Analysts cautious over mega oil find near Gatwick

A small British oil producer has said it has discovered a possible world-class oil resource in the countryside to the south of London that could contain billions of barrels of oil.

The London-listed oil explorer UK Oil & Gas Investments said yesterday that up to 100bn barrels of oil could lie below the green fields around Gatwick Airport, however it cautioned that only a fraction of that could be recovered.

The news sent shares in the small firm up 200% and prompted the national press to dub the area “Britain’s Dallas”. Oil industry analysts struck a note of caution however.