The privately held company said in a statement its three drill permit applications are currently being processed by the Nevada Bureau of Land Management (BLM) but it has no time-scale for when the permits will be finalised.
“The board believes that if permits were to be awarded without undue delay, sufficient time would remain to drill a funded well or wells before the leases concerned expire,” the company said.
“To date, sufficient funding has not been raised to drill any of the proposed wells. Efforts to raise funds are continuing.”
The company said it is considering its options in case funds are not raised in time, adding it will give due weight to consider all relevant financial, regulatory, legal and corporate factors.
“An important consideration is that the company is debt-free and has no major creditors. The board is fully committed to mapping out a way forward in the best interests of shareholders,” it added. “The board expects to have completed its deliberations in approximately two weeks and will update shareholders shortly thereafter.”
Read More: US Oil & Gas Plc considering options as it awaits drill permits