leadf
logo-loader
viewUK Oil & Gas PLC
(
AIM:UKOG
)

UKOG shares rise as investors look forward to Broadford Bridge production test

The company now has all regulatory approvals necessary for a planned flow testing programme

oil and gas operations
UKOG shares were up 1.39p or 23% trading at 7.44p each.

Shares in UK Oil & Gas Investments PLC (LON:UKOG) shot up in Tuesday’s early deals, following an after-hours stock market update on the Broadford Bridge well programme.

UKOG revealed that it now has all regulatory approvals necessary for a planned flow testing programme, to test some 926 feet of the Broadford Bridge well.

Broadford Bridge has encountered a massive section of the Kimmeridge play which, according to UKOG, in this location is seen to be extensively naturally-fractured and oil bearing from a depth of 3,800 feet to below 5,640 feet.

At the same time, the company has now applied to the West Sussex County Council to extend the exploration/testing phase for a further year, to 15 September 2018.

A separate statement on Monday evening revealed that SCDM Energy Ltd had increased its stake in UKOG to just 5.03% (it is interested in some 174.9mln UKOG shares).

On Tuesday morning, UKOG shares were up 1.39p or 23% trading at 7.44p each.

Quick facts: UK Oil & Gas PLC

Follow
AIM:UKOG

Price: 0.1364 GBX

Market Cap: £22.15 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

FTSE takes off ahead of international travel rule changes expected by the UK...

FTSE 100 made a decent start with airlines and travel groups leading the index higher on reports that the UK’s coronavirus travel arrangements will change today. London’s blue-chip index was up 18 at 7,045 in early trades.   UK retail sales recovered from a heavy fall in July but were still...

3 minutes ago

2 min read