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"UKOG's site could hold over 8.6 Billion Barrels"

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DrillaHill   Saturday, 04/11/15 05:18:26 AM
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"UKOG's site could hold over 8.6 Billion Barrels"

The company, which is chaired by entrepreneur David Lenigas, announced that analysis conducted on the site means that the well could yield up to 158 million barrels of oil per square mile. The company's licenses cover 55 square miles of the Weald Basin, a region spanning Kent, Sussex, Surrey and Hampshire.

This suggests that the site could hold over 8.6 billion barrels of oil - just under a fifth of the amount that has been pumped out of the North Sea in the past 40 years.

At the current oil price of around $58 a barrel, the amount of oil UK Oil & Gas Investments claims is lying under the West Sussex countryside would be worth just under $500bn, or £336bn. However, the company cautioned that it may only be able to extract a fraction of those reserves from the site.



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