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US Oil & Gas tops up working capital with share sale

The injection of funds supports the company as it continues to work on its Nevada oil project
oil and gas operations
The shares were priced at 30p

US Oil & Gas Plc (USOP) has raised additional new capital through a placing of new shares.

The Nevada focused explorer announced that it has sold 40,029 shares to private investors at a placing price of 30p per share, to raise US$ 15,651.

It added that the proceeds will give the company additional working capital as it continues to moves towards new well operations.

READ: U.S. Oil & Gas raises US$527,539 of new capital

The company raised US$527,539 through another placing in December and in November the company said it remains intent on seeking a stock exchange listing but said work on the Eblana-3 well remains the priority.

Last year, oil flowed to the surface from the recently drilled Eblana-3 well in Nevada tested at API 34.5.

This oil is believed to come from zone 5 and possibly zone 4. Heavier oil was encountered from zone 3. The zone 5 estimated pay is 258 feet.

The fracking operations will have an additional funding need, the company noted previously.

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