UKOG Oil Field Near Gatwick Airport Untested

UK Oil & Gas Investments PLC (UKOG) has said its estimation of potential oil near Gatwick airport was untested.

The “clarification” came after its oil discovery in Horse Hill last week.

UKOG’s chief executive told the BBC at the time that the Weald area, including the new discovery, could have “between 50 and 100 billion barrels of oil in place in the ground”.

But the company now says it has “not undertaken work… sufficient to comment” on the Weald Basin potential.

A spokesman told the BBC that the Alternative Investment Market (AIM) – on which the company is listed – wanted UKOG to “clarify and reinforce the numbers”.

UKOG announced: “The company has not undertaken work outside of its licence areas sufficient to comment on the possible OIP [oil in place] in either the approximate 1,100 sq miles or the whole of the Weald Basin.”

It added that “further well testing and assessment of recovery factors will be required to seek to quantify net resources in relation to the… areas and to prove its commerciality”.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.