LONDON, June 3 (UPI) -- A small energy company, Union Jack Oil, said there may be as much as 5.4 billion barrels of oil and 2.7 trillion cubic feet of gas in British shale deposits.
Union Jack holds a 10 percent stake in a license area in the central United Kingdom dubbed PEDL201. The company said in a statement Monday an independent site assessment indicates the potential in shale oil and gas in the area is enormous.