RNS - OPERATIONS UPDATE (10 APR 20)

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RNS - OPERATIONS UPDATE (10 APR 20)

Postby TDB » Tue Apr 14, 2020 8:13 am

RNS - OPERATIONS UPDATE (10 APR 20)
https://www.investegate.co.uk/u-s--oil---38--gas-plc--usop-/prn/operations-update/20200410153004P16F3/

Highlights:

•Drill permit process progressing
•Multi-block hydrocarbon compartment mapped in a four-compartment East Prospect structure
•Eblana-9 well to target one block with estimated 28 million barrels of oil
•Additional exploration leases secured in Hot Creek Valley

Application to Drill

In a news release of December 23, 2019, the Company reported that it hoped to drill in Q1 2020, subject to regulatory permissions. However, the permitting process is still ongoing, although the Company believes it is currently gaining momentum. The Company is engaged intensively with the federal Bureau of Land Management (BLM) on the Permit to Drill application process. In spite of the current Covid-19 crisis, indications at present are that federal and state regulatory processes may not be slowed to a significant degree, and permitting can be expected to move forward efficiently.

The Company hopes to drill in Q2, 2020, subject to permit approval. However, possible Covid-19 constraints may impact the timetable for operations in ways that cannot be anticipated at this point. The Company will keep the situation under review and adjust its plans accordingly.

Prospect modelling
In parallel with preparing and submitting its Application to Drill, the Company has continued intensive data analysis work on its East Prospect. Further modelling of the oil system and the targeted reservoir was carried out to assist in post-drill operations and field development planning and to further reduce risk. All indications so far support the belief that the East Prospect is an analogue of Railroad Valley’s Trap Spring field (15.2 million barrels oil produced to 2015).

The planned well (Eblana-9) will target 28 million barrels of oil (STOIIP) in one block of a mapped multi-block compartment in a four-compartment East Prospect structure. Eight wells can potentially be supported on the single targeted block. Two additional large East Play reservoir structures have also been identified. Field potential is estimated to be up to one billion barrels.

LEASE ACQUISITION
In a competitive auction held by the Bureau of Land Management (BLM) on March 24, 2020, the Company successfully bid for an additional 1,223 acres adjacent to its existing holdings in Hot Creek Valley and believed prospective in the light of currently available data. The total amount bid was $4,621. The acquisition is subject to the issuing of official confirmatory documentation. Including the newly acquired acreage, the Company’s total acreage position, held by its wholly owned subsidiary Major Oil Intl. LLC, is 74,948 acres.
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Re: RNS - OPERATIONS UPDATE (10 APR 20)

Postby TDB » Tue Apr 14, 2020 8:14 am

That was 4 days ago. Last Friday.

Just shows how much anybody bothers looking at this company anymore,including me.
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Re: RNS - OPERATIONS UPDATE (10 APR 20)

Postby EveryPenny » Tue Apr 14, 2020 11:50 am

It was a FRIDAY!
Where was Fully when you need him?
Taken at totally face value this would appear to be positive news.
Taken as a USOP announcement...…. What evs…
Are they going wild over in La-La land, chicken ranch bookings, next year in Vegas etc?
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Re: RNS - OPERATIONS UPDATE (10 APR 20)

Postby richi1414 » Tue Apr 14, 2020 10:57 pm

and they raised money

Last week, USOP also announced a US$83,295 equity raise, issuing shares to private investors.

“The proceeds of the placing will be used to provide US Oil with additional working capital, including the funding of drilling operations,” it said in a statement.
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Re: RNS - OPERATIONS UPDATE (10 APR 20)

Postby EveryPenny » Wed Apr 15, 2020 12:38 am

£75 grand? What the Fuck is that for? Beer money? Never seen the like of this fiasco in my entire dubious, legal and illegal business dealings.
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Re: RNS - OPERATIONS UPDATE (10 APR 20)

Postby Oktane » Thu May 21, 2020 11:07 am

Crude prices most likely bottomed out. Drilling rig number cuts also most likely bottomed out.

Time for management here to get their permits sorted and contract a drill rig, before we miss yet another oil market cycle, as rig costs ain't gonna get any cheaper than today.

Just think if they could, finally, flow 100b/d, imagine all the beer that could buy for the crew out in Nevada!

Alternatively, as this is being played in USA, is it three strike and your out? Changes needed in leadership and geologists?
“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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Re: RNS - OPERATIONS UPDATE (10 APR 20)

Postby The fox » Tue May 26, 2020 7:43 pm

Any word what was said at AGM
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