Source: Proactive Investors

US OIL & GAS: USOP says it could be drilling in Nevada this year

US Oil & Gas Plc (USOP) could be drilling its Nevada oil project in just a matter of months, the company has revealed. In a statement following its AGM, held on April 26, the company said a timetable for drilling to start in August or September would be a "reasonable expectation". The programme does, however, remain subject to the company securing the necessary permissions in Nevada. "Drilling permits will be required for both wells," USOP said. "Preparatory work for permit applications, including engineering details, is near complete, and applications will be submitted to regulatory authorities in the near future." USOP added that it is now in the process of discussing the programme with drilling contractors. Candidly, the presently un-listed company noted that it had insufficient funds to pay for both the drill programme as well as cover the costs of listing its equity on a recognised stock exchange. "If sufficient further funds are raised and/or when drilling is completed, the Board will reconsider the listing option," it added. What are USOP's drilling plans? USOP says it has enough money to drill two wells whilst also preserving twelve months' worth of working capital. That said, USOP has put plans in place for three wells. It intends to advance two wells, Eb-1a and Eb-3, which will test the Eblana discovery. Eb-1a is a deviated side-track from the group's previously drilled well, and it will be drilled from the Eblana-1 well pad. The separate Eb-3 well will be drilled vertically. The third well, which is not scheduled to be drilled in the upcoming programme, is described as being sited optimally for Paleozoics targets as well as the possibility of penetrating Tertiary zones of interest.

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

CEO

Brian McDonnell

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