The Broadford Bridge oil exploration well in West Sussex has problems with the cement bonding, UK Oil and Gas announced this afternoon.
Work at IGas’s shale gas site near Misson in north Nottinghamshire looks unlikely to start until at least June.
Earlier this week, researcher Russell Scott questioned whether restoration bonds for shale gas sites could protect communities. In this Guest Post, Chris Hesketh responds that they are a valuable campaign tool.
Council planners in Nottinghamshire were initially unable to work out the value of a financial bond covering restoration of the Misson shale gas site because the operator, IGas, didn’t give them enough information.
As councillors in Nottinghamshire prepare to consider a financial guarantee for what could be county’s second shale gas site, researcher and anti-fracking campaigner, Russell Scott, asks can bonds protect communities and do they risk setting a dangerous precedent?
In this Fracking Week in Parliament: Bonds for fracking sites Fracking and climate change in Scotland
The private equity company, Kerogen Capital, is proposing to invest US$35m in IGas, it was announced this morning. The deal depends on a restructuring of IGas’s bonds and may require approval from the Takeover Panel.
IGas investors were watching share price movements this morning after news that the company would not breach its daily liquidity obligations this year.
IGas confirmed this morning it was having discussions with Trans European Oil & Gas, thought to be a leading holder of its secured debt.
The shale gas industry should be required to establish a fund for the clean-up of any contamination from fracking, councillors in North Yorkshire have said.