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US Oil and Gas

US Oil & Gas waits for approval to move forward in Nevada

Snapshot

US Oil & Gas has submitted an application to frack the Eblana-3 well along with a hydrogeology report.

oil well

 

  • US Oil & Gas plc (USOP) is waiting on permission to frack the Eblana-3 well in Nevada

  • Company not listed on a resgistered exchange and is working towards a new stock market listing

  • This will depend on producing oil at commercial quantities

  • The fracking operations will have an additional funding need, the company said previously.

 

What it is doing

US Oil & Gas has submitted an application to frack the Eblana-3 well along with a hydrogeology report.

Talks with the regulator and additional data collection are now ongoing.

“Every effort is being made by the company to satisfy requirements, but no timescale can be offered for the completion of the process,” the company said.

USOP reported a US$1.06mln loss for the twelve months ended 31 July.

In October, US Oil & Gas acquired more acreage in the Hot Creek Valley to increase its total to 73,725 acres at an annual lease cost of US$78,000.

 

Inflexion points

Firm indications that Hot Creek Valley lease area features a major oil system analogous to that in Railroad Valley

Targets for additional drilling to be identified and form new development proposal

Listing on registered exchange

 

 

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Watch

US Oil & Gas CEO: We’re moving as fast as we can

Brian McDonnell, chief executive of GXG-listed US Oil & Gas (GXG:USOP), says the company has looked at various funding options in Nevada. McDonnell says while he is optimistic about a deal, the company is reliant on potential farminees to make a move. He urges shareholders to be patient...

on 09/19/2014

2 min read