From geophysical studies recently completed, U.S. Oil and Gas plc, (USOIL), (Ticker: USOP) confirms a significant and direct correlation between the lineaments defined by alignments of saddles and other variations in basin based gravity anomalies within its lease area in Hot Creek Valley, Nevada.
Located in project area Eblana: Phase1, these anomalies are also expressed in magnetic data as well as surface geologic maps. The linear features are persistent weak zones whose reactivation, through time, has enabled hydrocarbons to accumulate, because of the creation of subtle structures and trapping mechanisms. The Northern Nevada Rift appears to be related to the oil accumulations at Trap Spring and Grant Canyon in Railroad Valley.
Managing director Brian McDonnell said “Within this area the linear features directly correlate with the locations and geometries of all the hydrocarbon production of over 50 million barrels nearby in Railroad Valley. We believe the anomaly on our first exploration target has enabled hydrocarbons to accumulate.”
The company has identified three specific areas within the first development phase of its prospect called Eblana, Phase 1 Section I, II, and III for the first of its geochemical surveys. The company has completed a geochemical survey of Eblana Phase 1 Section II and we should be in a position to release the results of the survey over this section very shortly.”
Mr. McDonnell added, “The geochemical data will be integrated with the existing Grav/Mag, and well data, and in due course IPDS seismic survey to give the best possible subsurface interpretation before final selection of the location of our Eblana Phase 1 initial drilling target.
Chairman Jimmy Guiry commented “We believe there is a significant possibility that hydrocarbons will be detected in the geochemical survey of this section.”
Notes to the Editors
USOIL was listed on the PLUS MARKETS on 14 January last. Based on Grav/Mag surveys completed to date and 3-D conceptual maps developed since, the Company believes that it has identified key prospective areas for phase one (Called Eblana Phase 1) of its exploration programme and hopes that geochemical survey recently undertaken will further refine the target drilling area.
SVS Securities plc is USOIL’s corporate advisor and broker.
ISIN : IE00B4Q65W67 Ticker: USOP
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For further information please contact: Brian McDonnell Chief Executive Officer Tel: +353-87-2383419
Broker SVS Securities Plc Ian Callaway / Alexander Mattey 020 7638 5600
Media resources: Website: www.usoil.us Pressroom: www.usoil.us/press-room Company FAQ: www.usoil.us/faq Images: www.usoil.us/press-image-gallery
U.S. Oil and Gas plc is an Irish registered company No. 471932 70 Ballybough Road Dublin 3 Tel: +353-1-8230510 Fax: +353-1-8230511 www.usoil.us