Gatwick-based oil group boosted by news of a licence extension
THE FIRM behind the so-called Gatwick Gusher saw its shares jump by 5.83 per cent to 2.72 yesterday, after announcing that its exploration licence for the Horse Hill well has been extended until September 2016.
UK Oil & Gas Investments (UKOG) has a number of interests in the Horse Hill well, which is located in the Weald Basin in the south east of England, near Gatwick Airport.
The company recently denied reports that it had suspended trading due to difficulties in having its licences extended.
Shares in UKOG shot up in April when the company first announced it had made a discovery of potentially around 158m barrels of oil per square mile in the basin.