Investors in UK Oil & Gas Investments, the company that just discovered 100 billion barrels of oil near Gatwick Airport in southern England, are having a very good morning.
As of 11:20 a.m. London time (6:20 a.m. ET), the company’s shares had 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 afterward.
Here’s how it looks:
Investing.com, Business Insider
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 has given anyone who invested in UKOG over the past couple of years a pretty colossal payday.
Business Insider
