Date
24 March 2017
Up to 100 billion barrels of oil could lie beneath this field in Sussex near London's Gatwick Airport. Photo: The Guardian
Up to 100 billion barrels of oil could lie beneath this field in Sussex near London's Gatwick Airport. Photo: The Guardian

British firm strikes oil near Gatwick Airport

A British oil company says it has found the equivalent of 100 billion barrels of oil close to London’s Gatwick Airport, the Guardian reported.

The find is the largest of its kind in 30 years, the small independent explorer, UK Oil and Gas Investments (UKOG), which is working with a larger US firm on the project, said Thursday.

Shares in UKOG jumped more than 200 percent in frantic trading.

UKOG admitted that while up to 100 billion barrels may be in place 900 meters below the Sussex countryside, only 5-15 percent of the total would be recovered, based on similar finds in the United States.

The firm, which is working with Denver-based Magellan Petroleum, told investors more drilling and testing would be required to prove its commercial value – but that the well had “the potential for significant daily oil production”.

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