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Green Fields to become Oilfields in Shepton?

An Irish based company has been granted permission to test drill for oil in an area between Shepton Mallet, Wells and Castle Cary.

Reservoir Resources is thought to be planning a research programme valued at hundreds of thousands of pounds to find out if there is any possibility of oil extraction. 

If the Shepton Mallet tests reveal serious opportunities, Reservoir Resources could float on London's Alternative Investment Market within 18 months to seek up to £20 million to begin pumping oil for refining.

Media reports suggest that a magnetic survey in the area has yielded evidence of at least two oil- bearing structures. These findings are backed up by historical evidence which shows that oil was discovered seeping out in Ashwick after an earth quake in 1892.  At the time the oil was sold locally but capital raised for the Somerset Petroleum Wells Company was not enough to exploit the find.

Although Ashwick village is not part of the new Reservoir Resources licence, the company is allowed to carry out tests around Wells, Wookey Hole, Ditcheat, Evercreech, Castle Cary, Bruton, and Shepton Mallet.

Local residents will be reassured that although the licence which is issued by the government department for Business, the Environment and Regulatory Reform, any buildings which were required for the oilfield would be subject to local planning controls.

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