UK Oil and Gas Investments: Ukog share price falls after it appoints new finance director Kiran Morzaria to replace Donald Strang

Jessica Morris
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Ukog hit headlines after its Horse Hill claim (Source: Getty)

The company behind the so-called "Gatwick gusher" has appointed a new finance director with immediate effect.

UK Oil and Gas Investments' (Ukog) new finance director Kiran Morzaria replaces Donald Strang, who is retiring to focus on other business interests.

Morzaria was formerly a director of mining company Tubutama Borax and Tubutama, both of which were dissolved in April 2012.

Shares in the company were down 4.47 per cent to 1.12p per share in morning trading.

Ukog hit headlines in April when it claimed to have found billions of barrels oil at a well, which it has interest in, at Horse Hill near Gatwick. But the company later said that the oil in place "should not be considered as either contingent or prospective resources or reserves".

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