UKOG Chairman: Weald Basin 'is like a big sponge'

David Lenigas, Chairman of UK Oil & Gas Investments, has spoken to ITV News about the firm’s discovery of oil reserves near Gatwick Airport.

He told Business Editor Joel Hills: "It’s a very significant discovery, 158 million barrels a square mile. The Weald Basin itself is 1,100 square miles, we’ve got 55 square miles and its pervasive.

“It’s like a big sponge, 1,500 ft thick with vast amounts of oil in it with three big limestones that you can effectively suck the oil out of the sponge. It’s a great find. There’s a lot more work to be done to bring it into proper production but eventually this will be a very key part of Britain’s strategic energy resource.

When asked about the vast difference in the oil potential projections of UKOG and the British Geological Survey for the area - who estimated between shale oil resources of 2.2-8.5 billion barrels - Mr Lenigas said people should believe the "last well that was drilled..(which was his company's) because drill holes don't lie."