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USOP lands drill permits for new Nevada oil wells

Published: 07:47 15 Jan 2018 GMT

oil and gas operations
Both Eblana-3 and Eblana-6 are planned to be vertical wells

US Oil and Gas Plc (LON:USOP) told investors in a statement after Friday’s close that it has been green lighted for two new wells at its Nevada oil project.

The company said it has been awarded permits to drill the planned Eblana-3 and Eblana-6 wells while a proposed re-entry to the Eblana-1 well is still under review.

READ: USOP says it could be drilling in Nevada this year

“In order to make rapid operational progress, the company has decided to move ahead with preparations for drilling Eblana-3 and Eblana-6, both vertical wells,” USOP said.

“The company’s view at this time is that it will drill Eblana-3 first, deciding on subsequent operations in the light of results.”

It added that operations to enhance ground works and surface infrastructure, including the construction of drill pads and access ways, will now begin “as soon as practicable”, and it added that it can now proceed with efforts to finalise terms with a drilling contractor.

Chief executive Brian McDonnell said: “We are delighted to have been awarded two permits to drill. 

READ: US Oil & Gas plc says Hot Creek Valley well applications are in process

“Our technical team has done a superb job planning our wells, and an enormous amount of additional preparatory work with service vendors has also been completed. 

“We mean now to press ahead as quickly as possible with drilling operations. 

“On behalf of myself and the board, I would like to extend a special thanks to US Oil’s shareholders, whose unwavering support has made possible this new and exciting phase in the company’s exploration story.”

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