In a statement, the oil and gas exploration and development company said its board believes that the move to AIM is in the best interests of the company and its shareholders.
It continued: “AIM represents a better fit for fast-growing companies of United's size and is expected to lead to significant cost and administrative savings for the Company.”
The company said it is anticipated that the last day of dealings for its ordinary shares on the LSE Main Market will be 27 February 2019 and the effective date of the move to AIM will be 28 February 2019.
It added that Beaumont Cornish is acting as financial adviser to the company in connection with its admission to AIM and will act as Nominated Adviser to the company. Optiva Securities will continue to act as the company's broker.