U.S. Oil & Gas Announces Regulatory Update

Source: www.gulfoilandgas.com 1/22/2021, Location: North America

U.S. Oil & Gas Plc, (“USOIL” ), the oil and gas exploration company with assets in Nevada, makes the following announcement:

At the request of the Biden Administration, under Order No. 3395 dated 20 January 2021, and reported 21 January, the acting Secretary of the U.S. Dept of the Interior, Scott de la Vega has suspended leasing for fossil fuel production on federal lands and waters, as well as the issuing of new drilling permits. The suspension is to last for 60 days while legal and policy implications are evaluated.

It is not clear to the Company at this time whether a suspension of the issuance of drill permits allows for permit applications—including Notices of Staking, Applications to Drill (APD’s) and Environmental Assessments—to be processed normally up to the point of actual issue. The company has written to the Nevada Bureau of Land Management in this regard, and they have indicated they do not yet have a definitive answer.

The Company is at this time close to finalising multiple drilling targets on its leases and intends to submit ‘Notice of Staking’ documentation in the near future as a preliminary to submitting APDs. The hope is that processing will continue as normal during the 60 day suspension period.

The broader implications for the Company are not yet clear, but the suspension may impact the timing of well-drilling and/or negatively affect the Company’s immediate fund-raising prospects. Shareholders will be further informed as and when the situation is materially clarified by the federal authorities.


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