DEFIANT oil company chiefs have vowed they will be back to make another bid for a £3.5 billion black gold jackpot in Hampshire.

Bosses at Northern Petroleum have confirmed they are not prepared to walk away and leave an estimated 50 to 125 million barrels of oil lying under the county.

The firm was blocked in its first attempt to extract the oil by drilling on farmland on the Hedge End and Botley border, as reported in the Daily Echo.

Hampshire County Council leader Ken Thornber refused to let the company use the council-owned site.

His decision brought relief to hundreds of people living nearby.

Oil bosses have withdrawn their planning application but vowed to find another way of getting to the oil.

Northern Petroleum managing director Derek Musgrove said the company was still looking to pursue the valuable fuel under Hedge End, but next time it would secure the land to drill on before applying for planning permission.

He said: "The land has not been made available to us and if they state publicly they are not prepared to lease the stated area then there's no point in wasting anyone's time or efforts by continuing with the application.

"We intend to find a suitable site, but next time we will wait until we are negotiating a lease before applying for planning permission."

Residents flooded council meetings and signed thousands of petitions against the proposals for the drilling of up to three exploratory wells on the site, 250 metres from the border of Berrywood Primary School and nearby homes.

The plans also included a 36-metre mast and 24-hour drilling for up to seven weeks per well.

A group of Hedge End residents, who set up their own Say No group, said they welcomed the company's decision to withdraw plans to use the land, and they are not concerned about the company's future actions.

Peter Burford, pictured left spokesman for the group, said: "We have done what we set out to do and stopped any drilling taking place near the school and homes.

"Obviously, Northern Petroleum will still want to get the oil out, and I wish them all the luck in the world, but they need to be more understanding to local people and find a way to integrate into the community."

"They will clearly need to drill near someone, but next time they need to have more details and open consultation with any nearby residents before they apply for planning permission.

"They wasted a lot of money, time and effort. Hopefully they have learned a valuable lesson that people won't just sit by and be walked all over."

Hampshire County Council leader Ken Thornber said he welcomed the company's decision.

"I believe this is the right decision and a victory for common sense," he said.