Source: Proactive Investors

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

US Oil & Gas Plc (LON:USOP) updated on its drill plans in Nevada, saying that applications to sink three wells in Hot Creek Valley were in train. The required bonds have been lodged for two wells, it revealed, and once permits are received, drilling will start as soon as availability of service and equipment allows. The planned wells target updip of the firm's discovery well Eblana-1. To expand the firm's understanding of possible structures in Hot Creek, the 2016 and 2017 soil-gas surveys have been extended, said USOP. In the earlier surveys, 184 sites were sampled, the majority in the areas of Eblana-1 and the proposed Eblana-3 and Eblana-6 wells. In recent weeks an additional 125 sites have been sampled covering the entire concession area and early results indicate high potential for hydrocarbons throughout the Hot Creek Valley concession, the company said. USOP also noted it was currently carrying out further geological modelling studies based on all data collected to date, focusing on the wider concession area to inform a comprehensive exploration plan.

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Brian McDonnell's photo - CEO of US OIL & GAS

CEO

Brian McDonnell

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