viewUK Oil & Gas PLC

Lenigas tweets update from Horse Hill, sends UKOG share price soaring

“40 API oil at Horse Hill in the Kimmeridge limestones was a great surprise. Because that is better quality than North Sea #Brent. The better surprise was that both the Kimmeridge and Portland oil were DRY #Oil on the initial flow tests - No water! Amazing!”

David lenigas
The information is yet to be officially confirmed by UKOG or its partners

A tweet from David Lenigas about the ongoing flow testing at Horse Hill has sent shares in UK Oil & Gas Investments Limited (LON:UKOG) soaring on Monday afternoon.

The serial small cap investor, who is executive chairman at Doriemus (ASX:DOR) which has a stake in the ‘Gatwick Gusher’, said the oil flowing from the HH-1 well was 40° API.

That figure, if true, is higher than Brent crude (38.06°) and West Texas Intermediate (39.6°) and makes the oil a light crude.

Light crude tends to receive a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel when converted by a refinery.

READ: Latest flow test programme kicks off at Horse Hill

Lenigas also added that both the Kimmeridge and Portland zones have flowed only oil and not water so far.

UKOG shares were up 22.5% to 2.6p on Monday afternoon. Alba Minerals PLC (LON:ALBA) and Solo Oil PLC (LON:SOLO), which also have stakes in Horse Hill, saw their share prices climb 15.6% and 5.8% to 0.37p and 2.75p, respectively.

Quick facts: UK Oil & Gas PLC

Price: 0.245 GBX

Market: AIM
Market Cap: £21.18 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



ioneer Ltd's Bernard Rowe hails new boric acid distribution and sales agreements

ioneer Ltd's (ASX:INR) Bernard Rowe speaks to Proactive's Andrew Scott after securing two distribution and sales agreements for the supply of boric acid from its Rhyolite Ridge Lithium-Boron Project in Nevada, USA. The three-year boric acid distribution and sales agreements were signed with...

1 day, 3 hours ago

2 min read