The Eblana-1 well was spudded on Monday, May 7. And around 200 feet have been drilled so far. In all, it is expected that drilling operations will last for about 25 days.

The spudding will be seen as a major milestone in the oil explorer’s development.

USOP is planning to drill a second well immediately after Eblana-1 and it secured a drilling contract for Eblana-2 last month.

Hot Creek Valley, the company's main asset, is in Nye County, Nevada. 

After a long suspension and eventual delisting from the Plus Market, USOP shares can now be traded via the OTC tier of the GXG Market – a Denmark based and regulated small companies exchange.

In February, a competent persons report assessed Hot Creek Valley and gave an estimate of in-place prospective resources of 189 million barrels of oil (P50). Of that, around 67 million barrels are estimated to be recoverable. The estimated unrisked net present value for the prospective resources is US$514 million.

GXG Markets is a trading platform for small companies, based and regulated in Denmark. Currently just over 20 stocks are traded on the platform.

“We are delighted to be admitted to the GXG Markets and believe trading will be warmly welcomed by investors,” said chief executive Brian McDonnell.

GXG was reportedly among the parties interested in acquiring the PLUS Market, after it put itself up for sale earlier this year.

USOP shares had been suspended on the PLUS Market since August amid an investigation into a ‘disorderly market’ and secondary corporate governance issues – which were subsequently resolved. 

The stock was delisted from PLUS earlier this month. 

The company acknowledges that the trading status of the shares has been a ‘source of great concern and inconvenience’ for investors as well as the board.

Today’s announcement comes ahead of an exciting period for USOP as it is preparing to drill its first exploration well, called Eblana-1, on the Hot Creek Valley project in Nevada.

Contractor Nabors is scheduled to start drilling Eblana-1 on May 1. 

This morning USOP also confirmed that earth mobilisation and well site construction is currently underway and drilling equipment will be mobilised on April 27.

It also confirmed that it hopes to drill a second well immediately after Eblana-1, after it secured a drilling contract earlier this month.

Eblana-1 has the potential to be very significant for USOP as it could trigger a great deal of activity in Nevada.

“In the event of a successful drill and a strike, the company will work to maximise value for investors by proving up reserves, commissioning further competent person's reports and carrying out surveys on the large part of its lease area not fully surveyed at present but viewed as highly prospective,” the company said.

This comes after the group’s shares were de-listed from the PLUS market last Thursday.

This morning USOP revealed that a ‘disorderly market’ was given as the reason that its shares were suspended in August last year.

“At no stage in the PLUS investigation was the company or its directors accused of being implicated in this in any way,” the company said in a statement today.

“At no stage have the directors been aware of the identities of those being investigated in this regard, and the directors are still unaware of those identities.”

Additionally USOP said that it has addressed some secondary issues, related to corporate governance, that were raised by PLUS in October.

“The board recognises that the PLUS suspension of trading has been a source of great concern and inconvenience for shareholders,” it added.

“It has also been a difficult period for the board.  However, operations have continued, culminating in the recent announcement of a spudding-in date of May 1st 2012 for the company's first exploration well in Nevada.”

Indeed, USOP also revealed Eblana-1 well’s spud date on Thursday.

Earth moving and site construction at the Eblana-1 site began earlier this month and it is expected that drilling equipment will be moved to the location on April 27.

Eblana-1 has a targeted drilling depth of around 8,000 feet. 

In February this year, the company released a newly completed competent persons report. The report assessed the Hot Creek Valley project, which hosts the Eblana prospect, and gave an estimate of in-place prospective resources of 189 million barrels of oil (P50), of that around 67 million barrels are estimated to be recoverable.

The estimated unrisked net present value for the prospective resources is US$514 million.

It revealed that the Nevada Bureau of Land Management has approved a permit to drill the Eblana-1 exploration well on the Hot Creek Valley property.

“The award of a drilling permit is the culmination of many months of effort by the company and marks the most important milestone in U.S. Oil's history to date,” said chief executive Brian McDonnell.

“We now look forward to finalising logistical arrangements in preparation for the drill.”

Earthworks are due to start immediately to prepare the drill site and USOP said it will announce the official spud date for the well in due course.

Last month, USOP hired Nabors Industries to drill the Eblana well and at least one more well after that.

It is expected that Nabors will drill Eblana 1 to a depth of 8,000 feet. USOP says it should take around 25 days to drill the first well.

USOP also released a newly completed competent persons report in February. The report assessed the Hot Creek Valley project and gave an estimate of in-place prospective resources of 189 million barrels of oil (P50), of that around 67 million barrels are estimated to be recoverable. 

The estimated unrisked net present value for the prospective resources is US$514 million.

USOP’s shares are currently suspended on the PLUS Markets exchange. They were suspended in August.

Plus quoted US Oil and Gas Plc (PLUS:USOP) today released its final results for the year ended September 30 2011.

The junior oil explorer confirmed a US$174,694 loss and it ended the period with US$6.2 million in cash and cash equivalents. During the period the group raised £4.6 million.

USOP is currently preparing to start a hotly anticipated drill programme at the Hot Creek Valley project in Nevada.

Earlier this week announced that it has hired a drill contractor for the first exploration well, known as Eblana 1.

It has contracted Nabors Industries to drill the well. 

The agreement with Nabors also incorporates drilling at least one more well after Eblana 1, USOP revealed.

It is expected that Nabors will drill Eblana 1 to a depth of 8,000 feet. USOP says it should take around 25 days to drill the first well.

The start of drilling is subject to USOP being granted a drilling permit from the US federal authorities. 

The company filed a permit application to drill its first well there in October 2011. 

“With this drilling agreement, the company has come an important step closer to appraising the first of our highly prospective targets in Hot Creek Valley,” said chief executive Brian McDonnell.

“Together with our industry-leading drilling partner, we keenly look forward to the next phase of our exploration programme."

The announcement was the third significant piece of news from USOP in a matter of days.

Late on Friday USOP announced that it is acquiring additional acreage in Hot Creek Valley.

It will gain two new lease lots spanning a total of 5,000acres. This area is contiguous from the group’s existing land interests in Hot Creek Valley.

USOP now has interests in a total of 15,738 acres at Hot Creek Valley.

The plan to acquire the new leases is to enhance the Nevada asset, USOP said. 

However, the company says, it doesn’t expect to spend a significant amount of effort exploring the additional property before its already planned drill programme.

“These acquisitions materially increase our exposure to the Hot Creek Valley play and consolidate our position,” said chief executive Brian McDonnell.

“We know that oil resources we have already located extend into part of the newly leased area, and we believe the new acreage offers exciting exploration and drilling opportunities.”

On Thursday, it released a newly completed competent persons report on Thursday which gave an estimate of in-place prospective resources of 189 million barrels of oil (P50), of that around 67 million barrels are estimated to be recoverable. 

The estimated unrisked net present value for the prospective resources is US$514 million.

USOP’s shares are currently suspended on the PLUS Markets exchange. They were suspended in August.

It has contracted Nabors Industries to drill the well. 

The agreement with Nabors also incorporates drilling at least one more well after Eblana 1, USOP revealed.

It is expected that Nabors will drill Eblana 1 to a depth of 8,000 feet. USOP says it should take around 25 days to drill the first well.

The start of drilling is subject to USOP being granted a drilling permit from the US federal authorities. The company filed a permit application to drill its first well there in October 2011. 

“With this drilling agreement, the Company has come an important step closer to appraising the first of our highly prospective targets in Hot Creek Valley,” said chief executive Brian McDonnell.

“Together with our industry-leading drilling partner, we keenly look forward to the next phase of our exploration programme."

Today’s announcement is the third significant piece of news from USOP in a matter of days.

Late on Friday USOP announced that it is acquiring additional acreage in Hot Creek Valley.

It will gain two new lease lots spanning a total of 5,000acres. This area is contiguous from the group’s existing land interests in Hot Creek Valley.

USOP now has interests in a total of 15,738 acres at Hot Creek Valley.

The plan to acquire the new leases is to enhance the Nevada asset, USOP said. 

However, the company says, it doesn’t expect to spend a significant amount of effort exploring the additional property before its already planned drill programme.

“These acquisitions materially increase our exposure to the Hot Creek Valley play and consolidate our position,” said chief executive Brian McDonnell.

“We know that oil resources we have already located extend into part of the newly leased area, and we believe the new acreage offers exciting exploration and drilling opportunities.”

On Thursday, it released a newly completed competent persons report on Thursday which gave an estimate of in-place prospective resources of 189 million barrels of oil (P50), of that around 67 million barrels are estimated to be recoverable. 

The estimated unrisked net present value for the prospective resources is US$514 million.

USOP’s shares are currently suspended on the PLUS Markets exchange. They were suspended in August.

It will gain two new lease lots spanning a total of 5,000 acres. This area is contiguous from the group’s existing land interests in Hot Creek Valley.

USOP now has interests in a total of 15,738 acres at Hot Creek Valley.

The plan to acquire the new leases is to enhance the Nevada asset, USOP said. 

However, the company says, it doesn’t expect to spend a significant amount of effort exploring the additional property before its already planned drill programme.

“These acquisitions materially increase our exposure to the Hot Creek

Valley play and consolidate our position,” said chief executive Brian McDonnell.

“We know that oil resources we have already located extend into part of the newly leased area, and we believe the new acreage offers exciting exploration and drilling opportunities.”

USOP announced the deal late on Friday.

It followed a newly completed competent persons report on Thursday which gave an estimate of in-place prospective resources of 189 million barrels of oil (P50), of that around 67 million barrels are estimated to be recoverable. 

The estimated unrisked net present value for the prospective resources is US$514 million for a ten year projection discounted at 10 per cent per year.

The report by Forrest A Garb & Associates (FGA) has found that the prospect is sufficiently well-defined to be a viable drilling target.

The company filed a permit application to drill its first well there in October 2011.

Eblana No.1 will be the first of three initial wells, with drilling set to commence shortly after receiving the green light from the state’s Bureau of Land Management.

USOP’s shares are currently suspended on the PLUS Markets exchange. They were suspended in August.

The group’s shares were suspended in August. 

USOP says it has had several talks with PLUS to discuss its ‘profound concerns' regarding the continuing suspension of US Oil and Gas shares. The most recent meeting took place on Friday January 27.

The firm says an agreement has now been reached in principle, with a PLUS Markets corporate advisor. The details of the agreement will be announced subject to the lifting of the suspension, it said. 

“The company would prefer to inform shareholders of the full details of this meeting, but PLUS has insisted that publishing such detail would not be helpful,” the company said in a statement.

“US Oil regrets the anxiety caused to shareholders by the suspension and by the company's continuing inability to communicate details of its discussions with PLUS.”

Eblana No.1 will be the first of three wells, with drilling set to commence shortly after it receives the green light from the state’s Bureau of Land Management.

Last month the group said its 3D passive seismic had confirmed a “substantial hydrocarbon reservoir” at Hot Creek.

"The results of the survey are expected to minimise uncertainties and reduce the exploration risks associated with our forthcoming drilling campaign," said the company.

The anomaly identified by the 3-D Infrasonic Passive Differential Spectroscopy covers more than 10 square kilometres and shows consistently high reservoir hydrocarbon indicator readings.

The survey has helped US Oil & Gas identify up to ten drilling targets over the whole lease area.

According to the company, of those ten targets, the most promising three are superior to the best target shown by an earlier 2-D IPDS survey.

Nevada isn’t exactly synonymous with big oil and gas finds.

This is rather odd as it sits right on the Rockies cordillera, which runs from Alaska down into the Andes in South America. And hydrocarbons have been found all along its length. 

While the state has produced oil, discovering new targets is frustrating and difficult given the geological irregularity of the area. 

Only recently has it been discovered it is covered in a blanket of Oligocene volcanic rocks and detritus. 

This has buried and sealed oil seeps in the area of most interest, the Great Basin on which eastern Nevada and western Utah sit.  

And this pall of debris has rendered conventional 2D and 3D seismic surveys almost useless.

However, a major oil strike has stoked up a lot of interest in the region.

Privately owned Wolverine Gas & Oil discovered the 1.2 billion barrel Covenant Field just over the border in Utah, but within the 400 square mile thrust belt. 

This was a game changer for those scouting in the region and it led to something of a land-grab.

K-Fuel is Evergreen’s patented process to improve low grade coal by applying heat and pressure to cut down moisture and boost the low-grade coal's efficiency levels.

The environmental solutions company has formed a special committee to consider the offer as well as other strategic options. It has retained Cooley LLP to serve as legal counsel and the company is in the process of engaging a financial advisor.

Stanhill is a private merchant banking company based in London, Singapore and Hong Kong, with a focus on investments in the natural resources sector. Ilyas Khan, Evergreen’s chairman and acting Chief Executive, is a substantial shareholder of Stanhill.

Khan will not be part of the special committee being formed to consider Stanhill’s offer.

The company said the offer is expressly conditioned upon completion of due diligence, negotiation of definitive documents, Evergreen shareholder approval and the final approval of Stanhill’s investment committee.

Denver, Colorado-based Evergreen Energy’s stock jumped 6.98%, to 92 cents Tuesday afternoon on the New York Stock Exchange.