IGas has confirmed it has relinquished the Tinker Lane shale gas licence in Nottinghamshire and written off £10m in exploration costs. But the company said it was continuing to work with regulators and government to end the moratorium on fracking in England.
Losses in IGas more than doubled in 2019 to more than £50m as the company turned its back on shale exploration in north west England, annual accounts have revealed.
The gas production company, Third Energy, formerly owned by Barclays, has been released from a loan of more than £80m, according to its accounts.
Cuadrilla saw profits drop by a third in 2018, according to annual accounts published this week.
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