Selva field in Italy, the momentum behind the business is set to continue.”