Source: Proactive Investors

US OIL & GAS: USOP lands drill permits for new Nevada oil wells

U.S. Oil & Gas Plc (USOP) told investors, in a statement after Friday's close, that it has been green lighted for two new wells at its Nevada oil project. The company said it has been awarded permits to drill the planned Eblana-3 and Eblana-6 wells, meanwhile, a proposed re-entry to the Eblana-1 well is still under review. "In order to make rapid operational progress, the company has decided to move ahead with preparations for drilling Eblana-3 and Eblana-6, both vertical wells," USOP said. "The company's view at this time is that it will drill Eblana-3 first, deciding on subsequent operations in the light of results." It added that operations to enhance ground works and surface infrastructure, including the construction of drill pads and access ways, will now begin "as soon as practicable", and it added that it can now proceed with efforts to finalise terms will a drilling contractor. Chief executive Brian McDonnell said: "We are delighted to have been awarded two permits to drill. "Our technical team has done a superb job planning our wells, and an enormous amount of additional preparatory work with service vendors has also been completed. "We mean now to press ahead as quickly as possible with drilling operations. "On behalf of myself and the board, I would like to extend a special thanks to US Oil's shareholders, whose unwavering support has made possible this new and exciting phase in the company's exploration story."

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Est. Annual Revenue
<$1M
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Est. Employees
<10
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Brian McDonnell's photo - CEO of US OIL & GAS

CEO

Brian McDonnell

CEO Approval Rating

70/100

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