Third Energy, the company behind plans to frack in North Yorkshire, has announced it now has no immediate shale gas plans.
The company said in its accounts for the year to December 2018, published today:
“the political situation in the UK is too uncertain to plan to develop the unconventional resources that lie under its existing licences in the near future.
“The directors’ plans regarding the business are to develop the fields and assets that lie within the Group’s licences whilst protecting the existing assets to deliver the maximum benefit in the future.”
The company opted not to include a strategic report with its accounts and there are no details of future plans.
Third Energy is the second company to raise concerns recently about fracking and shale gas in the UK.
Egdon Resources reported in its annual accounts, also published today, that a combination of the fracking moratorium, planning delays and weak commodity prices were a challenge for the future.
Third Energy failed to get final consent to frack the Kirby Misperton well after being granted planning permission in May 2016.
The company told local representatives in August 2019 that it was focusing on its conventional sites in Ryedale – though it did not rule out fracking in future.
Since then, the government announced a moratorium on fracking because of the risk from induced earth tremors.
Third Energy is currently seeking extensions to the terms of consent for its Ryedale well sites, pipeline and the Knapton generating station.
The period of the accounts pre-dated the sale of Third Energy to York Energy (UK) Holdings Limited. The group was previously owned by Barclays plc.