30 May, 2012 - U.S. Oil & Gas Plc - Operations Update: Eblana #1
U.S. Oil & Gas Plc - Operations Update: Eblana #1
30 May, 2012
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Operations Update: Eblana #1
U.S. Oil & Gas plc (GXG: USOP), an oil and gas exploration company focused on Nevada, USA, is pleased to announce that the Eblana #1 exploration well, currently being drilled by its wholly owned subsidiary Major Oil International LLC, reached its Target Depth of 8,550 feet on 26th May 2012 at 19.05 hours PST. The well has been successfully cased and cemented.
During the drill, more than 1,000 feet of cumulative net oil and gas pay potential zones were encountered. Reservoir quality appears excellent with good porosities ranging from 14% to 28% and with high permeable fracture zones associated with high gas peaks up to 1600 units (C1 to C3). At intervals from 2,900 feet to 8,550 feet, within Valley Fill sedimentary rock down to Tertiary Volcanic Ash porous zones, a number of additional potential reservoir zones have been identified.
Initial interpretation of downhole well logs confirm all of the hydrocarbon shows and reservoir intervals previously recorded while drilling.
The Company will shortly complete and finalize the well logs processing and interpretation, which will enable it to identify potential production test zones in preparation for perforation and production flow testing.
Completion tests on the potential zones of interest through 2 7/8' production tubing in place downhole will allow the Company to run a series of production test over the next few days.
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)7791892509
Notes to Editors
U.S. Oil & Gas plc is a GXG 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.
U.S. 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