U.S. Oil & Gas Announces Operation Update

Source: www.gulfoilandgas.com 10/6/2021, Location: North America

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

Permit application

As previously reported, three drill permit applications are currently in process with the Nevada Bureau of Land Management (BLM). All documents requested by the BLM were completed and filed in a timely manner. However, no indication has yet been received concerning a time-scale for permits to be finalised. The Board believes that if permits were to be awarded without undue delay, sufficient time would remain to drill a funded well or wells before the leases concerned expire.

Funding

To date, sufficient funding has not been raised to drill any of the proposed wells. Efforts to raise funds are continuing. Meantime the Board is considering the Company’s options in the event that funds are not raised soon enough to allow sufficient lead-in time for a drill.

In the Board’s deliberations, due weight will be given to all relevant factors: financial, regulatory, legal and corporate. An important consideration is that the Company is debt-free and has no major creditors. The Board is fully committed to mapping out a way forward in the best interests of shareholders. The Board expects to have completed its deliberations in approximately two weeks and will update shareholders shortly thereafter.


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