Analysis of a well drilled last year UKOG at Horse Hill, near Gatwick airport, has suggested the local area could hold up reserves in the region of 100 bilion barrels.  Of which it is stated only a fraction could be recovered. per square mile.

UKOG’s chief executive has been quoted in the media "We think we’ve found a very significant discovery here, probably the largest* in the last 30 years, and we think it has national significance"      *Onshore UK

"We think we’ve found a very significant discovery here, probably the largest [onshore in the UK] in the last 30 years, and we think it has national significance," Stephen Sanderson, UKOG’s chief executive told the BBC.

Often the practice of fracking (pumping high pressure water sand and chemicals into rocks) is used to release oil and gas trapped inside the rocks, however UKOG has stated that there is no intention to use this process.  The rocks that contain this significant discovery are already naturally fractured.

After various media articles reported this discovery UKOG sought to calm any speculation regarding this discovery by publishing clarification of its press comment.

UKOG stated that "The OIP [oil in place] hydrocarbon volumes estimated should not be considered as either contingent or prospective resources or reserves." and "Further development work in the form of appraisal drilling, well testing and assessment of recovery factors will be required to seek to quantify net resources in relation to the Company’s licence areas and to prove its commerciality."

The executive summary of the report is available on the Company’s website at www.ukogplc.com.