IRISH-BASED and London-listed US Oil and Gas has been under the radar since it launched on the Plus market – a specialist market for small and mid-sized companies – at 8 pence last January.

However, the company’s share price has doubled over the last month, and yesterday it was trading at about the 28 pence mark.

The jump has come after it released a statement two weeks ago saying that it had identified five hydrocarbon reservoirs, oil wells to you and me, in Hot Creek Valley in Nevada in the US, where it has been exploring for oil and gas.

The company is still a long way from hitting the jackpot and, given the nature of its business, it may never do so, but investors have been happy to take a punt on it in recent weeks.

The company’s focus is to take on exploration opportunities and develop them to the point where they can be sold on to bigger operators who then bring them to production.

Its main assets are in Nye County, Nevada, which it acquired by buying up the share capital of another company, Major Oil International.

Chief executive Brian McDonnell says he is involved in a number of Plus-listed companies and has experience in the oil and gas industry.

Its other directors include Chris Comerford, better known for his connections with the food industry.

A former Greencore executive, he has more recently worked with both Fyffes and Geest.