21 December 2012 - U.S. Oil and Gas Plc - Operations Update
U.S. Oil and Gas Plc
("US Oil" or "the Company")
U.S. Oil and Gas Plc (GXG: USOP), the oil and gas exploration company with exploration assets in Nevada, is pleased to announce that it will shortly resume production testing of its Eblana #1 well. The programme is planned to begin in mid-January 2013.
After a rigorous process of data analysis and 3-D reservoir modeling by the Company's technical team, a testing programme has been finalised. The Company intends to test fourteen zones in total, eight of which have been previously perforated, including two zones identified as having Net Pay Zone (NPZ) of 150 ft. Six zones will be perforated for the first time and are located between 3,000 and 4,600 feet. Porosities in these zones range from 17% to 22%.
The rig operator contract is currently being finalised and details will be announced in due course.
The Company confirms that it is fully funded to complete its currently planned testing programme and the drilling of at least one further well.
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
For further information contact:
Brian McDonnell, Chief Executive Officer +353 (0) 87 238 3419
Alexander David Securities Ltd - Corporate Finance Adviser
Fiona Kinghorn/David Scott +44 (0) 20 7448 9800
Jonathan Charles +44 (0)779 189 2509
Simon Kiero-Watson +44 (0) 20 7653 1935
Alex Benger +44 (0) 20 7653 1935
Notes to Editors
U.S. Oil & Gas plc is a GXG quoted (Ticker: USOP) 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.usoil.US