Oil find near Gatwick airport much larger than thought - operator

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A small oil find near London's Gatwick airport contains much more oil than first estimated, an independent report commissioned by the field's developers said on Thursday.

London-listed UK Oil & Gas Investments said the report estimated 158 million barrels per square mile could be lying below the site just north of Britain's second-largest airport, much more than first thought.

Is UK land rich in oil?
Is UK land rich in oil?   

UKOG, the main investor in the project with a 30 percent interest, said the field could produce significant daily amounts of oil if retrieving it proves commercially viable.

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"The operator ...is now focussed on flow testing the Portland Sandstone and Kimmeridge Limestone sections of the well, to establish producibility and thereby seeking to quantify an overall net discovered resource," UKOG Chief Executive Stephen Sanderson said in a statement.

The oil find is located in Britain's resource-rich southern Weald Basin,adjacent to an area where one of Europe's largest onshore oil fields is located at Wytch Farm.