UK Oil & Gas (UKOG) has announced that it plans to extract more oil from the Gatwick area as oil has begun to flow to the surface at a faster rate than expected. Following the flow test, UKOG’s shares rose by 38% to 1.9p.
"Importantly, tests so far show oil has flowed to the surface under its own pressure and has not, so far, required artificial lift," said Stephen Sanderson, executive chairman of UKOG.
The Horse Hill site is expected to hold over 10 billion barrels of oil and the company has already projected that it could produce up to 500 barrels of oil a day once the site becomes fully operational.
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