U.S. Oil and Gas plc
(“US Oil” or “the Company”)
USOIL and Gas plc is pleased to announce that Dr. Karim Akrawi has been appointed as Exploration Manager to the company. Dr. Akrawi, who holds a PhD in Geo-Statistics and Exploration and a BSc in Petroleum Geology, is currently General Director for Geodynamics Worldwide, the company responsible for developing and implementing the Infra Passive Deferential Spectroscopy (IPDS or Passive Seismic) survey technology worldwide. Dr. Akrawi has presented and published numerous papers and reports on the application of IPDS and has made a significant contribution to the development of the technology as used today in oil exploration around the world.
Dr. Akrawi has vast experience of the oil and gas industry worldwide including the United States and holds a number of directorships. Dr. Akrawi was Senior Exploration Geologist with Abu Dhabi Company (ADCO) for Onshore Oil Operations from 1980 to 2008, an enterprise currently producing 1.8 million barrels of oil per day. Dr. Akrawi has also been involved in major discoveries and field development in the United Arab Emirates (UAE) and elsewhere in the Gulf exploration area. His expertise includes formulating well proposals, planning and supervising drilling operations, carrying out geological and feasibility studies, preparing conceptual field development plans, evaluating the economics of well development, estimating probable oiland gas reserves, and risk analysis.
CEO Brian McDonnell said, “We are delighted to welcome Dr. Akrawi to our company. We believe his world-class knowledge and experience, together with our Nevada-based geological team, will enable us to exploit fully our immediate opportunities in Hot Creek Valley as well as other opportunities in the American Mid-West as we expand our portfolio.”
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 [email protected]
Notes to Editors USOil and Gas plc is a PLUS-listed (Ticker: USOP) 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 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. Results for Eblana Phase I indicates maximum recoverable reserves of 113 million barrels.
The final shortlist of well-drilling contractors has been drawn up and the result of the selection process will be announced in due course.
For further information please refer to our website at: www.usoil.us U.S. OIL AND GAS PLC (END) Dow Jones Newswires June 07, 2011 02:00 ET (06:00 GMT)