27 July, 2012 - U.S. Oil & Gas Plc - Operations Update: Eblana #1
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 petrophysical analysis and data integration of the downhole log, hydrocarbon shows and cutting samples from the Eblana #1 exploration well, drilled by its wholly owned subsidiary Major Oil International LLC, is complete.
After rigorous petrophysical analysis and reservoir studies by Baker Hughes and US Oil specialists, a plan has been finalised for the next stage of operations. Of the 20 potential payzones identified by the advanced well-log analysis, at least 11 zones will be perforated.
The Company is now planning production testing of the well using a workover rig in order to collect further reservoir production test data including flow rates, reservoir pressure and other information. The commencement date will be communicated in due course.
CEO Brian McDonnell said, 'Rigorous analysis of the large amounts of data generated by our Eblana #1 discovery has greatly enhanced our understanding of well reservoir properties. We look forward with confidence to the next stage in our exploration process.'
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