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    Local World: 5.4 billion barrels of oil could lie under Leicestershire

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Summary

A shale gas company believes Leicestershire may be sitting on black gold. Union Jack Oil said there could be up to 5.4 bn barrels of oil under our feet.

by: Sruthi

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Local World: 5.4 billion barrels of oil could lie under Leicestershire

A shale oil and gas company believes Leicestershire may be sitting on black gold. Union Jack Oil Plc said there could be up to 5.4 billion barrels of oil under our feet.

The company asked independent experts to assess a 40-square mile area north east of Loughborough. It has a 10 per cent stake in the exploration licence for the area.

David Bramhill, executive chairman of Union Jack, said the oil is believed to be within Bowland-Hodder shale formations.
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