Shares of UK Oil & Gas (LON: UKOG) are rising on Monday following news that it has completed a planned two-week production facility upgrade at its 85.63% owned Horse Hill oil field.
Upgrade works at the oil field included modifications to prepare the site for automated 24-hour continuous production operations, together with the installation of the first tranche of permanent facility equipment required under the Health and Safety Executive's Control of Major Accident Hazards regulations.
The UK-based firm said the works required a shutdown at the site, but oil production has now been established.
In May, the company's equipment purchase for the Horse Hill oil field was completed, causing its shares to fall over 7.5%.
So far on Monday, UKOG's stock price is trading 1.79% above Friday's close at 0.14p per share.
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.