After its recent run, UK Oil & Gas (UKOG) announced the disappointing news on Monday that planning consent had been refused for the Loxley Portland gas appraisal project, then followed through on Tuesday with a hard dose of reality in the form of interim results.

Those who had been buying based upon an organised social media ramp saw the share price back to where it started and lost half or more of their investments; those who engaged the rampers to clear the placing stock and warrants had already taken their money.  They’re quite open in last week’s RNS that “raising funds from equity remains the most prudent and only feasible way to fund projects” so further large placings are certain.