US Oil & Gas, a once-quoted Dublin exploration group, has raised $1.45m (€1.2m) in funding from about 200 individual investors to advance its plan to drill for oil in Nevada.
The investors from Ireland, the US and UK put up the money in two tranches in the past month. US Oil & Gas, headed by Brian McDonnell, also raised $748,000 last September, on top of $2.75m raised in the financial year ending July 2017. The company said the funding would allow for the drilling of “up to two wells” at Hot Creek Valley in Nevada.
The company last week said a seismic survey by US group Halliburton showed there were over 1bn barrels of oil in the oilfield. Halliburton estimated 207m barrels of oil were recoverable. Oil was trading at $68 a barrel last week after a price recovery.
US Oil & Gas was founded in 2009 and was listed on the London Plus market and the GXG Markets in Denmark in the past. Its shares traded as high as £7 (€7.94) in 2012 but the recent share placings were at 27p and 30p a share.
The company lost almost $751,000 in the year to the end of July, bringing total losses to $6.5m.