article_snippet.sent: UK Oil & Gas Investments (UKOG) claimed analysis of a well near Gatwick Airport suggested 100 billion barrels of oil lay beneath the Weald Basin, covering Surrey, Sussex, Hampshire and Kent.
article_snippet.sent: there’s a bucket-load of oil under there.
article_snippet.sent: But after finding oil in the area, oil scaled up oil findings across the area.
article_snippet.sent: oil has now admitted that oil estimates were based on findings made in a 55-square-mile stretch of the Weald Basin, less than two per cent of the area .
article_snippet.sent: A map showing the location of the oil and gas deposits within the Weald Basin, which are thought to lie at between 2,500ft and 3,000ft below the ground .
article_snippet.sent: oil claimed the region was rich with the fossil fuel, sparking hopes oil had uncovered ‘Britain’s Dallas’.
article_snippet.sent: Yesterday, after being instructed to give more details by the London Stock Exchange, oil issued a ‘clarification’, admitting the oil should not yet be considered as ‘prospective resources or reserves’.
article_snippet.sent: oil said further drilling and well testing was needed before oil could say how much oil existed on oil own site – let alone surrounding areas – and what could be recovered from the ground.
article_snippet.sent: Even then, it seems unlikely it could estimate how much lies beneath the region, adding: ‘it has not undertaken work outside it licence areas sufficient to comment on the possible OIP (oil in place) in either the approximate 1,100 square miles or the whole of the Weald Basin.
article_snippet.sent: But the wild claims it made last week were at odds with other research on the Weald Basin.
article_snippet.sent: A study by Imperial College London suggested a maximum of 40billion barrels in the region, while the British Geological Survey estimated the Weald Basin held just 4.4billion barrels of shale oil.
highlights_snippet.sent: UK Oil & Gas Investments claimed the site in Sussex could yield up to 100 billion barrels of oil .
  
highlights_snippet.sent: But it has today admitted there may not be as much oil there as suggested .
  
highlights_snippet.sent: It makes up for less than two per cent of the entire Weald Basin .