Source: Proactive Investors

US OIL & GAS: US Oil & Gas raises US$1.15mln ahead of Nevada drilling

US Oil & Gas Plc (USOP) has issued 2.75mln new shares to private investors to raise gross proceeds of US$1.15mln. The placing shares are priced at 30p per share. The company said that the proceeds will be used for working capital and to fund planned drilling operations in Nevada. It noted that chief executive Brian McDonnell now holds 3.91mln shares, representing 6.5% of the company. Planning for new Eblana wells In January this year, the company said it had been awarded permits to drill the Eblana-3 and Eblana-6 wells while a proposed re-entry to the Eblana-1 well was still under review. Then in February, the firm said groundworks, including road improvements and access ways, have been completed and the drill pads for Eblana-3 and Eblana-6 have been prepared. A water well has also been sunk, the firm said. Conductor pipes have been set for both Eblana-3 and Eblana-6 wells. Both pipes are 20 inches in diameter. The aim is to drill Eblana-3 first and rig mobilisation and spudding of the well will be announced in due course, the firm said. The company will decide on subsequent operations in the light of results, it added.

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