Wednesday, March 18, 2015 9:07:26 AM
U.S. Oil & Gas plc - Update and Clarification
18 March 2015
USOP has been notified by GXG Markets that a number of emails have been received by GXG Markets suggesting that the Company would believe the Due Diligence Report requested by GXG Markets is merely a formal procedure and that suspension will be lifted as soon as possible.
The Company cannot be held responsible for the opinions of third parties and wishes to clarify that in welcoming the report it is not prejudging its content or effects.
The Due Diligence Report requested by GXG Markets has been request pursuant to the on-going regulatory issue and investigation undertaken by the GXG Regulatory Team as a part of the investigation. Any lifting of the Company's suspension of its shares is dependent on the findings by the GXG Regulatory Team in the on-going regulatory investigation. The Due Diligence Report serves as a part of that investigation and will be part of the grounds on which the GXG Regulatory Team concludes its findings.
Recent internet speculation has implied that the Company was informed by GXG of the appointment of a Due Diligence partner shortly after the decision by the GXG Regulatory Team to commission a Due Diligence Report from the Company as a part of the GXG Market regulatory investigation. The Company wishes to correct the impression in the market that the Company was withholding the name of a Due Diligence partner as the Company was only informed by GXG on 5 March, 2015.
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