UK Oil & Gas Investments described discovery as 'world class ' today . They claimed the site in Sussex could yield up to 100 billion barrels of oil . Company 's share price increased by 200 per cent following 'breakthrough ' But it has last week admitted there may not be as much oil there as suggested . They based their estimates on the 55-square-miles they have licence for . It makes up for less than two per cent of the entire Weald Basin .
UK Oil & Gas Investments described discovery as 'world class ' last week . They claimed the site in Sussex could yield up to 100 billion barrels of oil . Company 's share price increased by 200 per cent following 'breakthrough ' But it has today admitted there may not be as much oil there as suggested . They based their estimates on the 55-square-miles they have licence for . It makes up for less than two per cent of the entire Weald Basin .