Business and tourism chiefs have called for the urgent restoration of a direct air link to London.
UK Oil & Gas Investments (UKOG) has now drilled a section of its Broadford Bridge-1 exploration well in West Sussex.
Doriemus today revealed its Brockham-1 well in the UK’s Weald Basin contains 282 million barrels of oil per square mile.
The companies behind The well drilled on the Horse Hill oil project near Gatwick Airport said has been temporarily plugged to carry out a pressure test.
The boss of UK Oil & Gas said strong flow rates has converted the Horse Hill scheme from a “science project” to a “commercial reality”.
UK Oil & Gas Investments is looking to the potential of its Horse Hill project near Gatwick Airport as it reported a wider pretax loss, despite growth in revenue.
UK Oil & Gas said it has had significant flow rates from its Horse Hill discovery.
UK Oil & Gas (UKOG) said an independent analysis by Schlumberger has estimated 10.9billion barrels of oil could lie within 55miles of the PEDL137 and PEDL246 Horse Hill licences. The estimate follows on previous calculations made by Schlumberger last month. The analysis also builds on the previous petrophysical evaluation of Horse Hill-1 located in PEDL137 near to London Gatwick Airport.
If it sounds too good to be true, it probably is. That’s the lesson to be learned by anyone who thought Gatwick was about to become the new oil capital of the world. London-listed UK Oil & Gas Investments (UKOG) caused a commotion last week, when it said an oil find in the Weald Basin of southern England was “the largest onshore” discovery in the UK in the last 30 years. UKOG chief executive Stephen Sanderson said at the time: “Based on what we’ve found here, we’re looking at between 50 and 100 billion barrels of oil in place in the ground.
UK Oil and Gas (UKOG) said it has made a potential oil discovery at Horse Hill-1 although it failed to hit any further gas targets. The Horse Hill site, in the Weald Basin, sits just 3km from the Gatwick airport, and is thought to contain up to 87 million barrels of oil and a further 164 billion cubic feet of gas. The company said the well was successfully completed with a discovery in the Jurassic and has reached a total depth of 8,770 feet measured depth in rocks of pre-Triassic Palaeozoic age.