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
###