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US Oil & Gas says impact of Biden permit suspensions won’t be material for company

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US Oil & Gas Plc (USOIL) told investors it believes that the potential impact of the Biden administration’s temporary suspension of new drilling permits on Federal lands are not material to its exploration plans and prospects.

The company, in a statement, noted that this is ‘the consensus industry view’.

“Most importantly, permitting of wells on the company’s existing leases is expected to continue as normal after the announced 60 day moratorium on permit approvals has run its course,” the company said.

“The company will shortly be submitting Notices of Staking (NoS) for planned wells on its Hot Creek Valley leases and expects these will be processed normally.”

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