Gatwick oil find: Report boosts UK Oil & Gas' prospects at Horse HillComments Off on Gatwick oil find: Report boosts UK Oil & Gas' prospects at Horse Hill
Hopes for millions of barrels of oil gushing from the South Downs around Gatwick airport came a very small step closer to reality today.
A report from independent consultants Schlumberger, commissioned by the explorer UK Oil & Gas, said there are 11 billion barrels of so-called “oil in place” in the 55 square miles of the two Horse Hill licences.
After the first flurry of excitement in April over initial findings, UK Oil & Gas and its fellow shareholders in the licences said this is still not an estimate of how much oil, if any, might actually be recovered.
But boss Stephen Sanderson said in a statement: “The report is thus a further step towards establishing proof of concept for the Jurassic tight oil play potential of Horse Hill and the Weald Basin.”
Flow tests from the well, which will happen this year depending on permission from the Environment Agency, will be the next stage in determining the viability of the find.
UKOG shares ticked up 0.05p to 1.83p in morning trading.