Fresh doubt has been cast on the findings made by UK Oil & Gas Investments (UKOG)

That is the verdict of a leading exploration firm which declared that the South of England could have up to 100 billion barrels of oil.

It comes after the Daily Echo revealed how some experts believed that Hampshire could be sitting on an oil goldmine – the type normally found in Texas or Saudi Arabia.

But now fresh doubt has been cast on the findings made by UK Oil & Gas Investments (UKOG) last week.

• Hampshire could be sitting on a goldmine as 100 billion barrels of oil lies beneath the south

It follows drilling carried out at Horse Hill, near Gatwick airport, last year revealed that the Weald Basin – which includes part of Hampshire – could hold vast amounts of oil.

The firm has now backtracked on their findings which saw its chief executive Stephen Sanderson declare the area could satisfy 30 per cent of the UK’s oil demand by 2030.

UKOG issued a brief statement which stated the area is as likely to have little to no oil as it is to have huge quantities.

The statement said: “The oil in place (OIP) hydrocarbon volumes estimated should not be considered as either contingent or perspective resources or reserves.”

The news comes as a blow to the Hampshire economy after business leaders said the county could have benefited from an oil exploration project.

Chairman of the Hampshire Chamber of Commerce, Stuart Dunn, said: “I think there will be disappointment among the supply chain and those who may benefit from oil being discovered in Hampshire.

“Perhaps a prudent and cautious approach should be used by UKOG in the future.”

Green groups who feared the ‘discovery’' could lead to fracking in Hampshire and the south have welcomed the news.

Friends of the Earth South East Campaigner Brenda Pollack, 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.”