6 February 2013 - U.S. Oil & Gas Plc. - Operations Update & Award of Share Options
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Operations Update & Award of Share Options
U.S. Oil & Gas Plc (GXG: USOP), the oil and gas exploration company with exploration assets in Nevada, is pleased to announce that it has completed preparations for testing its Eblana #1 well. Flow specialists are onsite and the planned testing programme has begun. The Company will make a further announcement once testing is complete.
Award of Options
At the Company's Annual General Meeting (AGM) on 31 August 2012, the Directors were granted the authority to issue and allot up to 2,500,941 Ordinary Shares representing 6% of the Company's Issued Ordinary Share Capital subject to the approval by the Remuneration Committee of the terms and conditions of the Share Option Scheme.
The Remuneration Committee has approved the terms and conditions of the Scheme and awarded options. Under the Scheme, shares cannot be traded for at least six months after date of exercise of the options. The exercise of options will be announced to the market.
The Company reports the award of 2.455 million share options at 65 and 68 pence per share representing 5.88 % of the Company's issued share capital. The options were awarded to service providers, consultants and Directors. Details of the options awarded to Directors are as follows:
Name Option Exercise Last Exercise Date Number of Options Awarded
Brian McDonnell STG .65p 22 November 2017 895,000
Peter Whelan STG .65p 22 November 2017 565,000
Karim Akrawi STG .65p 22 November 2017 535,000
Paul O'Callaghan STG .68p 22 November 2017 100,000
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
For further information contact:
Brian McDonnell, Chief Executive Officer +353 (0) 87 238 3419
Alexander David Securities Ltd - Corporate Finance Adviser
Fiona Kinghorn/David Scott +44 (0) 20 7448 9800
Jonathan Charles +44 (0)779 189 2509
Simon Kiero-Watson +44 (0) 20 7653 1935
Alex Benger +44 (0) 20 7653 1935
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.
For further information please refer to our website at: www.usoil.us