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.
19:39 $1M '100 percent Swiss Made' watch made of real Swiss cheese16
15:02 U.S housing starts surge in December; jobless claims near 43-year low13
21:52 Netflix nears 94 million subscribers 10 years after streaming launch18
16:50 Goldman Sachs, Citigroup earnings confirm Trump effect on banks18