Sunday, September 21, 2014 3:13:33 PM
19 September 2014
Update
U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, makes the following announcement:
Partnership discussions
The company has received several approaches regarding partnership. Detailed discussions between the Company and several potential partners and investors are continuing, and the Company is pleased to report active and current engagement. Confidentiality agreements have been signed by all parties.
As previously announced, drilling activities the Company hoped to carry out in Q4 of 2014 are dependent on partnership and/or further funding being finalised in the near term. As the timetable of current discussions is not under U.S. Oil's control, shareholders are advised that the Company may not now meet this schedule.
Additional surveys
The plan to carry out surveys local to Eblana 1 in order to fine-tune the targeting of the next drill has now been subsumed in a larger survey programme, which forms part of the current partnership/funding discussions. The Company believes that it is in its interests to await the outcome of these discussions instead of proceeding unilaterally with further surveys, thus avoiding duplication of activities.
CEO Brian McDonnell said:
`We are currently engaged in active discussion of several proposals with potential partners, and these discussions include further survey activity on our Hot Creek Valley property. We are keen that the Company's programme, designed to raise our Contingent Resources to Proved Reserves, moves forward as quickly as possible, and we are confident that good progress is being made.
The Board understands that this process has taken longer than many had hoped but ask that shareholders give the Company the benefit of patience at this important time. We are excited by our prospects in Hot Creek Valley, confident in the potential of our asset, and we look forward to the next stages in a vigorous programme of exploration and development.'
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