Rocketing this morning on a superb upgrade !...

EL has posted the below on the wrong thread so have transferred for him .....


ExecLine 09 Apr 2015 12:46 - 58442 of 58446
UK oil producers are celebrating what they are calling the biggest onshore oil discovery in the last 30 years in the land near Gatwick Airport.

An exploration firm (UKOG) has confirmed the land under Horse Hill near Gatwick could contain 158 million barrels of oil per square mile – up to 100 billion barrels in total. The firm is hoping it could meet between 10 per cent and 30 per cent of UK demand for oil by 2030.



cynic replies
58442 - except that (a) they don't yet have a licence to drill, (b) do they even have the money to drill in the event that they ever a licence (months and months away, if not 1/2/3 years in any case), (c) the notional reserve is nowhere near proven, (d) even the company admits that only between 3 and 15% of any reserves are likely to prove recoverable

tread carefully and good luck to any who have put money on the table

Going to be choppy one !

I reckon that there is much more to come yet....this is just the start....

More than a Billion traded !!

Looks like it's the biggest oil discovery............in......the Weald....

Undecided. Not sure whether to buy this one.

Thinking about shorting it tomorrow

Thanks for posting the papers skinny.

Straight out of the blocks.....hell of a trading going on...

.

I like the importance of events in the UK on the front pages....oil discovery and Amanda Holding/Cheryl........really.....how blinkin interesting....well it takes all sorts......gaaaaadddd.... ...the 2 stories are really on a par....Cheryl wants Amanda's head on aplate.....bon appetit....

Hope you are locking in profit rf, rather than gazing under Amanda's left arm???

Classic spurt....drop....now rebuying......classic......

How about a chart in the header as well please rf?

Not yet Harry....but I nearly did an early sell and would have rebought....as this has a tiny market cap....very volatile.....the time to log into your account and the price has changed....

Not good on IT skills Harry.....

I'm hoping for 6p....in the longterm if the discovery info is correct : 20p plus in a few years....

Nicked from across the road..


The Times

Gatwick oilmen star in muppet show

Alistair Osborne: Business Commentary

Who needs a second runway?

Not when you’ve got the Gatwick gusher, brought to you by that famous oil man David Lenigas and his sidekick, Donald Strang. They’re never far from a nodding donkey — if that’s not too polite a term for the muppets done over by their AIM-listed penny stocks.
Mr Lenigas counts executive chairman of UK Oil & Gas Investments as one of his 16 current UK company directorships, a business where Mr Strang is finance director.

And guess what?

They’ve had a root around Horse Hill, just down the road from Gatwick and lucked out big time. With the help of US outfit, Nutech, and the multiplication key on a calculator, they’ve found up to 100 billion barrels of oil, 3,000ft or so under, in the Upper Jurassic Kimmeridge.

Not a bad effort, either, when you think only 43 billion barrels have so far been extracted from the North Sea.

True, the British Geological Survey last May said there might be 4.4 billion barrels of shale oil in the same Weald Basin, while stressing it was “not known” how much was commercially recoverable.

But who cares about that, when Mr Lenigas can go on the BBC and declare the find a “strategic asset” for Britain, so sending UKOG shares up 176 per cent to 2.98p? Surely he meant a strategic asset for himself?

UKOG owns 30 per of Horse Hill Developments Ltd (HHDL), holder of a 65 per cent stake in the well analysed by Nutech. Who’s HHDL’s chairman? Oh, Mr Lenigas. He’s also executive chairman of Evocutis, where Mr Strang is executive director. Its shares jumped 24 per cent yesterday to 0.26p on the back of its 2 per cent stake in HHDL.

Then there’s Stellar Resources, 47 per cent higher at 0.625p, thanks to its 10 per cent HHDL stake. Its executive chairman? Mr Strang, who replaced Mr Lenigas last year. What, too, of Doriemus, up 55 per cent to 0.13p due to its 10 per cent HHDL holding?

Mr Strang is its executive chairman too. Solo Oil? Up 28 per cent to 0.72p, with 10 per cent of HDDL? Mr Strang, finance director. Mr Lenigas, ex-chairman.

You get the picture.

Of course the real question is how much of these companies the duo own, which, funnily enough, their advisers clean ran out of time to tot up yesterday. Except for UKOG, where Mr Lenigas’s 4.3 per cent stake is now worth £2.2 million, apparently.

He must think we’re all idiots.

alistair.osborne@thetimes.co.uk