Only last week UK Oil and Gas Investments (UKOG) announced that it had discovered an oilfield in the Weald Basin near London’s Gatwick Airport holding as much as 100 billion barrels of oil. Shares in UKOG immediately soared.
A week later, Stephen Sanderson, UKOG’s CEO, says he’s not certain how much oil is in the field. The value of his company’s stocks immediately plunged by 18 percent, but managed to rally and level off to record a modest loss.
16:36 AT&T, Time Warner poised to lobby lawmakers, regulators on proposed $85-billion merger18
12:23 Lockheed Martin's quarterly profit handily beats estimates15
11:41 Caterpillar earnings: 85 cents per share, vs expected EPS of 76 cents16
16:51 Scottrade Sale Nearly Doubles Owner’s Wealth to $4 Billion13