Keep your eyes on US Oil & Gas there are plenty of rumours flying around about this one. One of our contacts has correctly called this latest RNS.
I DIDN’T POST ON IT AT THE TIME AS BELIEVE IT OR NOT I HAD TO ASSURE COMPLETE CONFIDENCE TO THE SOURCE. THIS IS DUE TO THE SUSPENSION BY PLUS UNDER RULE 78 PLEASE READ BELOW.
PLUS may at its discretion suspend trading in the securities, or a particular class of securities, of an issuer for the following reasons:
the issuer is unable to accurately assess its financial position and inform the market accordingly;
the resignation of a market maker in an issuer‟s securities which results in their being no registered market maker;
the resignation of the issuer‟s PLUS Corporate Adviser without a new appointment;
an issuer has breached the Rules;
an issuer admitted to the PLUS market as a fast-track applicant has been held in breach of the rules of a Qualifying Market and trading has been suspended by the operator of that market; or
as otherwise may be necessary to ensure an orderly market, the protection of investors or the integrity of the PLUS market.
A suspension is effected by the issue of a market notice by PLUS.
Now rumour has it that Plus Markets think that USOP leaks like a sieve hence the suspension OR IT COULD JUST AS LIKELY BE THE SHARE TRANSFER WASN’T completed satisfactorily who knows? There’s nothing wrong with the company and they will certainly have the suspension lifted. The market is expecting a confirmation RNS on the drilling permit/rig late this week or possibly early next week. Some of the USOP big hitters have been seen smiling their way around the city recently so I expect they have been on a charm offensive extolling the virtues of the company. I’ve spoken to a contact of mine over at SVS Securities to try to cross check the news from our source. The Drill Rig contract is in the bag and our friends think the deal for the said rig covers up to 6 wells. If USOP hit oil then expect the sp to lift off. They are thought to be targeting large oil columns/anomalies thrown up by the geochemical survey.
“Five anomalies, larger than previously reported, confirm earlier results and divide into northern and southern groups, with the northern group analogous to trends found in oil-producing Railroad Valley.
* Lighter gravity hydrocarbons (light oil, condensate, gas) are potentially located to the mid-north and mid-northwest, with increasing hydrocarbon fluids gravity to the south (oil).
* Current estimated anomaly size is up to 400 acres per anomaly, that is on average 30% of the lease area shows signs of hydrocarbon alteration.
Samples were analysed for hydrocarbon content using seven variables including: Magnetic Susceptibility (“MS”), High Resolution Soil Spectral Analysis (“HRSSA”), UV-Vis Spectroscopy, Iodine, and Soil Electrical Conductivity (“UMHOS”). These analysis methods are independent of one another and are used for the detection of hydrocarbon microseepage phenomena related to potential oil and gas reservoirs at depth.
Analysis of the results confirms potentially five defined hydrocarbon reservoirs. These are larger than previously reported, and some subsume more than one previously reported anomaly.”
Get them on your watch-lists as they are a very interesting little Oiler that could subject to any major find explode upwards.