Groundhog Day in London as Oil Stock Soars on North Sea Reserves
- IOG stock doubles, Jersey Oil & Gas leapt sixfold on Monday
- Moves highlight sector’s valuation difficulties: Arden
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Shares of Independent Oil & Gas Plc rose as much as 100 percent on Thursday, the second dramatic increase for a North Sea explorer this week, after the London-based company announced a tenfold increase in its southern North Sea gas reserves.
IOG said the portfolio holds an estimated 303 billion cubic feet of gas, up from 34 billion previously. The rally followed peer Jersey Oil & Gas Plc’s sixfold increase Monday, after joint venture partner Statoil ASA announced a discovery in the U.K. Continental Shelf region.