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Lenigas tweets update from Horse Hill, sends UKOG share price soaring

“40 API oil at Horse Hill in the Kimmeridge limestones was a great surprise. Because that is better quality than North Sea #Brent. The better surprise was that both the Kimmeridge and Portland oil were DRY #Oil on the initial flow tests - No water! Amazing!”

David lenigas
The information is yet to be officially confirmed by UKOG or its partners

A tweet from David Lenigas about the ongoing flow testing at Horse Hill has sent shares in UK Oil & Gas Investments Limited (LON:UKOG) soaring on Monday afternoon.

The serial small cap investor, who is executive chairman at Doriemus (ASX:DOR) which has a stake in the ‘Gatwick Gusher’, said the oil flowing from the HH-1 well was 40° API.

That figure, if true, is higher than Brent crude (38.06°) and West Texas Intermediate (39.6°) and makes the oil a light crude.

Light crude tends to receive a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel when converted by a refinery.

READ: Latest flow test programme kicks off at Horse Hill

Lenigas also added that both the Kimmeridge and Portland zones have flowed only oil and not water so far.

UKOG shares were up 22.5% to 2.6p on Monday afternoon. Alba Minerals PLC (LON:ALBA) and Solo Oil PLC (LON:SOLO), which also have stakes in Horse Hill, saw their share prices climb 15.6% and 5.8% to 0.37p and 2.75p, respectively.

Quick facts: UK Oil & Gas PLC

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AIM:UKOG

Price: 0.1365 GBX

Market Cap: £22.17 m

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