There's 100 Billion Barrels of Black Gold Under Gatwick Airport

By Gary Cutlack on at

An oil exploration company claims to have found a substantial deposit that could keep the UK's cars pumping out the fumes for the next 100 years, suggesting there's a staggering 100bn barrels of oil conveniently located for the garages of the south east just beneath Gatwick Airport.

Development company UK Oil & Gas Investments has made the find, with new data massively uprating the amount of oil it thought might be there, some 3,000ft below the surface.

The company's share price is up a staggering 200 per cent this morning thanks to news of the find, with its executive Stephen Sanderson saying: "Drilling the deepest well in the basin in 30 years, together with the ability to use concepts, techniques and technology unavailable in the 1980s, has provided new cutting-edge data and interpretations to comprehensively change the understanding of the area's potential oil resources.

"As a result, we believe that, in addition to the Portland Sandstone oil discovery, the Horse Hill well has discovered a possible world class potential resource in what is interpreted to be a new Upper Jurassic 'hybrid play'."

Use of the phrase "world class" is the significant term there, as those who've erroneously pumped all of their ISA allowance into oil companies will know that places the find among some of the largest and most commercial in the world -- even if only a small percentage of the 100bn barrels is extractable. [BBC]