US Oil & Gas (LON:GXG) today told investors the planned testing programme has now begun on the Eblana 1 discovery well.
In December the company said it would test 14 zones, eight of which have previously been perforated.
Eyes will be on the potential of two zones with a net pay of 150 feet. The six yet to be perforated for the first time are located between 3,000 and 4,600 feet.
The company also revealed that it is issuing shares options to service providers, consultants and directors.
If exercised, these options would see a total of 2.455mln new shares being issued (at prices of 65p and 68p), which would represent 5.88% of the company’s issued share capital.
Between them directors of the company will be awarded 2.095mln of the share options.