RE: David Lenigas tweet just now2 Jul 2018 18:40
ProActive this afternoon :
A tweet from David Lenigas about the ongoing flow testing at Horse Hill has sent shares in UK Oil & Gas Investments Limited (LON:UKOG) soaring on Monday afternoon.
The serial small cap investor, who is executive chairman at Doriemus (ASX:DOR) which has a stake in the ‘Gatwick Gusher’, said the oil flowing from the HH-1 well was 40° API.
40 API oil at Horse Hill in the Kimmeridge limestones was a great surprise. Because that is better quality than North Sea #Brent . The better surprise was that both the Kimmeridge and Portland oil were DRY #Oil on the initial flow tests - No water! Amazing! @UKOGlistedonAIM
— David Lenigas (@DavidLenigas) July 2, 2018
That figure, if true, is higher than Brent crude (38.06°) and West Texas Intermediate (39.6°) and makes the oil a light crude.
Light crude tends to receive a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel when converted by a refinery.