U.S. Oil and Gas PLC
(“USOIL” or “the Company”)
U.S. Oil and Gas plc (PLUS: USOP), the oil and gas exploration company with lease acreage in Nye County, Nevada, announces an update on its operations.
The Company has prepared a shortlist for the selection of a drilling contractor in preparation for spudding- in its first target: Well 01, Eblana Phase 1 Section 2, North. The well is intended to be drilled to a target depth of 2,650 metres, and drilling operations are expected to take approximately 25 days.
USOIL will maintain a 100% working interest in the first well. Additional stratigraphic analysis of USOIL’s lease acreage is to be completed in due course.
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
For further information contact:
U.S. Oil and Gas plc
Brian McDonnell, Chief Executive Officer +353 (0) 872383419
SVS Securities plc – PLUS Corporate Adviser
Peter Ward / Alexander Brearley +44 (0)20 7638 5600
SVS Securities plc – Broker
Ian Callaway / Alex Mattey +44 (0)20 7638 5600
Jonathan Charles +44 (0)20 7429 6611
[email protected] +44 (0)7791 892509
Notes to Editors
US Oil and Gas plc is a PLUS (Ticker: USOP) listed 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 into marketable opportunities for the medium and large-sized oil companies. The Company’s main asset is in Nye County, Nevada where it holds the entire share capital of the US-based company Major Oil International LLC. Major Oil has acquired, and intends to acquire, rights to exploration and development acreage in two high potential resource areas 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.
The IPDS Passive Seismic Survey results reported on 26th February 2010 showed high DHI (Direct Hydrocarbons Indicator) readings for Section 2 (North), with DHI of 0.96. This section was identified as the likely first well drilling target and which has now been staked and prepared for the first well drilling campaign. DHI readings for Section 3 (East) of up to 0.59 DHI, led USOIL to nominate this section as its likely second well-drilling target. Geochemical results for Eblana Phase I indicates five clearly defined hydrocarbon reservoirs, with excellent correlation with IPDS and gravity/magnetic survey results.
For further information please refer to our website at: www.usoil.us
US OIL AND GAS PLC