The American company that is partnering David Lenigas’s UK Oil & Gas Investments in the Weald has broken its silence over the so-called Gatwick gusher.
Magellan Petroleum said in a statement to Nasdaq that, although it was “encouraged” by a report on the potential for oil at the Horse Hill-1 well near Gatwick, further testing was needed before it could form a view on whether it was viable.
Tom Wilson, the president and chief executive of Magellan, said: “We have been encouraged by the technical analysis performed on the Horse Hill prospect by UKOG and its partners. The oil and gas potential of the Weald Basin has been strengthened.
“However, Magellan believes that further testing of the Horse Hill-1 well is needed before we can