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Market: PLUS
Sector: Energy
EPIC: USOP
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US Oil and Gas
usoil.us

 

U.S. Oil & Gas plc was formed to exploit the potential for substantial oil and gas finds in one of North America's most prolific oil producing regions, using the most advanced technology available.

U.S. Oil & Gas plc’s (Ticker: USOP) core activities are in the USA, with exploration activity in Nevada where the company holds a large lease acreage and is fully funded to drill three wells.

 

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US Oil and Gas shares sky-rocket as it confirms five hydrocarbon reservoirs

15th Oct 2010, 9:25 am McDonnell believes the property has the potential for a cluster of producing wells

U.S. Oil and Gas Plc (PLUS:USOP) shares shot up 75% in early trading, after geochemical tests confirmed the presence of five hydrocarbon reservoirs at the Hot Creek Valley property in Nevada.

Furthermore, the company said that reconnaissance work indicates that at least two large hydrocarbon reservoirs are also present.

Chief executive Brian McDonnell told Proactive Investors that the company is at a very advanced stage of planning for an initial drilling programme, which will test multiple targets.

The company is currently finalising logistics for the programme, before confirming a ‘spud’ date for the first well.

The next phase of exploration is expected to get underway before the end of 2010.

McDonnell said he was extremely excited by the potential at Hot Creek Valley.

“We could be looking at a cluster of producers if drilling proves successful,” McDonnell said.

The reservoirs were confirmed with geochemical testing, as part of the Eblana Phase 1 work programme.

Analysis of the Eblana Phase 1 geochemical test results confirmed five precisely defined hydrocarbon reservoirs.

“We now have all of our Eblana Phase 1 prospect area targets identified,” McDonnell said in a statement today.

The reservoirs were in the Section 1 (West), Section 2 (North) and Section 3 (South) survey areas.

Geochemical samples were analysed for hydrocarbons by a number of separate methods - Magnetic Susceptibility (MS), High Resolution Soil Spectral Analysis  (HRSSA), UV-Vis Spectroscopy, Iodine, and Soil Electrical Conductivity (umhos).

The company highlighted that the results of these analysis methods are independent of one another.

There are three reservoirs in Section 2 (North), one reservoir is in Section 3 (South), while the fifth straddles Section 1 (East) and Section 3 (South).

Additionally reconnaissance geochemical data indicated additional very large hydrocarbon anomalies to the east of section 2 (North) and to the west of Section 2 (North).

Slightly smaller anomalies were also indicated on either side, east and west, of Section 3 (South).

Phase 2 will also follow-up these anomalies.

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