StockMarketWire.com - UK Oil & Gas said studies had indicated the first well at its Horse Hill prospect near Gatwick airport had oil volumes that supported a commercial development.

An independent report by Xodus saw oil in place of around 7m-to-11m barrels, which the company said was a 'robustly viable commercial volume for a single well'.

A long-term production scoping report had been submitted to Surrey County Council, UK Oil & Ga said.

Overall plans included drilling a total of six production wells.

Alba Mineral Resources, which has an 11.8% beneficial interest in the relevant licence, welcomed the news. At 1:12pm: [LON:UKOG] UK Oil Gas Investments Plc share price was -0.05p at 1.93p



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