Shares in the firm exploring oil reserves in the Weald Basin near Gatwick airport have opened lower following a new round of funding.
UK Oil and Gas Investments shares were as much as four per cent lower in early trading after it announced a share sale raised £6m after Wednesday's market close.
Shares closed down three per cent in Wednesday trading to 2.42 pence per share and slid further this morning to 2.31 pence per share at pixel time.
The Aim-listed firm had earlier in the day confirmed it was in talks with investors to raise at least £4.5m in response to media speculation.
Shares rocketed in early April after a UKOG published the findings of a report into the amount of oil at the Horse Hill site. The company was forced to clarify the amount of oil estimated in the area on several occasions.
A second report published last week upped those estimates, however, sending shares up again by as much as 52 per cent.