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”.
This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.