Investors in UK Oil & Gas Investments, the company that just discovered 100 billion more barrels of oil near Gatwick Airport, are having a very good morning.
As of 11:20 a.m. the company’s shares have more than tripled in value, up by 205.43%. A single share in the company was priced at 1.105 pence before the announcement, and they spiked to over 4 pence afterwards.
Here’s how it looks:
The shares were worth much more when the company floated back in 2005 (at over 100 pence) but they have been below 2.5 pence consistently since 2009.
Only a fraction of the oil is likely to be recovered, but it’s given anyone who invested in UKOG over the last couple of years a pretty colossal payday.
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