David Lenigas gets Twitter-happy about share price gains of firms tied to Horse Hill oil discovery

Shares in a number of companies with stakes in the Horse Hill oil project have rallied today

David Lenigas
David Lenigas can't seem to get enough of Twitter

David Lenigas, chairman of Doriemus PLC (LON:DOR), has taken to Twitter to boast about share price gains in his oil and gas company following strong progress at the Brockham well near the Horse Hill discovery.

Doriemus, which owns a 10% stake in Brockham, has seen an increase in investor interest on the Nex Exchange today on the back of reports that the well is expected to begin production from the Kimmeridge play this summer.

The well is located 11 miles away from the 1,700 barrel a day Horse Hill project, the so-called ‘Gatwick Gusher’ in the Weald basin in Surrey and Sussex.

Angus Energy Plc (LON:ANGS), operator of the Brockwell well, also saw its shares rise on the London Stock Exchange (LSE) today.

Earlier this year, Angus said the formations of the well appear to be the same in structure to the oil-bearing sections of the Horse Hill-1 well.

The Broadford Bridge well, some 27 kilometres from Horse Hill, has also seen positive results.

UK Oil & Gas rallies on Broadford Bridge optimism 

Last week UK Oil & Gas Investments PLC (LON:UKOG), the company behind the Horse Hill discovery, revealed that 330 feet of core has been recovered from the Broadford Bridge well where mobile light oil is being observed as operations continue.

Oil has been observed seeping from multiple sections of naturally fractured KL4 calcareous shales and limestones in the cored sections, UKOG said.

Shares in UKOG were sitting higher today on the LSE.

UKOG began testing the well last February and found faster than expected oil flows at a rate of 463 barrels a day. UKOG has claimed that 100bn barrels of oil exist under the Sussex Weald, equivalent to the proven reserves of Iran.

Lenigas continues to express Horse Hill enthusiasm on Twitter

Lenigas was chairman of UKOG before being replaced by Stephen Sanderson in 2015. He is also formerly a director of, or has had close ties to, other companies that have stakes in Horse Hill, including Solo Oil and Stellar Resources.

While he no longer sits on the boards of the companies involved, that hasn’t stopped the Australian mining tycoon from remaining a social media enthusiast of the Gatwick Gusher.

In the past 24 hours he has been flooding Twitter with posts about Horse Hill and the impact it has had on the share price of companies associated with the project.

Quick facts: DORIEMUS

Price: 0.023 AUD

Market: ASX
Market Cap: $1.33 m

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on 19/7/18

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