The company which reported a massive upgrade to an oil find near Gatwick Airport has conceded it was not in a position to properly size it up.
Last week's announcement that up to 100 billion barrels, a potentially "world-class" discovery, had been identified in the Weald Basin sparked excitement and scepticism.
That caution extended to other partners in the project, as previous estimates were as high as 40 billion and as low as 4.4 billion.
Shares in UK Oil & Gas Investments (UKOG) rose by more than 300% at one stage following its original statement last Thursday.
UKOG did not repeat the words "world class" in today's update, which was requested by the junior AIM market on which the company's shares trade.
It said on Wednesday that the oil volumes in the Horse Hill-1 well in the Weald Basin, estimated by US exploration firm Nutech, "should not be considered as either contingent or prospective resources or reserves."
The company, which holds a 20% stake in the Horse Hill development, also admitted further work was needed to "prove its commerciality."
Its chairman David Lenigas had claimed last week the discovery would create "many thousands of jobs" but did say it would take a long time to begin production.
Another partner in the Weald Basin project, Solo Oil, exercised caution at the time of UKOG's upgrade.
Solo chief executive Neil Ritson told Sky News: "We're not actually putting out that number of a hundred billion barrels. I know that a leading academic - Professor Fraser at Imperial - is talking about 40 billion.
"Certainly those numbers are possible, but that's not where we are at the moment. It's early days."
UKOG had said last week that Nutech had estimated that recovery of the oil would be limited at between 3% and 15% of the total.
It also confirmed there would be no use of the controversial extraction method known as fracking to get access to the oil.
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