RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

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RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

Postby TDB » Mon Dec 23, 2019 10:17 pm

OPERATIONS UPDATE

Highlights:

•East Prospect confirmed as viable conventional drilling target
•Reservoir, trap and seal interpreted as present
•Porosity and permeability likely good
•Gross thickness of porous layers estimated at 300-450 ft
•Continuity exists between porous horizons and oil-bearing zones found in Eblana-1 and Eblana-3
•Three locations chosen for drilling
•Permit applications for three wells in preparation
•Intention to drill one well

U.S. Oil & Gas Plc, (“USOIL” or the “Company”), the oil and gas exploration company with assets in Nevada, is pleased to update shareholders on its operational progress:

Prospect assessment
Intensive interpretation work has been carried out a by Railroad Valley Analogue Project team comprised of geologists with in-depth experience of the adjacent producing field and focusing on East and West Plays in Hot Creek Valley. The team has now reported that assessment is complete for the Tertiary East Play, a likely analogue of Railroad Valley’s producing Trap Spring field.

Promising drilling targets have been identified by analysis and interpretation of well data from Eblana-1 and Eblana-3, four reprocessed 2-D seismic lines, gravity, magnetic and geochemical data, as well as VSP data from Eblana-1 along with energy absorption analysis. Further seismic was not deemed essential at this stage. The Company is preparing applications for permits to drill three wells, Eblana-8, Eblana-9 and Eblana-10. Eblana-9 will be the first well drilled. If commercial, the other wells will follow.

The interpreted reservoir lies in a porous zone of the Tertiary Volcanics, most likely in weathered tuffs (ignimbrites) and/or fractured vesicular basalt. This zone features a structural trap identified on seismic and well log data and appears to be locally closed by down-to-the east faults, separating the zone into three compartments. Seismic data supports the presence of an intact seal over the porous zones, with the top of each compartment sealed by non-porous volcanic flows.

At least three separate porous layers are visible on seismic in each of the compartments, with the shallowest of these being at 4,300 ft below ground surface and the deepest at 5,500 ft. Gross thickness of the porous layers is 300 to 450 ft. Based on the well log response of these layers in the Eblana-1 well, porosity is estimated at between 12% and 18%. Energy absorption analysis suggests hydrocarbons could be present in the porous units. Large seismic amplitude anomalies (bright spots) have been interpreted as directly indicating the presence of hydrocarbons, although other factors can also account for these effects. The planned Eblana-9 target horizon is approximately 1500 ft to 1900 ft above the same horizon present in the Eblana-1 well.

Due to limited seismic coverage, the full lateral extent of the reservoir is uncertain, but at a conservative estimate of 300 ft the surface area is 560 acres. Resources targeted in the well are provisionally estimated at 38-56 million bbls oil, assuming a 15% porosity and an oil-to-water ratio of 15:85.

Preparations for submitting the necessary Application to Drill the East Prospect, including well design and other elements, are at an advanced stage, and discussions have been initiated with regulatory authorities. These have indicated that the previously submitted Application to Drill for Eblana-1A can be transferred. It is expected that this will help expedite the approval process for Eblana-9.

Subject to regulatory permissions, the Company hopes to drill in Q1 of 2020.

Plugging of water wells
The water wells associated with Eblana-1, Eblana-3 and Eblana-6 have been successfully plugged.
Last edited by TDB on Mon Dec 23, 2019 10:25 pm, edited 1 time in total.
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Re: RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

Postby TDB » Mon Dec 23, 2019 10:23 pm

Now thats more like it !

MERRY CHRISTMAS !
:D :P $money$ :lol:
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Re: RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

Postby EveryPenny » Wed Dec 25, 2019 7:55 pm

When a first tanker pulls off with good light crude then surely these have to hit a quid? Please, pretty please!
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Re: RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

Postby TDB » Wed Dec 25, 2019 9:28 pm

£1 would be great but £2 buys me a house.
Can but dream.
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Re: RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

Postby EveryPenny » Wed Dec 25, 2019 11:19 pm

A pound gets me through to feb 2021 when I get my state pension and we can cope; £2 would be a real safety line and would only mean USOP has cost us about £20,000. £5 and we break even. £10 a share wouldn't compensate me and the wife for the suffering me diving into this piece of shit has caused us in the last decade.
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Re: RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

Postby TDB » Fri Dec 27, 2019 11:20 am

I know how you feel.
I am also retiring soon so need this to come good.
Fingers crossed.

PS - This BB finishes on 31 Dec 19 so looks like we need to join the USOP Facebook site.
I think this is it or is there more than one ?
https://www.facebook.com/groups/usopoil/
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Re: RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

Postby EveryPenny » Fri Dec 27, 2019 11:14 pm

I'm banned from that one. Is the "Golden Ticket" man's happy-clapper board still running? They wouldn't let me on there either. I don't know; you threaten to kill a few people and they get all hoighty-toighty!
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Re: RNS (23 DEC 19) - Hope to drill Q1 for 38-56m bbls oil !

Postby Oktane » Tue Jan 14, 2020 11:44 am

We are now 1/6 of the way through Q1 2020. Anyone out there heard any update on possible progress getting Eb-9 spudded?

Luke, very hypothetical long-shot question, if EB-9 were to flow commercial amounts of oil, would you revive this website?
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!” Jesse Livermore
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