Horse Hill - the so-called "Gatwick Gusher" - could have as many as 9.25bn barrels of oil sitting underneath it, a report has suggested.
Shares in UK Oil & Gas (UKOG), the oil explorer whose share price has yoyoed in response to speculation over the site, near Gatwick, opened 14 per cent higher today, after a new report by Nutech showed there may be "significant" volumes of oil in the 55 square miles covered by its license.
However, shares quickly lost those gains, settling 2.67 per cent higher at 2.39p.
Nutech's figure works out at 171m barrels of oil per square mile, higher than the 158m it had originally estimated, but slightly lower than the 271m estimated by a previous report by Schlumberger.
Shares in the company leaped 164 per cent in a single day in April, when it was speculated there could be as many as 100bn barrels of oil at Horse Hill. However, it later issued two clarifications, saying it had "not undertaken work outside of [our] license areas sufficient to comment on the possible oil in place in either the approximate 1,100 square miles of the relevant Jurassic section of the Weald Basin".
That came after chief executive David Lenigas reportedly told the Evening Standard that "we said we believed there was 158m barrels per square mile and we own 55 square miles. We think we can recover three per cent to 15 per cent".