UK Oil and Gas timeline:
The Horse Hill site is located in the Weald Basin, an area spanning Sussex, Surrey, Kent, and Hampshire, which already produces oil leading some to refer to it as Britain's Dallas.
April 9: UKOG says its discovered a site near Gatwick Airport that could hold up to 100bn barrels of oil – a figures that would dwarf the 45bn barrels of oil producted by the North Sea oil industry over the last 40 years.
This far surpassed original estimates of the volume of oil in the area which had been around 4.4bn barrels, according to previous geological surveys.
https://www.cityam.com/213349/oil-discovery-horse-hill-near-gatwick-could-be-bigger-north-sea-oil-fields-100bn-barrels
April 13:
April 15: After it was asked to clarify the previous announcement by the London Stock Exchange, UKOG downplayed the find saying Horse Hill "should not be considered as either contingent or prospective resources or reserves".
Contingent or prospective reserves are those which are not immediately recoverable – but could be one day.
April 28:
Daniel Bellau, partner and head of corporate at the law firm Hamlin, wrote in City A.M. that "With this will, no doubt, come questions once more over whether regulation of the Aim market is too relaxed, and whether we need a more stringent system in place surrounding scenarios such as this, where investors pile into a stock after some ill-advised comments from a market participant."
May 13: UKOG announces regulators have approved a year-long extension to licences held by Horse Hill Developments, the company in which UKOG holds a stake.
The move will give it an additional year to to assess the amount of oil in the area of Horse Hill near Gatwick.
https://www.cityam.com/215668/uk-oil-and-gas-investments-share-price-jumps-after-extending-horse-hill-gatwick-oil-licenses
June 5: An independent report by US energy company Schlumberger said there could be more oil in the ground than what even UKOG had previously estimated.
June 10: UKOG released a statement to the London Stock Exchange confirming media speculation that it was in talks with potential investors for a fundraising of at least £4.5m at a targeted price of around 2.25p.
Nevertheless it cautioned that: "There is no assurance the company will proceed with any fundraising".
https://www.cityam.com/217625/uk-oil-and-gas-share-price-falls-after-it-confirms-fundraising-talks