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US Oil & Gas hopes to drill during the second-quarter of 2020

The project update comes after last week's equity funding announcement by the privately-held company

oil and gas operations

US Oil & Gas PLC (USOP) has told investors it hopes to drill a new well during the second quarter of 2020 at its project in Nevada.

Permitting process has been ongoing, and, in a statement released on Friday, the company said that despite coronavirus impacts the indications at present are that US federal and state regulatory processes may not be slowed to a significant degree.

Coronavirus restrictions may, however, impact operational timelines that cannot be anticipated at this point, it added.

READ: US Oil & Gas raises capital with share issue

The envisaged well, Eblana-9, is expected to target a block with a 28 million barrels of oil, USOP said.

Additionally, the privately-held company noted that in late March it secured some 1,223 acres to its position, via a competitive auction held by the US Bureau of Land Management. It paid US$4,621 to secure the acreage, taking the overall footprint to 74,948 acres.

Last week, USOP also announced a US$83,295 equity raise, issuing shares to private investors.

“The proceeds of the placing will be used to provide US Oil with additional working capital, including the funding of drilling operations,” it said in a statement.

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