UK Shocks All, Allows Fracking for the First Time in 5 Years

Jon Government, Market Commentary

In a landmark decision, the UK Department of Communities and Local Government upheld on Thursday an appeal by gas exploration company Cuadrilla Resources, allowing it to plan for exploratory horizontal fracking at a site in Lancashire in northwestern England.
Cuadrilla had said in July of last year that it would appeal the Lancashire County Council’s decision to refuse it planning permission to drill, hydraulically fracture, and test the flow of gas from up to four exploration wells on each of two sites, Preston New Road and Roseacre Wood.
On Thursday, the department overturned the Lancashire County Council decision to refuse Cuadrilla applications for planning permission to frack at the Preston New Road site. The department also deferred a decision on the Roseacre Wood site to give more time to the company to provide further analyses and to allow other parties to express their opinion.

This post was published at FinancialSense on 10/06/2016.