An independent report has confirmed Horse Hill’s reserves stand at 9.2billion barrels of oil.
The area, which is near Gatwick Airport, contains the multi-billion barrel find in just 55 square miles.
UK Oil & Gas Investments (UKOG), which has a 20.3% interest in the site, commissioned Nutech to carry out the assessment.
UKOG chief executive Stephen Sanderson said: “Nutech’s latest report is a significant step towards understanding the resource potential of our Weald licences, being the first independent semi-regional quantification of OIP over the area that incorporates the findings from the Company’s HH-1 well.
“The results, utilising over 114 wells in the basin, confirm the likely presence of significant and potentially extensive hydrocarbon volumes within the licence areas and thus provides a further valuable step towards “proof of concept” for the identified Jurassic resource plays.
“We now look forward to receiving Nutech’s advice on the proposed HH-1 flow test objectives and the integration of the report’s wider basin implications to help evaluate the potential of our interests in our other UK licences.”
More to follow.