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Regency Mines jumps 77% after buying stake in Gatwick Gusher

Discussion in 'Market News' started by Lily, Feb 22, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Company sold share in project last year but now takes new stake

    Regency Mines has jumped up 77% after the company bought into the Horse Hill Development, the so-called Gatwick Gusher.

    Operator UK Oil and Gas said this month that oil had flowed freely to the surface under its own pressure, promising an oil bonanza which had been long promised but also raised some doubts about its potential.

    We sold out of the same percentage of [Horse Hill] last year. We now buy back on broadly equivalent terms. With the additional information now available, the asset now meets the investment criteria stated then. The timing of progress to production can be better quantified and in our opinion the potential and scale of the rewards now far outweigh the risk.

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