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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.

 

Full US Oil and Gas profile here
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US Oil & Gas: Appointment of corporate advisor will "materially assist" resumption of trading

9th Dec 2011, 6:46 pm by Giles Gwinnett In an update, the company, which is exploring in Nevada, said it has met with a number of PLUS regulated corporate advisors and will be announcing an appointment in due course

US Oil & Gas (PLUS: USOP) said the appointment of a PLUS regulated advisor will "materially assist" it in allowing the firm's shares to resume trading.

The firm's PLUS-quoted shares were suspended from trading on August 23 this year.

In an update, the company, which is exploring in Nevada, said it has met with a number of PLUS regulated corporate advisors and will be announcing an appointment in due course.

"The directors believe that the expected appointment will materially assist in achieving the lifting of the suspension," it said today.

The company also revealed that an application for permit to drill (APD) was submitted on October 19 this year and it expect approval in due course.

It also told investors that it will shortly announce the selection of the drilling company and spudding-in date  for Eblana No. 1 well in Nevada. It added that it planned to file an APD for Eblana No. 2 soon.

Finally, the company said it had hired consultants Forrest A. Garb & Associates, Inc to prepare a competent persons report to review all data and prospective resources for its entire lease acreage in
Hot Creek Valley, Nevada.

Their role will also include devising and maintaining the formal data store required for the reserves classification process which may be undertaken in due course, said the firm.

US Oil and Gas is developing its main asset, the Hot Creek Valley prospect in Nevada. In October, the company filed an application for a permit to drill its first well there.

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.

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

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