UK Oil & Gas Investments, the oil exploration group, just cannot decide on whether it has actually
discovered about 100 billion barrels of oil near Gatwick Airport, or not.
In fact, UKOG’s chairman David Lenigas decided to speak at length to the Evening Standard about how Britain does have this massive glut of oil in the Weald Basin in West Sussex, even though the group put out a regulatory statement last month saying that it actually doesn’t quite know how much oil is in the ground.
In April, the group initially said that there was a ridiculously huge amount of oil underneath the ground in Horse Hill near Gatwick Airport, West Sussex. Then a week later UKOG tried to calm everyone down and let them know that it definitely won’t recover that amount of oil any time soon.
In a long and not so clear regulatory statement it said it is actually not sure how much oil is in Horse Hill near Gatwick Airport, West Sussex.
The confusion began when Stephen Sanderson, CEO of UKOG, told BBC in April that the group potentially uncovered up to 100 billion barrels of oil near Gatwick Airport.
UKOG’s chairman David Lenigas even sent an angry tweet to a Telegraph journalist over the confusion:
But the very same man, then went to the Evening Standard and said again that he believes that there IS 100 billion barrels of oil near Gatwick Airport, which is actually the equivalent to the reserves of Iran.
“We said we believed there were 158 million barrels per square mile and we own 55 square miles. We think we can recover 3%-15% — that’s 100 billion barrels,” said Lenigas to the Evening Standard. “All we said was that the oil we found did not constitute either ‘contingent or prospective resources or reserves’. It was paragraph 11 of what we’d said originally, and we made it paragraph three. We moved a paragraph, we didn’t’t move our own position.”
When asked specifically if he thinks there is 100 billion barrels of oil underneath the ground near Gatwick, the Evening Standard reported:
“Yes, how do we put it, subject to, subject to…”
He grabs a piece of paper. “Look. It’s like a big sponge of oil,” he says, sketching away. “There’s a layer here which is like a big sponge. We drilled down and then we drilled a 700-metre horizontal well. And it’s like a sponge.”
Will he frack? “Will I f***. We could get even more out if we fracked but we’ve no need to frack.”
Lenigas launches into a description of the geology of the area, the Weald Basin, and how it’s ripe for oil. His enthusiasm and confidence appear totally genuine — if it’s an act, its is a brilliant one.
“I wish people would realise that we’ve found something very significant,” he says — well, roars actually, banging the table.