05 April, 2012 - U.S. Oil & Gas Plc - Operational Update
U.S Oil & Gas Plc Operational Update
5, April, 2012
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
U.S. Oil & Gas plc (PLUS: USOP), the oil and gas exploration company with its main asset in Nevada, USA, announces the following operational update:
Major Oil International LLC, U.S. Oil's wholly owned subsidiary, has signed a contract with Nabors Industries Inc. to drill the Eblana #1 well, plus at least one further well, on the Company's 100% owned Hot Creek Valley, Nevada prospect. Nabors Industries is the largest drilling contractor in the world, conducting oil, gas and geothermal drilling operations in the U.S. Lower 48 states, Alaska, Canada and internationally in more than 30 additional countries (www.nabors.com).
Earth mobilisation and site construction at the Eblana #1 location in readiness for the spudding of the Company's first exploration well began on April 3rd subject to any unforeseen delays. Equipment mobilisation is scheduled for April 27.
Spudding of exploration well Eblana #1 is due to place on May 1st 2012. The targeted drilling depth is approximately 8,000 feet.
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
For further information contact:
U.S. Oil & Gas plc
Brian McDonnell, Chief Executive Officer +353 (0) 872383419
Lionsgate Communications - Financial Public Relations
Jonathan Charles +44 (0)77791892509
Notes to Editors
U.S. Oil & Gas plc is a PLUS-quoted (Ticker: USOP) oil and gas exploration company with a strategy to identify and acquire oil and gas assets in the early phase of the upstream life-cycle and mature them. The Company's main asset is in Nye County, Nevada where it holds the entire share capital of US-based company Major Oil International LLC ("Major Oil"). Major Oil has acquired rights to exploration and development acreage in Hot Creek Valley, Nye County, adjacent to the oil and gas rich Railroad Valley area of Nevada, both of which are part of the Sevier Thrust of central Nevada and western Utah, USA.
US Oil has completed extensive surveys of its Hot Creek lease area, generating 18 datasets using the following survey methods: Gravity and Magnetic Resonance, Geochemical, 2-D Seismic, Landsat remote sensing, Geophysical studies, Conodont Alteration Index (CAI), Pyrolysis (TOC), Vitronite Reflectance-Visual Kerogen (TAI), 2-D Passive Seismic (IPDS) and 3-D Passive Seismic.
For further information please refer to our website at: www.usoil.us
U.S. Oil & Gas PLC