Several UK-focused oil and gas companies reported Friday that an oil discovery of perhaps up to 20 million barrels has been made near London's Gatwick Airport in southern England.
The discovery – made by the Horse Hill-1 well located on the northern side of the Weald Basin near Gatwick Airport – was of an oil accumulation in the conventional Upper Jurassic Portland Sandstone at a top reservoir depth of 1,791 feet.
Solo Oil, one of a number of companies involved in the Horse Hill consortium, said that a preliminary most likely estimate of 3.1 million barrels of gross in place hydrocarbon volume has been calculated within the upper Portland, with a further gross un-risked in place prospective hydrocarbon volume of 16.8 million barrels of oil in a separate lower sand in the Portland interval located in an untested fault block to the south. The well is being deepened to the Triassic where an additional target, believed to have potential for gas, is expected to be reached during the next two weeks.
Solo Chairman Neil Ritson commented in a company statement:
"We are delighted 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."
Solo Oil and Stellar Resources each have a net interest in any discovery of 6.5 percent, while UK Oil and Gas, Regency Mines and Alba Mineral Resources hold 14.56-percent, 3.56-percent and 3.25-percent interests respectively. Magellan Petroleum Corporation holds a 35-percent stake.
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