Reports have stated that the amount of oil in the Gatwick airport area could be about 70% more than expected, an exploration company says. There are around 271 million barrels of oil per square mile (mmbo) in the Weald, UK Oil and Gas (UKOG) estimated. However, the total amount of oil in the field has not been revealed yet.
A past report estimated about 158 mmbo once an exploration had taken place at Horse Hill. Local people were concerned about pollution, according to Friends of the Earth. There are plans put in place by UKOG to drill more exploration wells in the Weald and to assess the potential of the reserves in the area.
In the South of England, oil has been produced onshore for many years. Across the Weald, there are currently around a dozen oil production sites. It is in an area spanning Kent, Sussex, Surrey and Hampshire.
UKOG has suspended their shares temporarily because of the announcement about the Horse Hill oil reserves. Shares were suspended on Aim from 7.30am and other companies who are also involved in the Horse Hill development have suspended. Other companies include Solo Oil, Alba Minerals, Stellar Resources and Doriemus.