The oil company which said there were 100 billion barrels of oil near Gatwick has backtracked on its claims.

Exploration group UK Oil & Gas Investments (UKOG) announced last week it has discovered the vast quantities of oil - more than has ever been found in the North Sea - in the Weald Basin.

UKOG chief executive Stephen Sanderson, said: "Based on what we've found here, we're looking at between 50 and 100 billion barrels of oil in place in the ground.

“We believe we can recover between 5% and 15% of the oil in the ground, which by 2030 could mean that we produce 10%-to-30% of the UK's oil demand from within the Weald area.”

The company, which holds a 20% stake in the Horse Hill development, experienced a jump in its share price of 300% following the announcement.

But in statement released today the company said the volumes estimated “should not be considered as either contingent or prospective resources or reserves”.

The statement also admitted further work was needed to "prove its commerciality."

Brenda Pollack, Friends of the Earth's South East Campaigner said: “UKOG has backtracked on the wild claims it made last week and admitted that it has no idea how much oil is under the Sussex Weald."

“This is yet another example of the potential for shale oil and gas being overhyped by an industry desperate to start pumping profits with little concern for residents or the climate."

“We need to leave fossil fuels in the ground and invest in the real alternative of renewables and cutting energy waste if we are serious about avoiding the worst impacts of climate change.”