UKOG Horse Hill site. Image: UK Oil & Gas UKOG Horse Hill site. Image: UK Oil & Gas

The report said: "The development of Kimmeridge Limestone Oil in the Weald Basin, assuming it can be extracted from a development site at the volumes projected by UKOG, has the potential to generate significant economic value to the UK economy, partially off-set the decline in oil production from UK fields, support employment, and generate significant tax benefits to the exchequer."

EY indicated that an average of between 994 and 5,607 jobs could be created every year - with the majority coming in construction of the sites, before tailing off significantly once drilling sites are built. But given that much of the industry's supply chain exists in Scotland and the North of England, less than a third of the jobs would be created in the South.