Sionica
7年前
Summary of Chairman's AGM statement and remarks (26 April, 2017)
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, provides the following summary of the Chairman’s Statement and remarks delivered at the AGM of 25 April 2017. Please note that 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.
Intention to drill
The Company is funded to drill two wells while at the same time preserving 12 months working capital. Planning is complete for three wells, of which two will be drilled. Two of the planned wells (Eb-1a and Eb-3) target updip Tertiary zones with the possibility of drilling deeper to the Paleozoics. One planned well (Eb-6) is sited optimally for the Paleozoics and would in addition penetrate Tertiary zones of interest. Eb-3 and Eb-6 are vertical wells. Eb-1a is deviated (sidetracked) and will be drilled from the existing Eblana #1 well pad.
The wells to be drilled are Eb-1a and Eb-3, the order to be determined at a later stage. Drilling permits will be required for both wells. Preparatory work for permit applications, including engineering details, is near complete, and applications will be submitted to regulatory authorities in the near future. Drilling in August/September of 2017 is a reasonable expectation subject to permissions. Discussions with drilling companies are currently underway.
Trading Facility
The Board takes the view that at present the Company has insufficient funds both to drill two wells and to list on a recognised exchange, due to the potential listing costs. If sufficient further funds are raised and/or when drilling is completed, the Board will reconsider the listing option.
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 & 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 & 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 & 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
Sionica
7年前
Placing of Ordinary Shares (20 April, 2017)
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, is pleased to announce that it has placed with private investors 869,744 new ordinary shares of .0001 Euro each (the "Placing Shares") at a placing price of STG .27 per share including a share premium of .3199 Euro on each Placing Share to raise gross proceeds of circa $295,713. Each Placing Share will rank pari passu with each ordinary share currently in existence.
The proceeds of the placing will be used to provide US Oil with additional working capital. The net proceeds to be received by the Company are circa $295,713. The 869,744 Placing Shares will shortly be issued through CREST.
Following the placing, the issued share capital of the Company will increase to 55,533,167 ordinary shares of .0001 Euro each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
The following parties have an interest of more than 3% in the shares of the Company:
Name Brian McDonnell
No of Shares 3,913,234
Percentage holding 7.04%
Sionica
7年前
Notice of AGM (31 March, 2017)
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
The Company's Annual General Meeting ("AGM") will be held at the Clayton Hotel Burlington Road, Upper Leeson Street, Dublin 4, Ireland on Tuesday 25 April, 2017 at 11.00 a.m.
The Notice of the AGM, a Form of Proxy and the Annual Report and Accounts (see also www.usoil.us) for the period ended 31 July, 2016 will shortly be posted to shareholders.
Sionica
7年前
Results of the Open Offer (13 March 2017)
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, makes the following announcement:
On 10 February 2017, U.S. Oil and Gas Plc, announced a conditional offer (the “Open Offer”) of 8,088,285 ordinary shares of €0.0001 (the “Open Offer Shares”) to Qualifying Shareholders at a price of £0.27 (equivalent to approximately €0.32) per Open Offer Share (the “Open Offer Issue Price”) on the following basis:
10 Open Offer Shares for every 63 Ordinary Shares held
The Open Offer closed for acceptances at 11:00 a.m. on 10 March 2017, and the Company is pleased to confirm that it has now received valid acceptances in respect of 4,361,348 Open Offer Shares from Qualifying Shareholders. This represents approximately 54 percent of the Open Offer Shares offered. Qualifying shareholders who validly applied for Open Offer Shares will receive the full amount of Open Offer Shares for which they applied. The gross proceeds of the Open Offer are circa $1,482,858.
The 4,361,348 new ordinary shares will rank (pari passu) in all respects with the existing ordinary shares of €0.0001 each in issue including the right to receive all dividends or other distributions declared, made or paid after the date of their issue. The shares will be allotted to the USOIL register on 14 March 2017.
Following the Placing, the issued share capital of the Company will increase to 54,663,423 ordinary shares of €0.0001 each. The Company holds 717,612 shares in Treasury, therefore the total number of Ordinary Shares in the Company with voting rights will be 54,663,423. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
Capitalised terms in this announcement, unless the context requires otherwise, shall have the same definition as in the circular to Shareholders dated 10 February 2017.
Brian McDonnell, CEO U.S. Oil and Gas plc, said:
“I would like to thank shareholders for the tremendous support they have shown for the Company and its strategy. The success of this Open Offer has been vitally important for US Oil, and we are now well positioned to press ahead with our operational and corporate agendas.”
Sionica
7年前
Open Offer (10 February, 2017)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, SWITZERLAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE, OR FORM THE BASIS OF AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW OR EXISTING ORDINARY SHARES OF US OIL AND GAS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL
Open Offer of 8,088,285 new Ordinary Shares at STG 0.27 pence (EUR 0.32) per share
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, makes the following announcement:
Open Offer
US Oil & Gas plc is pleased to announce the launch of an Open Offer to issue up to 8,088,285 new Ordinary Shares to Qualifying Shareholders at STG 0.27 pence (Eur 0.32) per share each on the basis of ten open offer shares for every sixty three existing ordinary shares. A circular concerning the Open Offer (the "Circular") will be posted to Qualifying Shareholders shortly.
The Board has decided to provide an opportunity for Qualifying Shareholders to participate in an issue of new Ordinary Shares. The Open Offer is not being underwritten but, assuming take-up in full, will raise gross proceeds of circa €2,588,251 for the Company (before expenses).
Eligible Shareholders may subscribe for Open Offer Shares on the following basis:
10 Open Offer Shares for every 63 Existing Ordinary Shares held
Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the Excess Application Facility.
The Open Offer Shares will, when issued, rank pari passu in all respects with the Existing Ordinary Share.
It is proposed that the monies raised by the Open Offer, if fully subscribed, will be allocated as follows:
Working capital to maintain the assets in good standing, cover general and administrative costs, financing costs, marketing and necessary corporate activity.
Re-entering the Eblana #1 well, penetrating multiple targets. The Comany may also carry out additional surveying, data analysis and reporting and may plan and/or drill a further well or wells in so far as available funds permit.
Obtaining a trading facility for the Ordinary Shares on a recognised exchange, subject to available funds.
Further details of the Open Offer, including the terms and conditions and what actions Qualifying Shareholders may take, are set out in the Circular. A copy of the Circular will be made available on the Company's website www.usoil.us shortly.
Unless otherwise stated, terms and expressions defined in the Circular have the same meaning in this announcement.
The Circular will be posted today to Shareholders and sets out in more detail the background to and reasons for the Open Offer.
Sionica
7年前
Revised Resource Estimates (10 February, 2017)
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, makes the following announcement:
After a review of petrophysical parameters, Baker Hughes Inc. have reported revised Original Oil-in-Place estimates for the Tertiary zones in the area updip to the Eblana #1 well as follows:
Original Oil in Place (OOIP) is 283 million barrels (low case); 1,033 million barrels (best case); and 1,993 million barrels (high case).
Recoverable Resources at 20% recovery factor are as follows: 57 million barrels (low case); 207 million barrels (best case); and 400 million barrels (high case).
Sionica
7年前
Placing of Ordinary Shares (1 February, 2017)
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, is pleased to announce that it has placed with private investors 1,745,626 new ordinary shares of .0001 Euro each (the "Placing Shares") at a placing price of STG .27 per share including a share premium of .3199 Euro on each Placing Share to raise gross proceeds of circa $594,498. Each Placing Share will rank pari passu with each ordinary share currently in existence.
The proceeds of the placing will be used to provide US Oil with additional working capital. The net proceeds to be received by the Company are circa $594,498. The 1,745,626 Placing Shares will shortly be issued through CREST.
Following the placing, the issued share capital of the Company will increase to 50,302,075 ordinary shares of .0001 Euro each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
The company is also planning an Open Offer. Details will be posted to shareholders in due course.
The following parties have an interest of more than 3% in the shares of the Company:
Name Brian McDonnell
No of Shares 3,913,234
Percentage holding 7.78%
Sionica
8年前
Shareholder Interest (Monday 16 January, 2017)
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
A large number of shareholders have contacted the Company to express an interest in acquiring further shares. As a result, the Company is considering the most efficient and equitable means of enabling this.
Due to the amount of correspondence, the Company will not be able to answer individual queries on this matter, but will announce details of its planned way forward by Regulatory News Release in due course.
The Board wishes to express its sincere appreciation for the support shown by shareholders.
Sionica
8年前
Resource Estimates Update (13 January, 2017)
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
Highlights:
Structural modelling report for US Oil’s Hot Creek Valley Prospect by Baker Hughes complete
OOIP Best Estimate for the Tertiary Eblana Structure is over 1 billion barrels Contingent Resources
Recoverable Contingent Oil Best Estimate is 203.4 million barrels
Estimates for full lease acreage in preparation by Baker Hughes
Structural modelling of US Oil’s Hot Creek Valley Prospect by Baker Hughes is complete. The Board and the Company’s technical team are now studying the findings, and further details will be communicated to shareholders in due course. In the meantime, Baker Hughes’ revised Oil-In-Place estimates can be reported. These are a significant upgrade on the previous estimates reported in 2013.
For four zones of the Tertiary Eblana Structure, Oil-In-Place estimates and Recoverable Oil are as follows:
OOIP (MMBBl)
Low case Best case High case
TZ1 185 677 1214
TZ2 8 29 58
TZ3 9 40 83
TZ4 72 271 539
OOIP (millions barrels) 274 1017 1894
TOTAL RECOVERABLE CONTINGENT OIL RESOURCES (millions bbls at 20% recoverability) 54.8 203.4 378.8
Zones TZ2 and TZ4 flowed oil on previous tests.
Background
In 2016 the Company contracted Halliburton to carry out a Vertical Seismic Profile (VSP) survey based on US Oil’s Eblana #1 discovery well, and Baker Hughes (BHI) to carry out structural modelling based on all the available data including VSP. The purpose of the structural modelling was to reduce risk as far as possible before the Company carries out its plan to re-enter the Eblana #1 well and sidetrack to identified targets. In addition, Baker Hughes calculated the revised Oil-In-Place estimates reported above for the Tertiary Structure updip of the Eblana #1 well. These estimates do not include the Palaeozoic strata, which may also be highly prospective. Baker Hughes is currently working on revised Oil-In-Place estimates for the Company’s full 88 sq km lease acreage, and these will be reported in due course.
Work programme
The Company is now moving forward rapidly with its corporate and operational agendas. The Board and the US Oil technical team will now take time to study the Baker Hughes report. Meanwhile, discussions with drilling contractors are taking place, and a detailed drill plan is being prepared.
Fundraising efforts continue with the primary aim of maximising resources for drilling operations
Sionica
8年前
Placing of Ordinary Shares (23 December, 2016)
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, is pleased to announce that it has placed with private investors 1,271,934 new ordinary shares of .0001 Euro each (the "Placing Shares") at a placing price of STG .27 per share including a share premium of .3199 Euro on each Placing Share to raise gross proceeds of circa $423,620. Each Placing Share will rank pari passu with each ordinary share currently in existence.
The proceeds of the placing will be used to provide US Oil with additional working capital. The net proceeds to be received by the Company are circa $423,620. The 1,271,934 Placing Shares will shortly be issued through CREST.
Following the placing, the issued share capital of the Company will increase to 48,556,449 ordinary shares of .0001 Euro each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
The following parties have an interest of more than 3% in the shares of the Company:
Name: Brian McDonnell
No of Shares: 3,913,234
Percentage holding: 8.05%
Sionica
8年前
Operational Update (23 December, 2016)
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
Highlights:
Preliminary Baker Hughes International (BHI) Structural Modelling Report received
BHI has identified four upside possible hydrocarbon-bearing structures and potential stratigraphic traps, and two Palaeozoic structures within range of an Eblana #1 sidetrack
Of the four Tertiary zones identified, two correspond to zones from which Eblana #1 flowed oil
Distances to potential Tertiary upside target structures currently estimated between 1000ft and 4000ft
Multiple structures and stratigraphic traps can be penetrated in a single drill
Regional interpretation of the 2D seismic data correlates well with the VSP data
Revised oil-in-place estimates not yet available
Background
From the beginning of its exploration programme in Hot Creek Valley, US Oil and Gas recognised both the potential for major discoveries and the special difficulties associated with Nevada geology. Complex faulted structures, complex lithology, unusual fluid relations, unconventional reservoir rocks and difficult downhole conditions made for a challenging operational area. The Company’s approach to these challenges has been systematically to reduce exploration risk by carrying out multiple surveys and applying advanced technologies. Most recently, the Company contracted Halliburton to carry out a Vertical Seismic Profile (VSP) survey based on US Oil’s Eblana #1 discovery well, and Baker Hughes Inc. (BHI) to carry out structural modelling based on all the available data including VSP. The purpose of the structural modelling is to reduce risk as far as possible before the Company carries out its plan to re-enter the Eblana #1 well and sidetrack to identified targets. The ultimate objective is to reduce the drilling risk, flow the well and raise the Company’s Contingent Resources to Proved Reserves.
BHI Structural Modelling
A preliminary progress report was received from Baker Hughes dated December 16, 2016. Work is ongoing and a final report, including revised oil-in-place estimates, is expected early January 2017. All the results presented thus far are of a preliminary nature and may be subject to changes and/or corrections.
Datasets
The following datasets were analysed and integrated:
VSP
2D Seismic
Well logs
Gravity
Geochemical
Passive seismic
Short angle data (integrated with AVO)
AVO and anisotropy results.
Preliminary conclusions
BHI has identified four possible hydrocarbon-bearing upside Tertiary structures and stratigraphic traps, all of which are potential side-track targets. Two correspond with zones from which Eblana #1 flowed oil in 2013. The Company currently estimates that all four of the identified structures can be penetrated in a single drilling operation.
The Tertiary structures correspond to a faulted anticline, and/or stratigraphic traps, that deepens toward the W-SW and grows in the E-S direction. Most of the Tertiary faults identified are of extensional character with a strong compressional influence and an overall orientation NW-SE, N-S and N-SW. It is thought that other fault systems exist, possibly of minor size and oriented in an opposite direction. The structural closure of the Tertiary reservoirs may be represented by a stratigraphic factor (facies variation) or the seal of the current seismic interpreted faults, as well as unidentified minor faults and sets of fractures typical of this type of basin.
In addition, BHI identified two possible hydrocarbon-bearing upside deep Palaeozoic structures: a faulted anticline in the Centre-East of the Block that apparently constitutes the upside structure that surrounds the Eblana-1 well and a second anticline structure in the East that has a clear structural closure. The shallower Tertiary reservoirs are identified and defined with a higher confidence level than these deeper Palaeozoic horizons. The lateral and vertical oil migration path has been identified from North and South Basins toward the structural high within the US Oil block.
Regional interpretation of the 2D seismic data correlates well with the VSP data. The depth structural model interpreted with the seismic data honours the geologic and tectonic setting of the Hot Creek Valley Basin.
Target distances
Potential target distances (horizontal) from Eblana #1 to the structures of interest range from 1,000ft to 4,000ft. These are preliminary results, and estimates will be refined with further analysis.
AVO and anisotropy
Due to geologic and geophysical complexity, AVO anisotropy analysis was inconclusive and may not generate any findings regarding fluid characterization.
Drill planning
Detailed planning of drilling operations must await the final BHI report and the outcome of negotiations with potential drilling contractors. Given the highly compartmentalised nature of the geology in the target area, the Company is considering deploying a rotary steerable well-drilling system to maximise precision and further reduce drilling risk. Whether such a system is deployed will, however, depend on costs and the budgetary resources available.
Work plan
Fundraising efforts will continue with the primary aim of maximising resources for drilling operations and to fund a stock market listing;
The BHI report, including oil-in-place estimates, will be finalised;
The US Oil technical team will develop a detailed drill plan;
Negotiations with drilling companies will be completed and drill dates agreed;
A study will be carried out to determine potentially multiple well locations targeting additional shallow Tertiary and deep Palaeozoic targets on the current structure.
CEO Brian McDonnell said:
“I am pleased to report solid progress on all fronts. We have always said the complexity of the Nevada geology demands a careful and systematic process of reducing risk. Our policy was to deploy the latest in technology and the most sophisticated analytical methods. The Company’s studies with Halliburton and Baker Hughes embody that approach. The results are, we believe, greatly reducing risk and significantly increasing our chances of success in what is potentially one of the most exciting new resource plays on the continental United States.“
Sionica
8年前
Annual Financial Report (23 December, 2016)
Consolidated Audited Annual Results for Period Ended 31 July, 2016
The Company is pleased to report its audited consolidated annual results for the year period ended 31 July 2016.
Corporate Highlights
- Funds raised $1,545,000
Operational Highlights
- Additional data acquired
- VSP WAW study completed
- 3D Structural Modelling underway
Financial Highlights
- Administration expenses $808,748 (2015: $502,377). The increase in expenditure was primarily due to increased exploration activity over the period and loss on currency movements.
- Total comprehensive loss $808,279 (2015: $501,958); and cash and cash equivalents $1,204,719 (2015: $379,867). As a result of VAT refunds the cash and cash equivalents on hand as at 31 July 2016 amount to circa $1.1m. The Company is debt-free.
Review of the year ended 31 July 2016
Closure of GXG Markets
On 18 August 2015, GXG Markets ceased operations, leaving US Oil without a trading platform. The Company is now preparing to seek a listing on a recognised market and is making progress towards satisfying various admission requirements.
Industry environment
Throughout the period, turbulence in the oil industry caused by a precipitous drop in the oil price led to extreme risk aversion. Progress towards the industry partnership the Company seeks for a large-scale exploration programme slowed markedly. The Company took the view that the best way forward was to make independent operational progress until such time as the oil price and industry confidence recovered. Meanwhile, potential partners would be kept fully apprised of developments.
The Board decided it should press on with a data collection and drilling programme based on re-entering the Eblana #1 well. The objectives are to raise Contingent Resources to Proven Reserves and, if possible, achieve a commercial rate of flow from one or more zones of interest. In addition, the wider potential of the prospect could be further evaluated in the light of the additional data acquired by survey and drill.
Operational progress
Throughout the period, the Company intensified its exploration efforts, carrying out additional geochemical and geophysical surveys and analyses, as well as updip studies. Eblana #1 well tubing was removed and a Cement Bond Log run. Permits for re-entering Eblana #1 were applied for and awarded. Halliburton, a major oil services company, were engaged to carry out an advanced modelling exercise and a Vertical Seismic Profile (VSP) study. VSP data collection was completed in June 2015 and processing begun. In addition, Baker Hughes was contracted to integrate all data collected, including VSP data, and create a structural model as well as updating volumetrics for the prospect. The intention is to enable fine-tuning of the drill plan to de-risk the planned drill insofar as that is possible.
Due to the depressed state of the oil industry during the period and the resulting dramatic fall in service prices, the Company was able to achieve significantly enhanced value for its exploration expenditure during the period.
Appointment of Independent Director
On 21 October, 2015 Dr. Brian McBeth was appointed as an Independent Non-executive Director. Dr. McBeth trained as an economist and worked in the financial sector in the City of London between 1979 and 2008 specialising in oil companies. The Board welcomed Dr. McBeth's appointment and look forward to benefiting enormously from the breadth of industry knowledge and experience he is bringing to the Company.
Fund raising
During the period, the company raised funds in an Open Offer and a two Placings. The Company raised approximately $1,545K (before/after currency adjustments) issuing 4,305,862 new Ordinary Shares at £0.27. These fundraisings placed the Company in a strong financial position to move forward on both operational and corporate fronts.
Outlook and post balance sheet events
Currently, Baker Hughes are completing their data analysis and modelling exercise. Preliminary results confirm the viability of the Eblana #1 re-entry plan, and the Board is tremendously encouraged by the emerging picture. In addition, with the recent partial recovery in the oil price and perceived stabilisation in the market, sentiment towards exploration has improved markedly. This development has potentially positive implications for investment and industry partnership. The low potential cost of conventional production from Hot Creek Valley compared to shale plays should prove an attractive proposition. The Company also expects that prices for industry services, including drilling, will continue to be competitive for some time. US Oil is well placed to take significant advantage of low costs for drilling and services.
In spite of the demanding industry environment, the Company has shown itself capable of developing an appropriate forward-looking strategy, raising funds, making significant operational progress and reducing exploration risk. This progress leaves the Company well positioned to carry forward its plan to re-entering its Eblana #1 well in the next and most exciting stage of its exploration in Hot Creek Valley, Nevada.
From a financial perspective, the company will continue to reduce its risk exposure to currency fluctuations.
Chairman of the Board
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Sionica
8年前
Operations Update (3 November, 2016)
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
Highlights:
Halliburton VSP data processing and analyses complete.
Baker Hughes structural modelling and additional analyses underway.
Of two previously identified Tertiary structures in range of VSP, both confirmed.
Direction of ‘updip,’ source rock, trap, seal and reservoir rock confirmed.
‘Anomaly F,’ previously identified by geochemistry, confirmed as a large structure.
Eblana #1 re-entry plan confirmed.Primary targets are those associated with Anomaly F to the east.
Palaeozoics rise sharply to the west, modelling continues.
Vertical Seismic Profiling (VSP) - data collection
In June 2016, Halliburton conducted a zero-offset VSP (ZVSP), two walk-away (WAW) VSPs, one offset VSP and two mini-WAW VSP surveys for 8000ft in each direction from the Eblana #1 well. The VSP acquisition survey was run using a 30-level Geochain™ tool string. For depth correlation, a gamma-ray wireline tool was attached to the tool array to check the geophone depth locations and allow for corrections.
VSP analysis
The parametric wavefield separation technique was applied to decompose the wavefield using
Vz and Hr components. Following wavefield separation, a 5-point median filter was applied to enhance the separated up-going P-wavefield in the shot domain. Static correlation was completed utilising the Kirchov Method. Well control data from Eblana 1, Apache well 302, 310 and Trap Springs in Railroad Valley was included in the analysis as well as additional 2D seismic lines.
Preliminary VSP findings
Of five potential hydrocarbon-bearing structures previously identified in the Company’s Hot Creek Valley lease area by geochemical, gravity and geophysical survey, two were within range of the current VSP study. Both potential structures have been confirmed. The direction of updip is clearly eastwards for the confirmed structures. Source rock, trap, seal and reservoir rock are confirmed.
On May 23, 2014, the Companyreported the results of a geochemical survey that found extremely high values indicating hydrocarbons to the east of the Eblana #1 well. This feature was designated ‘Anomaly F’ and was by far the largest anomaly so far identified, covering an area of approximately 4,400 acres or 18 sq km. However, although hydrocarbons were detected, questions about any structure or structures underlying the chemical signals could not be answered at that time. The present VSP study now confirms Anomaly F relates to a large Tertiary structure.
The Palaeozoics
Analysis of the VSP data has revealed that the Palaeozoic stratum in the area of Eblana #1 lies at significantly shallower depth immediately to the west. Work analysing and modelling the Palaeozoics data continues.
Work flow
To save time while the Halliburton VSP study was ongoing, the decision was made to concurrently commission Baker Hughes to create a structural model and carry out additional analyses. All the relevant data have been made available to Baker Hughes and that work continues. The primary purpose of the structural modelling is to increase the precision of drilling operations. In addition, a developed structural model could help interpret amplitude versus offset (AVO) data presently uninformative due to the complex geology.
Eblana #1 re-entry and targeting
All results so far confirm that re-entering Eblana #1 is the optimal strategy. Two potential targets have been identified within Anomaly F. Both are within the range of displacement drilling from Eblana #1.
Further analysis, modelling and volumetrics
Final decisions on targeting will be made after further analysis of the VSP and other data, and when structural modelling is complete. Currently, a costing exercise is being carried out covering the potential Tertiary targets and the Palaeozoics, and discussions with drilling companies are underway.
Concurrent with structural modelling, estimates of original oil-in-place (OIP) are being revised incorporating the results of the latest studies.
Drill costs , funding and strategy
The Company can confirm that it is sufficiently funded to drill the Tertiary zones to the east identified as promising targets by both the Eblana #1 drill results and the VSP studies. In addition, the Company is considering a further capital raise for some or all of the following: contingencies, working capital, an additional drill to penetrate the Palaeozoics, and a possible stock market listing. Drilling the Palaeozoics may require further regulatory permissions, although these are expected to take the form of sundry notices, and are not anticipated to cause significant delay.
CEO Brian McDonnell said:
“We are tremendously excited and encouraged by what the data is showing us. Our team has worked intensively with both Halliburton and Baker Hughes to process, analyse and model an enormous amount of data, deploying a battery of the most advanced techniques. At every stage, the results of our earlier studies have been confirmed, a tribute to the Company’s historically systematic and painstaking approach to exploration. We are now in the phase of structural modelling and discussions with drill contractors, while considering the various options open to us for our anticipated re-entry of Eblana #1.”
Sionica
8年前
Operations Update
17 June, 2016
U.S. Oil & Gas Plc.
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
Data collection for a Vertical Seismic Profile (VSP) study centred on the Eblana #1 well is nearing completion. The survey was conducted by Halliburton, one of the world’s largest oilfield service companies, and included walkaway and walkaround VSP.
In addition, new Gravity and near-surface Geochemical data have been acquired in two separate surveys. Along with the VSP results these data will allow further development of the geophysical and geological models of the area around Eblana #1 in preparation for re-entering the well and drilling operations.
The Company will now concentrate on data processing and analysis in order to develop the 3D Earth model. The refined model will then be utilized to assist in the planning for re-entry and possible side-tracking of the Eblana #1 well. Data processing, analysis and integration is expected to take several weeks.
U.S. Oil CEO Brian McDonnell said:
‘We are delighted with progress on the ground at Hot Creek Valley. The quality of the data collected appears to be excellent, and we anticipate that our geophysical model and the identification of future drilling targets will be significantly enhanced by this effort. Processing, analysis and modeling now begins and will involve Halliburton working together with our technical team to produce the clearest possible picture of our target structures.’
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) 631 9022
Alexander David Securities Ltd - Corporate Finance Adviser
David Scott +44 (0) 20 7448 9820
James Dewhurst +44 (0) 20 7448 9820
Email: james.dewhurst@ad-securities.com
Definitions: The terms ‘Reserves’ and ‘Contingent Resources’ are as defined in the ‘Petroleum Resources Management System’ of the Society of Petroleum Engineers.
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.
In a May 2013, an independent Competent Person’s Report (CPR) by Forrest A. Garb & Associates (FGA) of Houston, Texas, estimated 19.2 million barrels Contingent Resources (C50) for a portion of the Company’s lease area in Hot Creek Valley Nevada. Since then, the Company’s stated intention has been to achieve Reserves status for some part of those estimated Resources.
For further information please refer to our website at: www.usoil.us
Sionica
8年前
Notice of AGM
7 June, 2016
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
The Company's Annual General Meeting ("AGM") will be held at the Ballsbridge Hotel, Pembroke Road, Dublin 4, Ireland on Thursday 30 June, 2016 at 11.00 a.m.
Notice of the AGM, a form of proxy and the Annual Report and Accounts (see also www.usoil.us) for the period ended 31 July, 2015 (the "Documents") will shortly be posted to shareholders.
Sionica
8年前
3 June, 2016 - Placing of Ordinary Shares
U.S. Oil & Gas Plc.
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, is pleased to announce that it has placed with private investors 1,333,498 new ordinary shares of .0001 Euro each (the "Placing Shares") at a placing price of STG .27 per share including a share premium of .3499 Euro on each Placing Share to raise gross proceeds of circa $526,241. Each Placing Share will rank pari passu with each ordinary share currently in existence.
On 18 April, 2016 the Company announced it had placed an additional 94,285 treasury shares at a price of £0.27 each to raise gross proceeds of circa $37,346. These shares will now be issued instead as 94,285 ordinary shares.
The proceeds of the placing will be used to provide US Oil with additional working capital. The net proceeds to be received by the Company are $526,241 plus the circa $37,346 previously announced. The 1,333,498 Placing Shares will shortly be issued through CREST.
Following the placing, the issued share capital of the Company will increase to 46,098,187 ordinary shares of .0001 Euro each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
The following parties have an interest of more than 3% in the shares of the Company:
Name No of Shares Percentage holding
Brian McDonnell 3,913,234 8.5%
Sionica
8年前
Results of the Open Offer
18 April, 2016
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, makes the following announcement:
On 11 March 2016, U.S. Oil and Gas Plc, announced a conditional offer (the “Open Offer”) of 10,744,663 ordinary shares of €0.0001 (the “Open Offer Shares”) to Qualifying Shareholders at a price of £0.27 (equivalent to approximately €0.35) per Open Offer Share (the “Open Offer Issue Price”) on the following basis:
1 Open Offer Share at £0.27 per Open Offer Share for every 4 Ordinary Shares held
The Open Offer closed for acceptances at 11.00 a.m. on 18 March 2015, and the Company is pleased to confirm that it has now received valid acceptances in respect of 1,691,751 Open Offer Shares from Qualifying Shareholders. This represents approximately 15.75 percent of the Open Offer Shares offered. Qualifying shareholders who validly applied for Open Offer Shares will receive the full amount of Open Offer Shares for which they applied.
The 1,691,751 new ordinary shares will rank pari passu in all respects with the existing ordinary shares of €0.0001 each in issue including the right to receive all dividends or other distributions declared, made or paid after the date of their issue. The shares will be allotted to the USOIL register on 19 April 2016.
Following the Placing, the issued share capital of the Company will increase to 44,670,404 ordinary shares of €0.0001 each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
The Directors who own Ordinary Shares have subscribed under the Open Offer. The extent of their subscription and resulting revised interest in the issued share capital of the Company is as follows:
Name Brian McDonnell
No of Shares 3,931,753
Percentage holding 8.8 %
The company has also placed an additional 94,285 treasury shares at a price of £0.27 (equivalent to approximately €0.35) to raise gross proceeds of circa $37,346. The issue of treasury shares does not alter the number of shares in issue. Together with the Open Offer, the issuance of treasury shares yields aggregate proceeds of circa $771,469.
In the Open Offer document of 11 March 2016, the Company indicated it was considering a placing in addition to the Open Offer. The Company is currently exploring this option with advisors and potential investors. Further details of this and the Company’s corporate and operational plans will be communicated in due course.
Brian McDonnell, CEO U.S. Oil and Gas plc, said:
“That shareholders continue to support the Company in current market conditions is a sign of real confidence in our prospect in Hot Creek Valley. With the immediate future of the Company secured, we can now move on to the next phases of our corporate and operational agendas.”
Sionica
9年前
Operations Update - Technical Briefing
22 March 2016
U.S. Oil & Gas Plc.
Operations Update
Intention to Drill - Technical Update
Based on its studies, the Company’s intention, subject to funding, is to re-enter the Eblana #1 well, sidetracking the drill depending on the results of the planned VSP survey.
The existing well will be plugged back to 3,220 ft and new casing will be run. Further drilling will be carried out to a target depth of up to 13,000ft.
A technical description of the proposed re-entry plan ‘Technical Briefing March 22, 2016’ (pdf format) can be found at www.usoil.us.
Sionica
9年前
Operations Update
10 March 2016
U.S. Oil & Gas Plc.
Operations update
Operations Update and Intention to Drill
In a May 2013, an independent Competent Person’s Report (CPR) by Forrest A. Garb & Associates (FGA) of Houston, Texas, estimated 19.2 million barrels Contingent Resources (C50) for a portion of the Company’s lease area in Hot Creek Valley Nevada. Since then, the Company’s stated intention has been to achieve Reserves status for some part of those estimated Resources. The Board believes that Reserves would significantly improve the Company’s position in terms of finalising an industry partnership to fund large-scale exploration and development of the Hot Creek Valley property.
Required funds
To enable the planned operations described below to be undertaken, the Company will need to raise additional funds . Details of how this may be achieved will be set out in due course in a separate announcement. The intentions described below are contingent on sufficient funds being raised. If sufficient funds are raised, the Company anticipates it will be able to commence drilling operations in early Summer 2016.
Background to the operational plan
Results from the Gravity Magnetic and Geochemical surveys of Hot Creek Valley, including the area around the Eblana #1 well, were reported by the Company in May 2014. The data collected were analysed to develop further the geological model and provided invaluable structural information for provisional targeting of the next drills. An intensive process of independent analyses and technical reporting then focussed on the geophysical structures updip to the discovery well Eblana #1. Extensive preliminary area modelling has recently been carried out by Halliburton in advance of a planned Vertical Seismic Profile (VSP) survey.
Based on its studies, the Company’s intention, subject to funding, is to re-enter the Eblana#1 well, offsetting the drill depending on the results of the planned VSP survey. The well will be drilled to a greater depth than previously to penetrate Palaeozoic strata . A second well may also be drilled if sufficient funding is available. The currently depressed price of drilling and services at this time offers a valuable opportunity for highly cost-effective operations.
Permits
The geological, geophysical and petrophysical studies described above culminated in a report and recommendation to the Board on 14th October 2015. Applications for the necessary permissions were submitted to State and Federal authorities on 28th October 2015. Six permissions were required and applied for, four have been granted and two remain to be awarded.
Ground operations
Site preparation is currently underway at Eblana #1. The access road has been repaired after winter damage. A completion rig is onsite and has removed tubing, prepared the well, run a cement bond log and acquired preliminary well control data in preparation for drilling operations.
Stock Exchange Listing
The Board’s intention is to obtain a trading facility for the Ordinary Shares on a suitable market, and it continues to explore this objective. Although the Board hopes a listing can be achieved in the near future, there can be no certainty about how long this may take. Nor can a successful outcome be guaranteed. It is important to note that listing is contingent on satisfying working capital requirements amongst other factors.
Brian McDonnell, CEO of U.S. Oil said:
‘Given the turmoil afflicting the oil sector at present, and the difficulty in finalising an industry partnership in the current conditions, the Company has decided to press on to drill independently if sufficient funds can be raised. We remain confident in the viability and value of our asset as a conventional resource with, potentially, extremely low uplift costs. We are equally confident that this advantage will in due course be recognised by the wider industry.’
Sionica
9年前
Annual Audited Consolidated Results
10 March, 2016
U.S. Oil & Gas Plc.
Consolidated Audited Annual Results for Period Ended 31 July, 2015
The Company is pleased to report its consolidated annual results for the year period ended 31 July 2015.
Financial Highlights
- Administration expenses $502,377 (2014: $492,025). The decrease in expenditure was primarily due to reduced exploration activity over the period and reduced administration costs.
- Total comprehensive loss $501,958 (2014: $491,591); and cash and cash equivalents $379,867 (2014: $519,240). As a result of VAT refunds the cash and cash equivalents on hand as at 31 July 2015 amount to just over $359K. The Company is debt-free.
Review of the period ended 31 July 2015
Suspension from GXG Markets, restoration of trading, closure of GXG
GXG Markets suspended the trading of the Company's securities with effect December 16, 2014, citing 'the protection of investors.' The suspension was later shown by an Independent Due Diligence Report requested by GXG to have been entirely unjustified, and the Company's shares were readmitted to trading on 26 May 2015. However, for a six month period the suspension precluded any fund-raising activities whatsoever and negatively affected partnership discussions and other essential corporate activities.
On 18 August 2015, GXG Markets ceased operations, leaving US Oil without a trading platform. The Company is now seeking a listing on a fully recognised market and has made excellent progress towards satisfying various admission requirements.
Partnership Discussions
The first months of the period saw intense discussions continue with a prospective industry partner, however the pace of progress in this endeavour slowed considerably as the oil price crisis developed in late 2014. The Company's suspension of trading from the GXG Market further retarded the negotiations.
In the three months to November 2014, oil prices declined 30% and since June 2014 oil prices have more than halved. This followed on from a period of intensive cost-cutting and consolidation in the industry throughout 2014. Currently, risk aversion in the industry is extremely high, slowing progress towards the industry partnership the Company seeks for a large-scale exploration programme. However, discussions with potential partners are continuing, and in the meantime the Company has made significant advances in its operational and corporate agendas.
The Board is confident that the considerable progress made in recent months will allow US Oil to move forward rapidly on both corporate and exploration fronts irrespective of broader industry conditions.
Share placing
On May 29 2015, the Company announced it had placed 1,111,112 New Ordinary Shares (the "Placing Shares") at a price of STG 0.27 per share (the "Placing Price") to raise gross proceeds of circa $414,000. The purpose of the placing was to strengthen the Company's working capital base, and the success of that placing is a tribute to the high level of confidence placed in the Company by investors.
Retirement of Director
On June 19 2015. Mr. Paul O'Callaghan retired as a Director of the Company. Paul joined the company in 2012 and made an outstanding contribution to the work of the Board. On behalf of the Board and shareholders, I want to thank him for his insight and unwavering support for the Company and wish him well in his retirement. Paul has agreed to continue working with the Company on a consultancy basis, and the Board looks forward to continuing to benefit from his experience.
Appointment of Independent Non-Executive Director
On 21 October 2015 Mr. Brian McBeth was appointed to the Board as an Independent Non-executive Director. Dr. McBeth has held numerous posts in the resources sector. He was the Senior Oil Analyst for Cominvest, the asset management arm of Commerzbank AG, as well as consultant to The Oxford Institute for Energy Studies, The Economist Intelligence Unit, and the London School of Economics. Dr. MacBeth is a widely respected industry professional, and I am confident the Company will benefit enormously from his experience and perspective.
Operational Highlights
The Company has made significant progress in preparation for further drilling. Additional 2-D seismic data was acquired and analysed, and a comprehensive modelling study of the reservoir associated with the Eblana #1 drill was undertaken to compliment the completed basin modelling study. The quality of the data was excellent and the technical team did an outstanding job producing a detailed and highly informative picture of the underlying structure by integrating this and all previously collected data. The Company is now in an excellent position from a technical point of view to initiate further drilling.
The Board believes that the status of the Hot Creek Valley oil play as a conventional play, with concomitant low costs of recovery, remains a potentially valuable asset even in the prevailing oil price environment. In addition, the cost of drilling and services and fallen dramatically, increasing the viability of further exploration. In Hot Creek Valley, we have the prospect that even limited further drilling could potentially raise 19.2 mmbbl Contingent Resources to Reserves. Such a development would potentially increase the Company's asset value by orders of magnitude.
Outlook
The period of the GXG suspension was an extremely difficult period for the Board and for shareholders. An enormous burden of additional work was imposed on Company personnel during this time. However, the integrity of the Company, its officers and its statements was fully endorsed by the Due Diligence process. The Board and shareholders should derive considerable satisfaction from that outcome.
In spite of the GXG issue and current industry difficulties, the Company has made significant and exciting operational progress. Our understanding of the reservoir targeted by Eblana #1 has been substantially advanced, and we are very encouraged about the opportunity in Hot Creek Valley. We are determined to advance our exploration agenda significantly in the coming months.
Chairman of the Board
Sionica
9年前
Company Update (23 December, 2015)
23 December, 2015
U.S. Oil & Gas Plc.
Company Update
U.S. Oil & Gas Plc (OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, makes the following announcement:
Admission to a regulated stock exchange
The Company continues to explore its options towards achieving a listing on a recognised stock exchange. To this end, the Board is pleased to announce that LHM Casey McGrath has been appointed management advisor to the admissions process. Further details will be announced in due course.
Strategic Planning
Currently, risk aversion in the oil and gas industry is extremely high, slowing progress towards an industry partnership to facilitate large-scale exploration activity in Hot Creek Valley. However, discussions with potential partners are continuing, and in the meantime the Company has made significant advances in its operational and corporate agendas.
The Board is confident that the considerable progress made in recent months will allow US Oil to move forward on both corporate and exploration fronts irrespective of broader industry conditions. A full report, detailing corporate and operational plans will be made to shareholders in the very near future.
Sionica
9年前
Appointment of Independent Non-executive Director
U.S. Oil & Gas
21 October, 2015
Appointment of Independent Director
U.S. Oil & Gas Plc (OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, makes the following announcement:
The board of U.S. Oil and Gas Plc is pleased to announce the appointment of Dr. Brian McBeth as an Independent Non-executive Director. Dr. McBeth trained as an economist and worked in the financial sector in the City of London between 1979 and 2008 specialising in oil companies. He is a former director and Head of Oils at Schroder Securities Ltd and Senior Oil Analyst at Cominvest, the asset management arm of Commerzbank AG. He has been a consultant to The Oxford Institute for Energy Studies, The Economist Intelligence Unit, and for IDEA/ The London School of Economics.
U.S. Oil Chairman Brian McDonnell said:
"We are delighted to welcome Dr. McBeth to the Board and look forward to benefiting enormously from the breadth of industry knowledge and experience he is bringing to the Company."
Sionica
9年前
U.S. Oil & Gas plc - GXG Markets and CISE
London, July 23
23 July 2015
GXG Markets and CISE
U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, makes the following announcement:
In a press release dated Wednesday 22nd July 2015 11:00 CEST, the Board of GXG Markets announced that GXG Markets is to be sold to The Channel Islands Securities Exchange Limited (CISE) and that current listings on the GXG Official List, GXG Main Quote and GXG First Quote that meet CISEA's listings and disclosure rules will have the opportunity for seamless migration to CISE by 18th August 2015.
The Board of US Oil & Gas plc welcomes the proposed development as potentially offering the Company's shareholders the opportunity to continue trading in US OIL & Gas securities with minimal disruption. The Company expects that GXG Markets and/or CISE will communicate further details in due course, and the Board of US Oil & Gas will then be able to take an informed view on the implications for the Company and shareholders of the proposed arrangements.
Sionica
9年前
GXG TO SELL SME MARKETPLACES TO CISE
GXG TO SELL SME MARKETPLACES TO FELLOW SECURITIES EXCHANGE CISE
The Board of Directors of GXG Markets A/S are pleased to announce that they have agreed to sell their European marketplaces for SME's, GXG Markets, to The Channel Islands Securities Exchange Limited (CISE).
The proposed transaction will be completed between CISE's wholly owned subsidiary, The Channel Islands Securities Exchange Authority ("CISEA") and the Swedish-headquartered GXG Global Exchange Group AB and the Danish-based GXG Markets A/S.
The deal means that CISE will acquire the assets of GXG, including use of its trading system, its London offices and three London-based members of staff.
Current listings on the GXG Official List, GXG Main Quote and GXG First Quote which meet CISEA's listings and disclosure rules will have the opportunity for seamless migration to CISE by 18 August 2015. GXG is currently communicating with the board of directors of each listed company regarding the terms of the proposed transaction and its implications.
The deal will allow all brokers, corporate advisors and due diligence partners connected to businesses on all GXG marketplaces to be transferred across to CISEA.
Jon Moulton, Chairman of CISE, said: "We are very pleased to have this deal in place. The acquisition of GXG will mean that we're able to quickly and cost-effectively grow the business of CISE. The potential new listings stream and infrastructure enhancements represent a huge stride forward in the continued development of CISE."
Carl Johan Högbom, Chairman of the GXG Markets, said: "We feel confident that CISE will take great care of the SME marketplaces and our London employees. We will work closely together to make the transfer as smooth as possible for our clients."
GXG Markets was established in 1998 as a Danish authorised marketplace aimed at providing SMEs with a more competitive environment for raising capital and the trading of shares.
GXG announced on 29 June 2015 that it was suspending the acceptance of new admissions to its markets. On 6 July 2015, GXG announced that from 18 August 2015 it would be relinquishing its operating licences issued by the Danish Financial Supervisory Authority, Finanstilsynet.
Mr Moulton added: " CISE's structure and our sensible approach to regulation means that we are ideally placed to take on the existing business of GXG. This will provide the platform for CISE to grow its number of listed SMEs and micro-cap businesses, as well as attract business from other niche market sectors."
Mr Högbom added: " We strongly believe that CISE will continue to develop the SME-marketplaces so that they become the leading European market places for small companies. We are pleased to have found a quality solution for GXG marketplaces moving forward."
CISEA is holding discussions with Finanstilsynet about the proposed transaction, which is expected to be completed shortly and has kept its regulator, the Guernsey Financial Services Commission (GFSC), informed of developments.
Notes to Editors:
About CISE
The Channel Islands Securities Exchange, based in St Peter Port, Guernsey, provides a listing facility and a market for companies to raise capital from international investors based on a bespoke trading platform. We aim to be a leading international securities exchange in the European time zone serving the interests both of Channel Islands' business and of issuers of specialist debt, investment funds and other equity securities from around the world.
About GXG
Originally established in 1998 as a Danish Authorised Marketplace, GXG Markets operates a European Regulated Market. The market solution has been designed to provide SMEs with a more competitive market environment for raising capital and trading of its shares. Since its inception, more than £350 million worth of shares have been traded through its markets, with over £70 million raised by some 30 separate placings. In 2011, GXG opened its market to trading of companies outside of Denmark.
Sionica
9年前
U.S. Oil & Gas plc - Closure of the GXG Marketplace
7 July, 2015
U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, makes the following announcement.
In a press release dated Monday, 6th July 2015 17:52 CEST, GXG Markets announced its intention to voluntarily relinquish its Danish Market Operator licenses. In the light of this development, the Board of US Oil & Gas plc wishes to assure shareholders that the priority for the Company will be to ensure that, if possible, trading in the company's securities continues with minimum disruption to shareholders.
Sionica
9年前
GXG Markets A/S - Closure of the Marketplace effective 18 August 2015
To: all Issuing Companies and market participants of the GXG Marketplace.
GXG Markets A/S announces its decision to voluntarily relinquish its Danish Market Operator licenses.
The Danish Supervisory Authority ("Finanstilsynet") has accepted the surrender of the licenses. As a result, GXG Markets' operation of the GXG Official List, Regulated Market and GXG Main Quote and GXG First Quote multi-lateral trading facilities will cease at 1700 CET on August 18, 2015.
GXG's operation within the Danish regulatory environment has been under consideration by GXG's Board for several months. After a series of discussions with the Danish Supervisory Authority in recent months, it has become clear that being regulated in Denmark is no longer a suitable forum for GXG to run an SME and micro cap marketplace. Therefore, for reasons of business efficacy GXG has taken the decision to withdraw its Danish license.
Further to our previous announcement of the June 29, 2015, the current suspension on new admissions shall remain in place. All securities admitted to trading within the GXG Marketplace, will be transferred to the "Observation list" from 7 July due to the planned Market closure. Securities on the Observation are not subject to any restrictions and trading in the Securities is able to continue as usual.
The Board of GXG Markets are in discussions with a number of organisations regarding the continued trading in Issuing Companies' securities. A timetable will be published no later than the July 13, 2015 on how this will be achieved following the conclusion of these time-sensitive meetings.
GXG reassures its Issuers that its Board and owner are concentrating all efforts on minimising disruption to an Issuing Company and their investors.
The UK and Danish offices remain open and continue to support all market participants.
Carl Johan Högbom
Chairman, GXG Markets
Sionica
9年前
Retirement of Director
19 June 2015
U.S. Oil & Gas Plc.
U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, makes the following announcement.
U.S. Oil and Gas plc (the "Company") confirms that Mr Paul O’Callaghan has retired as a Director of the Company with effect from 19 June 2015. Mr. O'Callaghan has agreed to continue working with the Company on a consultancy basis.
Brian McDonnell, CEO said, "Paul joined the company in 2012 and has since made an outstanding contribution to the work of the Board. On behalf of the Board and shareholders, I want to thank him for his insight and unwavering support for the Company and wish him well in his retirement. We look forward to consulting with Paul and continuing to benefit from his experience."
Sionica
9年前
Total Voting Rights
18 June 2015
U.S. Oil & Gas Plc.
U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, makes the following announcement.
On the 29 May the company announced that it had placed 1,111,112 New Ordinary Shares (the "Placing Shares") at a price of STG .27 per share (the "Placing Price") to raise gross proceeds of circa $430,000.
As the minimum underwriting has been reached the underwriter was not required to take up any shares under the underwriting agreement. However they did subscribe for 5,074 New Ordinary Shares (representing >1% of the placing) at the Placing Price to ensure the company raised $450,000 net of expenses.
The Placing is subject to allotment of the shares and admission to trading on the GXG Main Quote. On the 15 June 2015 the Board met to allot the shares and having met all other conditions have requested that the 1,111,112 New Ordinary Shares be admitted to trading on GXG Main Quote Market on 18 June 2015.
In accordance with the GXG rules, the Board of U.S. Oil and Gas plc confirms that following the Placing and the issue of 185,185 shares to Alexander David Securities Limited the Company has 42,978,653 ordinary shares of EURO 0.0001 each in issue, with each ordinary share holding one voting right.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company. The Company's total issued share capital is €4,298.
The Company holds 717,612 ordinary shares in its treasury, which represents 1.67% of the issued ordinary share capital of the Company.
The following parties have an interest of more than 3% in the shares of the Company:
Name No of Shares Percentage holding
Brian McDonnell 3,913,234 9.1%
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