Shares in UK Oil and Gas dropped by more than 35% this afternoon following the company’s announcement of possible formation damage at its Broadford Bridge oil exploration well and the prospect of drilling another sidetrack.
UK Oil and Gas saw its shares rise in value by nearly 25% today following a statement on the company’s Broadford Bridge oil exploration site in West Sussex.
Surrey County Council and Angus Energy are standing firm in their conflicting positions in a long-running dispute over the Brockham oil site near Dorking.
The private equity company, Kerogen Capital, is proposing to invest US$35m in IGas, it was announced this morning. The deal depends on a restructuring of IGas’s bonds and may require approval from the Takeover Panel.
IGas investors were watching share price movements this morning after news that the company would not breach its daily liquidity obligations this year.
UK Oil & Gas Investments, one of the companies with interests in the Horse Hill exploratory oil well near Gatwick, has announced it is to invest an extra £4m in the Weald basin in southern England.
The majority investor in the Horse Hill oil well near Gatwick is claiming record UK onshore flow rates. After completing initial flow tests, UK Oil & Gas described the results this morning as “outstanding” and equivalent to rates from the North Sea.
The volume of oil in the area round Gatwick could be 70% higher than previously estimated, according to UK Oil and Gas.
IGas issued a statement this morning saying an earlier announcement about the share dealings of its chief executive, Andrew Austin, had been “full and correct disclosure” under market rules.
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