U.S. Oil & Gas plc - Operations Update
PR Newswire
London, November 27
November 27, 2020
U.S. Oil & Gas Plc.
("US Oil" or the "Company")
Operations Update
U.S. Oil & Gas Plc, ("USOIL" or the "Company"), the oil and gas exploration company with assets in Nevada, is pleased to announce that spudding of the Eblana-9 well took place at 07:38 local time (PT) on November 27, 2020.
Eblana-9 is targeting a prospect in Hot Creek Valley, Nevada, with an estimated 28 million barrels of oil (STOIIP). The target is in one block of a mapped multi-block compartment in a four-compartment East Prospect structure.
The well will be drilled vertically to a target depth of approximately 5,300 ft. Drilling to target depth is expected to take approximately eight days and will be followed by five days of further operations for a probable total of thirteen days for the full programme.
The well targets three horizons: Zone 1 with top at 4,420 ft. and 200 ft. thickness; Zone 2 at 4,920 ft. with 90-120 ft. thickness; and Zone 3 with top at 5,140 ft. and 30-60 ft. thickness.
All the Company's operations in Nevada are carried out by Major Oil Intl. LLC., the wholly owned subsidiary of US Oil and Gas plc. Through Major Oil, the Company owns a 100% interest in its Nevada leases.
Covid-19 precautions
All operations onsite will be carried out with due regard to Covid-19 precautions and procedures in accordance with a developed Covid-19 protocol.
FORWARD-LOOKING STATEMENTS
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
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