U.S. OIL and GAS plc's (Ticker: USOP) core activities are in the USA, with ongoing exploration activity in Nevada where the company holds a large lease acreage.

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U.S. Oil & Gas plc was formed to exploit the potential for substantial oil and gas finds in one of North America's most prolific oil producing regions, using the most advanced technology available.

U.S. Oil & Gas plc’s core activities are in the USA, with exploration activity in Nevada where the company holds a lease acreage of 88 sq km.

Investors please note: Investor queries should be directed to US Oil via the email or telephone number listed here rather than to Alexander David Securities, who are no longer the Company's corporate finance advisor.  

Resource estimates 
Baker Hughes Inc. have reported Original Oil-in-Place estimates for the Tertiary zones in the area updip to the Eblana #1 well as follows: 

Original Oil in Place (OOIP) 
283 million barrels (low case); 1,033 million barrels (best case); and 1,993 million barrels (high case). 

Recoverable Resources at 20% recovery factor are as follows:  57 million barrels (low case); 207 million barrels (best case); and  400 million barrels (high case).

Intention to drill
The Company is currently funded to drill two further wells while at the same time preserving 12 months working capital. Planning is complete for three wells, of which two will be drilled.  Two of the planned wells (Eb-1a and Eb-3) target updip Tertiary zones with the possibility of drilling deeper to the Paleozoics.  One planned well (Eb-6) is sited optimally for the Paleozoics and would in addition penetrate Tertiary zones of interest.  Eb-3 and Eb-6 are vertical wells.  Eb-1a is deviated (sidetracked) and would be drilled from the existing Eblana #1 well pad.  

The process of applying for the necessary regulatory permissions is currently underway.

Background: 
The Eblana #1 well
The Eblana #1 exploration  well,  drilled by U.S. Oil's wholly owned subsidiary Major Oil International LLC, identified  nine  large  potential porous oil reservoir intervals and  associated  high fracture  zones before reaching its target depth of 8,550 feet on 26th May 2012.  Testing confirmed two producer zones, approximately 150 feet cumulative net pay, and identified oil of 33 and 28.5 API.   This was the first discovery of light, sweet crude in Nevada in approximately 30 years.  Flows were not, however, at commercial rates, and data analysis suggetsed that the well had penetrated the oil-water transition zone.

Halliburton VSP study
In 2016 the Company contracted Halliburton to carry out a Vertical Seismic Profile (VSP) survey based on US Oil’s Eblana #1 discovery well, and Baker Hughes (BHI) to carry out structural modelling based on all the available data including VSP. The purpose of the structural modelling was to reduce risk as far as possible before the Company carries out its planned drills. In addition, Baker Hughes calculated the revised Oil-In-Place estimates reported above for the Tertiary Structure updip of the Eblana #1 well.  These estimates do not include the Palaeozoic strata, which may also be highly prospective.