100 Billion Barrels of Oil Below Gatwick? Maybe Not

April 17, 2015 3:15 PM

6 0

100 Billion Barrels of Oil Below Gatwick? Maybe Not

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.

Also read: ECB sets Banco Popular's 2017 capital level at 7.875 percent

Read more

To category page

Loading...