The ones who have dropped out and have nothing positive to say about this stock why are you still here.
Oil investors’ hearts were aflutter on Thursday when UK Oil & Gas (LSE: UKOG), Solo Oil (LSE: SOLO) and four others announced a temporary suspension of their shares “pending an announcement in relation to [their] interests in the Horse Hill-1 well“.
Is David Lenigas’s Gatwick Gusher back on? UK Oil and Gas and associated Lenigas companies with exploration rights to the supposed Little Texas in the Sussex Weald had their shares suspended at the behest of regulators this morning following a suspicious surge in their share prices yesterday. UKOG shares closed up some 18% last night. Convenient for punters who’ve seen them fall dramatically since the company’s officials first talked of 100 billion barrels of black gold in them thar hills. As ever with this story, it’s not entirely clear what’s going on, but a statement presumably updating the market on technical assessments of the potential reserves is imminent.
Shares in the half-dozen oil explorers at the Horse Hill development near Gatwick Airport have been suspended this morning pending an announcement. Those affected have issued statements claiming that a statement "is expected shortly". However, we're hearing that it may not be today. The decision to halt trading at UK Oil & Gas (UKOG), Solo Oil (SOLO), Stellar Resources (STG), Doriemus (DOR), Evocutis (EVO) and Alba Minerals (ALBA) followed a sharp rise in share prices Wednesday afternoon. UKOG - which has a 31% interest in Horse Hill Developments, owner of a 65% stake in licence PEDL137 in the UK Weald Basin - surged by as much as a quarter between lunchtime and the close of play. Both Stellar Resources and Alba Minerals surged by more than a third in the final 40 minutes of the session, while the others made double-digit gains. That's what prompted the suspension. Clearly, the announcement has not received all the required sign-offs, but some investors had obviously got wind that something was up, so the suspension was required to avoid a disorderly market. A quick scan of the last five trades on Wednesday shows one trade of almost three million shares at 2.65p. Millions of Stellar shares went through the books, too. We're told the shares are unlikely to begin trading again today, although the suspension is likely to be "very temporary". That's taken to mean no more than a couple of days.