UK Oil & Gas production hike disappoints investors

2nd Jul 2014 14:21

British explorer UK Oil & Gas Investments (UKOG) failed to impress investors with a production hike at a field in southern England, hitting its shares.UKOG said it had boosted production at its Lidsey oil field near Bognor Regis by 230%, from 34 barrels of oil per day (bopd) in May to 113 bopd.Chairman David Lenigas described the result at Lidsey, which is operated by Angus Energy in which UKOG has a 6% stake, as excellent."UKOG looks forward to the drilling of the proposed new Lidsey-2 well later this year," he said."It also looks forward to a very active programme over the coming six months with our partners Angus Energy here in the UK, especially with the drilling of the Horse Hill-1 well near Gatwick later this month and the drilling of the proposed Brockham side-track well in the same geographical area once final approvals have been granted." But investors were underwhelmed, knocking the company's shares by 0.15p or 12% to 1.1p.PW