An exploration firm has announced the discovery of billions of barrels of oil reserves at a site near Gatwick airport.
UK Oil & Gas Investments (UKOG) said drilling of the 55-square mile site at the Weald Basin had discovered 158 million barrels per square mile. Chief executive Stephen Sanderson said the Horse Hill-1 well required appraisal and testing to prove its commercial viability but that it had "the potential for significant daily oil production".
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