Over £300bn worth of oil 'discovered' in West Sussex

**-:Undertaker:-** · 09-04-2015, 12:51 PM

http://www.telegraph.co.uk/finance/n...st-Sussex.html

Over £300bn worth of oil 'discovered' in West Sussex

UKOG says the find near Gatwick Airport, sometimes dubbed "Britain's Dallas", has the potential to be a "world class potential resource"

Oil has long been produced onshore in the South of England. But this could be one of the biggest ever finds

Originally Posted by Daily Telegraph

The exploration company UK Oil & Gas Investments claims that it has made a significant oil find close to Gatwick Airport in West Sussex.

The company, which is chaired by entrepreneur David Lenigas, announced that analysis conducted on the site means that the well could yield up to 158 million barrels of oil per square mile. The company's licenses cover 55 square miles of the Weald Basin, a region spanning Kent, Sussex, Surrey and Hampshire.

This suggests that the site could hold over 8.6 billion barrels of oil - just under a fifth of the amount that has been pumped out of the North Sea in the past 40 years.

At the current oil price of around $58 a barrel, the amount of oil UK Oil & Gas Investments claims is lying under the West Sussex countryside would be worth just under $500bn, or £336bn. However, the company cautioned that it may only be able to extract a fraction of those reserves from the site.

A number of industry experts have expressed scepticism about the size of the discovery.

Stephen Sanderson, the chief executive of UKOG, said that his company had drilled the deepest well in the region in 30 years. It has also been able to call on cutting-edge technology and data interpretation techniques. This had "comprehensively change the understanding of the area's potential oil resources".

He added: "Appraisal drilling and well testing will be required to prove its commerciality, but this 'Weald hybrid play' has the potential for significant daily oil production."

UKOG said the area near Gatwick, sometimes dubbed "Britain's Dallas", had the potential to be a "world class potential resource".

Shares in UK Oil & Gas Invetsments surged as much as 325.3pc to 4.7p on the news amid ferocious demand for the stock from private investors.
A host of other small-cap companies have interests in the discovery and enjoyed strong stock market gains. Alba Mineral Resources climbed as much as 191.7pc, Stellar Resources was up 111.8pc and Solo Oil rose 44.8pc.

Fantastic news if true, adds to the shale gas reserves in northern England and across Great Britain.

Get drilling and lets take another look at the former coal fields which could be profitable today. A real energy policy and energy independence.

Originally Posted by Best-rated comment

and tomorrow an illiterate group of morons, comprising Greenpis and Fiends of the Earth and Anti-fracking numbskulls and the tree hugging knuckle dragging sub-monkey species called environmentalists and the bone idle Socialist Workers clowns will be almost frothing at the mouth in protest at the very thought of Britain proposing to develop its own oil and gas resources which are under our control and not that of some Quran waving radical Islamist jihadist.

Thoughts?

**The Don** · 09-04-2015, 01:03 PM

Actually the best rated comment is

We do oil extraction properly in this country. Any Friend of the Earth wanting to conjure up visions of an oil strewn stinking wasteland (ie like the Texas Oilfields) should take a trip to Wych Farm in Dorset. There is very little to get worked up about but a lot to celebrate. We would never have even had a North Sea oil boom if the Greens had their way, and we would be a bit like Greece is today as a result.

but I guess that wasn't insulting enough to people with a different opinion to you?

A valuable find nonetheless!