April 30, 2024
U.S.
Oil & Gas Plc.
(“US
Oil” or the “Company”)
Company
Update
Company
Update
U.S. Oil
& Gas Plc, (“USOIL” or the “Company”), the oil and gas
exploration company with assets in Nevada, makes the following
announcement.
The
Company is currently in funding discussions that are at an advanced
stage.
We expect
the process to conclude in the near future and will report on
progress as soon as we are in a position to do so.
To date,
Company communications have been constrained by the requirement for
confidentiality. The Board appreciates the
support and patience shown by shareholders during this
time.
End.
FORWARD-LOOKING
STATEMENTS
The
statements in this communication reflect the current thinking of
the Board and the Company’s present plans. The Company reserves the
right to alter plans in the light of developing knowledge and
circumstances. Shareholders’ attention is drawn to the note below
concerning Forward-looking Statements.
This press
release contains certain “forward-looking statements” and
“forward-looking information”. Forward-looking statements and
forward-looking information include, but are not limited to,
statements with respect to: business plans and strategies of US Oil
and Gas; operating or technical difficulties in connection with
drilling or development activities; availability and costs
associated with inputs and labour; drilling and exploration costs;
the speculative nature of oil exploration and development;
diminishing quantities or quality of reserves; synergies and
financial impact of completed acquisitions; the benefits of the
acquisitions and the development potential of properties of US Oil
and Gas; the future price of oil; supply and demand for oil; the
estimation of reserves; the realization of reserve estimates; costs
of production and projections of costs; success of exploration
activities; capital expenditure programs and the timing and method
of financing thereof; the ability of US Oil and Gas to achieve
drilling success consistent with management’s expectations; net
present values of future net revenues from reserves; expected
levels of royalty rates, operating costs, general and
administrative costs, costs of services and other costs and
expenses; expectations regarding the ability to raise capital and
to add to reserves through acquisitions, assessments of the value
of acquisitions and exploration and development programs;
geological, technical, drilling and processing problems; treatment
under governmental regulatory regimes and tax laws.
All
statements other than statements of historical fact are
forward-looking statements
THE
DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF
THIS ANNOUNCEMENT
Neither
this announcement nor the information contained herein constitutes
an offer or solicitation by U.S. Oil and Gas Plc for the purchase
or sale of any securities nor does it constitute a solicitation to
any person in any jurisdiction where solicitation would be
unlawful.
For
further information contact:
Brian McDonnell, Chief Executive Officer +353 (1)
6629572
About U.S.
Oil & Gas:
U.S. Oil
& Gas plc is an oil and gas exploration company with a strategy
to identify and acquire oil and gas assets in the early phase of
the upstream life-cycle and mature them. The Company’s
main asset
is in Nye County, Nevada where it
holds the entire share capital of US-based company, Major Oil
International LLC (“Major Oil”). Major Oil has acquired rights to
exploration and development acreage in Hot Creek Valley,
Nye County, adjacent to the oil
and gas rich Railroad Valley area of Nevada, both of which are part of the Sevier
Thrust of central Nevada and
western Utah, USA.
For
further information please refer to our website at:
www.usoilandgas.us
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