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.
Nevada oil explorer US Oil & Gas (GXG:USOP) says market will be informed of the Eblana 1 results once testing and analysis is complete.
In a statement responding to speculation it said that no information about the programme has been communicated to any party.
“The company notes recent share volume changes possibly prompted by speculation in the media and online regarding possible results from its Eblana #1 well test programme,” USOP said.
“The company wishes to emphasise that testing is not yet complete, and no interim results or information have been communicated to any third party.”
The Eblana well on the Hot Creek Valley project struck oil in May. The well found multiple reservoirs, with as many as 20 potential payzones being identified. A programme to test the bulk of these got underway in September.
The programme is however taking longer than initially expect because of the complexities of the multiple zones.
Hot Creek Valley contains a best estimate gross prospective resource of 189 million barrels of oil, of which 67 million are currently deemed recoverable.