Cuadrilla cuts value of oil and gas assets
The only company to frack horizontal shale gas wells onshore in the UK has cut the value of its exploration assets.
The only company to frack horizontal shale gas wells onshore in the UK has cut the value of its exploration assets.
Cuadrilla’s Australian owner spent more than £0.75m in six months in the UK in 2023, more than double the amount in the previous year. But the company has no plans for future “substantive expenditure” on UK shale gas.
Reabold Resources, a key investor in the West Newton oil and gas field in East Yorkshire, is to receive £4.4m from Shell in the coming days.
The Wressle oil field in North Lincolnshire earned Europa Oil & Gas £5.3m in the past year, the company reported this week.
Rathlin Energy, the company which runs oil and gas sites in East Yorkshire, is seeking extra funding to pay for drilling and testing obligations.
The former fracking company, Cuadrilla, earned nothing for its Australian owner in the past 12 months but spent Aus$2.4m.
UK Oil & Gas plc reported an operating loss of £1.32m for the six months to the end of March 2023, slightly larger than the year before.
Cuadrilla’s Australian owner is to cut the value of UK shale gas exploration assets, following the reinstatement of the moratorium on fracking in England last year.
Oil production from the Wressle field in north Lincolnshire helped boost annual revenue by 349% for Union Jack, the company said today.
The Gatwick Gusher oil well, once said to be of national significance, has been downgraded in value for the third time by its owner.