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.
The Australian mining company that owns Cuadrilla is back in profit, partly thanks to benefits from the UK tax system.
In this guest post, Chris Hesketh makes the case for a post-Covid-19 recovery without fracking or unconventional gas extraction.
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.
Egdon Resources has said it is cutting costs because low oil prices following the coronavirus outbreak have hit profitability in its fields.
Cuadrilla saw profits drop by a third in 2018, according to annual accounts published this week.
The shale gas company, Cuadrilla, has recorded an annual profit for the first time following a multi-million dollar payment from partner, Centrica.
IGas declared a profit of £15.5m in 2017, after two previous years of loss.
IGas announced it would submit a planning application to drill exploratory wells in Nottinghamshire in the next quarter. The company in its annual accounts released today said if it received consent it would expect to start drilling in the first half of next year.
