Primal Scream "made the perfect album" but the fans never heard it.
The indie rock group - comprised of frontman Bobby Gillespie, Andrew Innes, Martin Duffy, Darrin Mooney, Barrie Cadogan and Simone Butler - recorded an entirely different version of the 1994 album 'Give Out But Don't Give Up' and revealed it was "so well played" that the band "panicked" and never released it to the public.
Speaking to The Times newspaper, Innes said: "I don't know what we were thinking. It was so slick, so nice, so well played that we panicked. It sounded too grown-up."
Gillespie added: "We made a perfect album: three rockers, six ballads and a centrepiece. Then we replaced it with something patchy. We confused ourselves."
The 'Loaded' hitmakers confessed that Innes recently found the long-forgotten tapes marked "Ardent Studios" whilst he was clearing out his basement and remembered the group had recorded with renowned producer Tom Dowd - who has worked with Otis Redding and Aretha Franklin - in Muscle Shoals, Alabama and Ardent Studios, Memphis.
He said: "We were in a state. 'Screamadelica' left us in a weird place. Everything we dreamt of since the age of 16 had come true. What do you do after that? We had a blank future. We had been on a huge high, living the rock'n'roll dream, and then, boom, it ends.
"Noel Gallagher wrote three albums' worth of songs before Oasis broke. We had nothing."
The lost album's tracks include 'Jailbird', 'Cry Myself Blind' and 'Blue' and Gilespie admitted that Primal Scream were on a "comedown" following the success of 'Screamadelica' and never took the Ardent Studios album seriously.
He added: "I remember thinking 'This will be a downer record'. After the euphoria of Screamadelica we were writing sad, slow songs because we were on a massive comedown. And there was no getting wasted because we were working with serious people... We had to step up."
Primal Scream's lost album 'Give Out But Don't Give Up: The Original Memphis Recordings' is available from Friday (12.10.18) on Sony.