19 November 2001
Oil hope for East Midlands farms
By FWi staff
OIL exploration in the East Midlands could bring some extra income to cash-strapped farmers in the area.
Canadian oil company Trent Energy is exploring 130,000 acres of land in the Vale of Belvoir in Leicestershire and Nottinghamshire.
Surveys indicate that the area could yield 16 million barrels of crude oil, worth 400m, reports the Daily Express.
While the government would be the main beneficiary, as it owns the mineral rights, farmers would be paid up to 10,000 a year to allow the company to drill.
Farmer James “JR” Reid, from Granby, Nottinghamshire, is pictured in the newspaper wearing a Stetson and holding a fat cigar, looking every inch the oil tycoon.
“The money would be a significant income that could stop farmers going under,” said Mr Reid.
“If they want to put a nodding donkey in my field or paddock, they can erect one with pleasure. These are hard times.”
- Daily Express, 19 November, 2001, page 26