Independent analysis just confirmed that there is a whole glut of oil underneath the ground near Gatwick Airport.
The board of Doriemeus just confirmed in a regulatory statement that Horse Hill-1 oil field, which was at one point tipped to garner 100 billion barrels of oil for Britain by the oil exploration group UK Oil & Gas Investments (UKOG), has 271.4 million barrels of oil in place per square mile.
This is more than the UKOG touted in April when they suggested the local area had around 158 million barrels of oil per square mile.
Doriemeus, a group that acquires companies and projects in the oil and gas sector in Europe, employed one of the world’s biggest oil and gas industry infrastructure giants Schlumberger to lead an independent investigation into how much oil is underneath the ground in the Horse Hill Oil Field in the Weald Basin, West Sussex, near Gatwick Airport.
Schlumberger’s report, entitled “Petrophysical Evaluation of the Horse Hill-1 Well,” confirmed that there is indeed a massive amount of oil in the ground near Gatwick Airport. Doriemus has a 10% interest in Horse Hill Development.
“This independent technical viewpoint adds further weight to the potential significance of the HH-1 well and the potential of the Horse Hill licences,” said Donald Strang, Doriemus’ Chairman, in a regulatory statement.
This is one of the biggest onshore oil discoveries in Britain.
The Horse Hill-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport.
The PEDL137 and PEDL246 licenses are held 35% by Magellan Petroleum Corporation and 65% by Horse Hill Developments Limited, a special-purpose company that holds the rights to a 65% participating interest and operatorship in the onshore Horse Hill Oil Field in the Weald Basin, West Sussex.
UKOG shares shot up by nearly 50% as the market opened — they’re now up by more like 18%: