Oil has been discovered at the Horse Hill-1 well, which sits just 3km from Gatwick airport in the Weald Basin.
UK Oil and Gas, which owns a 20% working interest in the development, said preliminary evaluation of the electric logs has shown an oil accumulation in the conventional Upper Jurassic Portland Sandstone.
The preliminary testing estimated 3.1mmbbl (million barrels) of gross in place hydrocarbon volume has been calculated within the upper Portland, which has a reservoir depth of 1,791feet TVDs (True Vertical Depths).
A further volume of 16.8mmbbl of oil has been uncovered in separate lower sand in the Portland interval, which is located in an untested fault block to the South.
UK Oil and Gas chairman, David Lenigas, said: “We are very pleased with the results so far from this well. The presence of a larger, unappraised, Portland feature creates considerable further upside.
“We are now looking forward to drilling the Triassic, which is a new and untested exploration target in the area and which, if successful, may contain appreciable volumes of gas.”
The well is also being deepened to the Triassic, where an additional target for potential gas, is expected to be reached in the next two weeks.
Horse Hill re-emerged as a fruitful target after a failed attempt to leverage its potential 50 years ago.
Oil giant Esso uncovered viable oil shows on the site in the 1960s but later drilled on the wrong side of the fault.
UK Oil & Gas, Solo Oil, Regency Mines, Stellar Resources, Alba Mineral Resources and Doriemus PLC have since taken up the development.
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