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.
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