Industry

“UK politics currently too uncertain for fracking” – Third Energy

171022 KMPG1

Campaigners being brought down off the rig at Third Energy’s fracking site, 22 October 2017. Photo: Kirby Misperton Protection Camp

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.

More details from the accounts, including the release from a £80m+ loan

4 replies »

  1. So, what it stated in August has been restated!

    Consistent, but just a repeat of a previous announcement in a different place.

  2. Seriously I can’t believe the rubbish that the wannabe frackers spout and the way it is publicised!
    The reason fracking is finished in the UK is simply our Geological makeup assisted by centuries of mining for buried treasures makes property damaging earthquakes inevitable!
    Oh and we also don’t have sufficient quantities of pure fresh water available to waste!

  3. Seriously, Peter, I can’t believe how easily excited you are about something that has been explained some months ago!!

    I posted then, it is to be questioned whether this new outfit can achieve sufficient income from this asset via conventional means. Maybe they can, maybe they can not. That is the real issue, nothing to do with excitement about “intentions” which have already been dismissed as nothing more than fake news.

    When the antis have to manufacture an issue there is something wrong with the premise.

  4. Hi Martin,
    It would appear your problem is with the person who created the post?
    I’m commenting on a discussion point if that’s OK with you!
    For some reason the reasons why fracking the UK is doomed to failure have been clearly explained many times over many years. It needs repeating because the national and local media are unwilling and unable to comprehend!

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