Newspaper article The Observer (Gladstone, Australia)

Experts Suggest Caution over Latest Oil Figures Spouted by UK Company

Newspaper article The Observer (Gladstone, Australia)

Experts Suggest Caution over Latest Oil Figures Spouted by UK Company

Article excerpt

IT WAS an announcement that sent shares soaring - conjuring up visions of a ''new Dallas'' of oil barons and billionaires in the countryside around Gatwick Airport.

But claims that the site in the Weald Basin on the Surrey-Sussex border could contain up to 100 billion barrels of oil met with substantial scepticism last night, as experts warned much more research was required before talk of a new oil rush in could be taken seriously.

Shares in UK Oil and Gas (UKOG), the company at the centre of the potential oil bonanza, more than quadrupled at one point yesterday after its chief executive Stephen Sanderson said he had ''discovered a possible world-class potential resource''.

Mr Sanderson estimated it could be commercially and practically viable to extract as many as 15 billion barrels of the oil thought to be contained in the Weald Basin.

That is a third of the total amount extracted from the North Sea in its four-decade history.

The company also held out the prospect of creating ''many thousands of jobs'' to service the new industry. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.