17 June, 2016 - U.S. Oil & Gas Plc - Operations Update
U.S. Oil & Gas Plc.
("US Oil" or the "Company")
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
Data collection for a Vertical Seismic Profile (VSP) study centred on the Eblana #1 well is nearing completion. The survey was conducted by Halliburton, one of the world’s largest oilfield service companies, and included walkaway and walkaround VSP.
In addition, new Gravity and near-surface Geochemical data have been acquired in two separate surveys. Along with the VSP results these data will allow further development of the geophysical and geological models of the area around Eblana #1 in preparation for re-entering the well and drilling operations.
The Company will now concentrate on data processing and analysis in order to develop the 3D Earth model. The refined model will then be utilized to assist in the planning for re-entry and possible side-tracking of the Eblana #1 well. Data processing, analysis and integration is expected to take several weeks.
U.S. Oil CEO Brian McDonnell said:
‘We are delighted with progress on the ground at Hot Creek Valley. The quality of the data collected appears to be excellent, and we anticipate that our geophysical model and the identification of future drilling targets will be significantly enhanced by this effort. Processing, analysis and modeling now begins and will involve Halliburton working together with our technical team to produce the clearest possible picture of our target structures.’
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS
Neither this announcement nor the information contained herein constitutes an offer or solicitation by U.S. Oil and Gas Plc for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful.
For further information contact:
Brian McDonnell, Chief Executive Officer +353 (1) 631 9022
Alexander David Securities Ltd - Corporate Finance Adviser
David Scott +44 (0) 20 7448 9820
James Dewhurst +44 (0) 20 7448 9820
Definitions: The terms ‘Reserves’ and ‘Contingent Resources’ are as defined in the ‘Petroleum Resources Management System’ of the Society of Petroleum Engineers.
About U.S. Oil & Gas:
U.S. Oil & Gas plc is an 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.
In a May 2013, an independent Competent Person’s Report (CPR) by Forrest A. Garb & Associates (FGA) of Houston, Texas, estimated 19.2 million barrels Contingent Resources (C50) for a portion of the Company’s lease area in Hot Creek Valley Nevada. Since then, the Company’s stated intention has been to achieve Reserves status for some part of those estimated Resources.
For further information please refer to our website at: www.usoil.us