U.S. Oil & Gas plc was formed to exploit the potential for substantial oil and gas finds in one of North America's most prolific oil producing regions, using the most advanced technology available.
U.S. Oil & Gas plc’s (Ticker: USOP) core activities are in the USA, with exploration activity in Nevada where the company holds a large lease acreage and is fully funded to drill three wells.
US Oil and Gas (USOP) shares will soon start trading again as the group has now been admitted to the over-the-counter (OTC) level of GXG Markets.
GXG Markets is a trading platform for small companies, based and regulated in Denmark. Currently just over 20 stocks are traded on the platform.
“We are delighted to be admitted to the GXG Markets and believe trading will be warmly welcomed by investors,” said chief executive Brian McDonnell.
GXG was reportedly among the parties interested in acquiring the PLUS Market, after it put itself up for sale earlier this year.
USOP shares had been suspended on the PLUS Market since August amid an investigation into a ‘disorderly market’ and secondary corporate governance issues – which were subsequently resolved.
The stock was delisted from PLUS earlier this month.
The company acknowledges that the trading status of the shares has been a ‘source of great concern and inconvenience’ for investors as well as the board.
Today’s announcement comes ahead of an exciting period for USOP as it is preparing to drill its first exploration well, called Eblana-1, on the Hot Creek Valley project in Nevada.
Contractor Nabors is scheduled to start drilling Eblana-1 on May 1.
This morning USOP also confirmed that earth mobilisation and well site construction is currently underway and drilling equipment will be mobilised on April 27.
It also confirmed that it hopes to drill a second well immediately after Eblana-1, after it secured a drilling permit earlier this month.
Eblana-1 has the potential to be very significant for USOP as it could trigger a great deal of activity in Nevada.
“In the event of a successful drill and a strike, the company will work to maximise value for investors by proving up reserves, commissioning further competent person's reports and carrying out surveys on the large part of its lease area not fully surveyed at present but viewed as highly prospective,” the company said.