UK Oil & Gas (UKOG) said an independent analysis by Schlumberger has estimated 10.9billion barrels of oil could lie within 55miles of the PEDL137 and PEDL246 Horse Hill licences.
The estimate follows on previous calculations made by Schlumberger last month.
The analysis also builds on the previous petrophysical evaluation of Horse Hill-1 located in PEDL137 near to London Gatwick Airport.
Shetland’s busy oil airport at Scatsta is set to cut staff by almost a third in response to the offshore industry contracting its North Sea operations in the wake of the oil price decline.
Airport operators Serco have confirmed they are looking to reduce their headcount by between 25% and 35% by the end of the year.
The move comes after Bristow Helicopters announced it was in consultation with staff over jobs earlier this month.