Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
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.
UKOG shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are UKOG shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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