Egdon Resources plc described today’s government approval for hydraulic fracturing as logical and pragmatic in a changing political world.
MORATORIUM
The company was responding to the announcement by new Prime Minister Liz Truss of the lifting the moratorium introduced in November 2019.
The ban followed reported earthquakes at operations by Cuadrilla Resources, now owned by Australian company A J Lucas, at the Preston New Road site near the border with Blackpool on the Fylde coast.
INTERESTS
Egdon holds interests in 36 licences in its UK oil and gas portfolio.
The company’s material shale gas acreage covers a net area of 664km2 (164,280 net acres) with estimated mean volumes of undiscovered gas in place of 37.6 trillion cubic feet of gas in Northern England.
Egdon’s core area is the Gainsborough Trough of Nottinghamshire, Lincolnshire and Yorkshire.
The company also has interests in the Widmerpool Basin and Humber Basin of the East Midlands, the Cleveland Basin of NE England and the Blacon Basin of NW England.
ENERGY SECURITY
“The lifting of the moratorium is a logical and pragmatic response to the new geopolitical reality and the new Government should be congratulated on the speed and foresight of its action,” said managing director Mark abbott.
“In contrast to a growing reliance on imports, the development of indigenous shale gas could have a positive impact on energy security, gas prices and the UK’s balance of payments, whilst delivering tax revenues, business rates, community benefits and thousands of well paid, skilled jobs.
“Importantly shale-gas can also play its part in delivering the goals of net zero and the energy security strategy.”