U.S. Oil & Gas Plc (USOP), in a statement after Friday’s market close, told investors that the Eblana-3 well has now been drilled and the initial results are described as “highly encouraging”.
The company said the well was drilled down to a depth of 8,200 feet.
Wireline and mud-logs have identified multiple potential hydrocarbon zones, USOIL added.
It is planned that the well will be tested and this will require an additional rig.
“We are delighted to have completed drilling operations at Eblana-3 safely and efficiently, and I would like to sincerely thank all personnel involved,” said Brian McDonnell, USOIL chief executive.
He added: “Both wireline and mud logging have produced highly encouraging data, indicating potential viable hydrocarbon bearing zones and prompting us to concentrate our efforts and resources on completing and testing this well.
“We are now working hard to ensure that our testing programme is as efficient and effective as possible. We look forward keenly to the next stage in our programme, the perforating and testing of Eblana-3.”