The company behind the Gatwick gusher oil find can't stop talking about how great it is

UK Oil and Gas Investments (UKOG), the small company which last year made one of the biggest onshore oil discoveries in British history, can’t stop talking about its find.

After an update on test wells on Tuesday, the company behind the so-called Gatwick gusher oil find and its partners released another one Wednesday, essentially saying things are still going great. No change in the last 24 hours, then.

UKOG says the Upper Kimmeridge Limestone test drill it was shouting about on Tuesday was reopened overnight, pumping an instantaneous rate of 1008 barrels of oil per day (bopd) and averaging 838 bopd.

That’s slightly below the 900 bopd that UKOG averaged from the well on Tuesday but still comfortably above the 463 bopd recorded at another test well last month. That drill was dubbed “significant.”

UKOG CEO Stephen Sanderson says in Wednesday’s update: “The well continues to perform above management’s expectations. We look forward to testing the overlying Portland shortly.”

Portland refers to the next test drill, which is a sandstone area 615 meters below ground. Two limestone test drills in the so-called Upper Kimmeridge area of the field have now produced a combined average stable rate of over 1,360 bopd.

UKOG owns just shy of 20% of the Horse Hill-1 field near Gatwick. In April last year, UKOG revealed that it discovered about 100 billion barrels of oil near Gatwick Airport. Independent analysis confirmed two months later that there is a whole glut of oil underneath the ground in the Horse Hill-1 oil field.

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