Gatwick has promised to ‘bear all the main risks’ of an expansion programme The tiny oil and gas explorer which last week claimed to have found a world class oilfield near Gatwick airport has clarified its expectations of the deposit, saying the hydrocarbons cannot yet be considered prospective. UK Oil & Gas Investments on April 9 said it had discovered a “world-class potential resource” after drilling into the Weald Basin at Horse Hill in Surrey and finding 158m barrels of oil per square mile. David Lenigas , chairman of UKOG, said last week the whole basin could contain “multiple billion barrels”. But on Wednesday, UKOG said in a statement that the oil in place “should not be considered as either contingent or prospective resources or reserves”. Contingent resources are those considered potentially recoverable but not yet mature enough for commercial development. “Further development work in the form of appraisal […]