U.S. Oil & Gas Plc.
(“US Oil” or the “Company”)
Rematerialisation of Share Certificates
U.S. Oil & Gas Plc, (“USOIL” or the “Company”), the oil and gas exploration company with assets in Nevada, makes the following announcement:
As a result of Brexit, Euroclear UK & Ireland, a UK-incorporated company, will cease to provide Issuer Central Securities Depository (CSD) services to Irish corporate securities via the Crest system as of 30 June 2021.
Irish companies were presented with two alternative courses of action they could take in response to this development: corporate securities could be migrated from Euroclear UK & Ireland to Euroclear Bank (Belgium). Or, a company could choose not to migrate and instead require shares to be rematerialised as physical share certificates to be held by the shareholder or their registered agent such as a broker.
The Board of US Oil and Gas Plc has decided that the Company will not seek to have its shares migrated to Euroclear Bank but will instead require them to be rematerialised as certificates and delivered to registered holders. This course was decided upon due to the significant legal and other costs involved in the migration option. Rematerialisation is expected to be completed by the end of May 2021.
Shareholders are advised to consult their broker or financial advisor for further information on the background to this development and to determine what arrangements they may need to make to ensure the security of their physical share certificates.
The Board of US Oil regrets the inconvenience this change may cause shareholders but believes the heavy costs involved in migration could not be justified when the company is focussed on financing its next drilling operations.
The statements in this communication reflect the current thinking of the Board and the Company’s present plans. The Company reserves the right to alter plans in the light of developing knowledge and circumstances. Shareholders’ attention is drawn to the note below concerning Forward-looking Statements.
This press release contains certain “forward-looking statements” and “forward-looking information”. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to: business plans and strategies of US Oil and Gas; operating or technical difficulties in connection with drilling or development activities; availability and costs associated with inputs and labour; drilling and exploration costs; the speculative nature of oil exploration and development; diminishing quantities or quality of reserves; synergies and financial impact of completed acquisitions; the benefits of the acquisitions and the development potential of properties of US Oil and Gas; the future price of oil; supply and demand for oil; the estimation of reserves; the realization of reserve estimates; costs of production and projections of costs; success of exploration activities; capital expenditure programs and the timing and method of financing thereof; the ability of US Oil and Gas to achieve drilling success consistent with management’s expectations; net present values of future net revenues from reserves; expected levels of royalty rates, operating costs, general and administrative costs, costs of services and other costs and expenses; expectations regarding the ability to raise capital and to add to reserves through acquisitions, assessments of the value of acquisitions and exploration and development programs; geological, technical, drilling and processing problems; treatment under governmental regulatory regimes and tax laws.
All statements other than statements of historical fact are forward-looking statements
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Neither this announcement nor the information contained herein constitutes an offer or solicitation by U.S. Oil and Gas Plc for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful.
For further information contact:
Brian McDonnell, Chief Executive Officer +353 (1) 631 9022
About U.S. Oil & Gas:
U.S. Oil & Gas plc is an 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. The Company’s
main asset is in Nye County, Nevada where it holds the entire share capital of US-based company, Major Oil International LLC (“Major Oil”). Major Oil has acquired rights to exploration and development acreage 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.
For further information please refer to our website at: www.usoilandgas.us