Shares in UK Oil & Gas Investments PLC (LON:UKOG) shot up in Tuesday’s early deals, following an after-hours stock market update on the Broadford Bridge well programme.
UKOG revealed that it now has all regulatory approvals necessary for a planned flow testing programme, to test some 926 feet of the Broadford Bridge well.
Broadford Bridge has encountered a massive section of the Kimmeridge play which, according to UKOG, in this location is seen to be extensively naturally-fractured and oil bearing from a depth of 3,800 feet to below 5,640 feet.
At the same time, the company has now applied to the West Sussex County Council to extend the exploration/testing phase for a further year, to 15 September 2018.
A separate statement on Monday evening revealed that SCDM Energy Ltd had increased its stake in UKOG to just 5.03% (it is interested in some 174.9mln UKOG shares).
On Tuesday morning, UKOG shares were up 1.39p or 23% trading at 7.44p each.