Rocketing this morning on a superb upgrade !...

Indeed. Reminds me of Falklands oil speculation

Spangel summary today:
"In light of the news that PEDL137 is in process of being renewed, it seems a little odd that the Horse Hill prospectivity has been hyped and deflated the way it has – it has created a headwind for the operator in the negotiation of the terms of the obligation work programme in return for the extension.

Still, we don’t believe that the licence will be rescinded, or not extended, but the demands will be onerous on the group to fulfil, and given the planning headwinds, we don’t see a year being enough time.

We have noted that some commentators have also poured cold water on the potential of development of the shales in south England, to which we will remind them of Wytch Farm, which from a relatively modest pad, has been drilling out the Purbeck in Dorset for over 40 years, latterly using coiled tube drilling. We are not saying for one instance that this will be the solution here, but before anything is ruled in, or out, a better understanding of just what is possible might be required.

There is little doubt that Horse Hill is creating a lot of interest, and will continue to do so. The work programme that may result from DECC playing hardball wouldn’t just be good for the prospectivity PEDL137, but for the viability of the whole oil shale play in the Weald basin. Interesting times ahead."

Nice one Harrycat.....interesting....so there is a possibility...I say possibility that this horsehill could turn into a decent or even very decent production platform of some kind....long way to go yet but to me this is worth a decent punt....

Crude rising rapidly......can only be good for this small company....

Is that the final point?
reaching 50MA soon!

the signal was there at yesterday's close and this morning an opportunity to buy at 2.25p twice

Suspended, pending what?

An announcement concerning Horse Hill.

Very good news here....

Lloiks loike...thar ar oil in them thar hills....

Media Speculation
The Company notes speculation in today's media in relation to a fundraising. The Company can confirm that it is currently in talks with potential investors for a fundraising of at least £4.5 million at a targeted price of approximately 2.25p. There is no assurance the Company will proceed with any fundraising.

i cannot believe that a public company needs to talk to its investors about a fundraising for a piddly £4.5m .... and it's guaranteed to be a placing too if it comes about, so PIs locked out as usual

how much did the directors extract at the float?
how much are the directors now paying themselves?

how much did the advisers take at the float?
how much will the advisers take in this fundraising?
how much will all the paraphernalia surrounding this fundraising cost?

Drfifiting below fundraising price, will be intersting to see who bought all the shares.

StockMarketWire.com
UK Oil & Gas Investments said the Offshore Isle of Wight licence (P1916, UKOG 77.5% and operator) has been extended for a further year by the Oil & Gas Authority.

The P1916 initial period of the exploration stage has been extended to 31 January 2017.

The extension provides the Company with the necessary time to finalise drilling plans, and obtain regulatory permissions in order to drill the M prospect, located primarily in P1916, during the licence's initial period for exploration.

Eccentric UK Oil Leader Abruptly Calls It Quits Amid "Gatwick Gusher" Frenzy
One of the UK O&G industry's most Type A and eccentric leaders is resigning. David Lenigas has abruptly stepped down from his position as executive chairman of UK Oil & Gas Investments (UKOG). That's the company that recently made claims that there were up to 100 billion barrels of oil under the ground near Gatwick airport in southern England.

Besides the formal announcement of his departure, no reason was given for the abruptness of his exit. The company said Lenigas would "focus on other business interests."

He will remain a consultant for UKOG but will be replaced as chairman by the company's CEO, Steve Sanderson, who will assume both roles.

no doubt the market will deliver its verdict

UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that Horse Hill Developments Limited has informed the Company that light, 40-degree API, sweet oil has flowed naturally to surface from an 80-foot zone within the Lower Kimmeridge limestone interval at a depth of approximately 900 metres below ground level.

Flow commenced at around 10.00am GMT yesterday at an initial instantaneous rate in excess of 700 barrels per day using a 1-inch choke, in an approximate mix of 50:50 oil to water. The well was then choked back to 32/64 inches resulting in a steady early oil rate in excess of 463 barrels of oil per day over a further 7.3-hour period, in an approximate mix of over 99% oil and less than 1% water.

The Lower Kimmeridge flow period is planned to continue today at 0700 following an overnight shut-in from 1900 Monday. Upon completion, Phase 2 and Phase 3 operations will move to the shallower Upper Kimmeridge limestone and Portland sandstone zones at approximately 840 and 615 metres below ground level, respectively.

The HH-1 discovery well, the original exploration drilling phase originally completed at the end of 2014, is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. UKOG owns a 20.163% interest in PEDL137.

Stephen Sanderson, UKOG's Executive Chairman commented:

"This is a very significant event for the company and for oil and gas activity in the Weald basin of southern England. Importantly, tests so far show oil has flowed to the surface under its own pressure and has not, so far, required artificial lift.

The flow test, the first ever in the Lower Kimmeridge limestone within the Weald basin, provides proof that significant quantities of moveable oil exist within the Kimmeridge section of the well and can be brought to surface at excellent flow rates. In this case from a vertical well with minimal stimulation.

While these flow rates are significant and in excess of management's expectations, it should be borne in mind that the planned future use of a horizontal well and appropriate conventional reservoir stimulation techniques could likely increase flow rates even further.

We look forward to more news from the final test results from the Lower Kimmeridge limestone and the shallower tests. The Company will be starting the regulatory permit process forthwith, so we can return to the well to seek to demonstrate sustainable commercial production."

UKOG's interest in Horse Hill

The HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. UKOG owns a 30% direct interest in HHDL and a 1.02% interest in HHDL via its 6% interest in Angus Energy Limited. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald Basin.

Qualified Person's Statement:

Stephen Sanderson, UKOG's Executive Chairman, who has over 35 years of relevant experience in the oil industry, has approved the information contained in this announcement. Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Association of Petroleum Geologists.

sounds good

anything that has the slightest whiff of lenigas should be avoided like the plague

I think this is a bit safer now that Lenigas has gone but Mr Sanderson has been known to tell the odd porky, though I suspect he might have been heavily influenced by Lenigas, which perhaps proves that he may not be the man for the job! However something useful is bubbling out of the ground though how much longer oil is going to be as useful as it was remains to be seen; it will probably last as long as this well though!