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Fracking review boosts onshore UK asset holders

But scepticism remains that the high bar for operation can be met, and the government says shale assets won't help the current energy crisis
Fracking review boosts onshore UK asset holders

The government’s potential reboot of onshore shale oil and gas projects after the test wells made by Cuadrilla sent Egdon Resources (EDR) shares up 11 per cent on 6 April, thanks to the company's East Midlands shale holdings. 

"While shale gas extraction is not the solution to near-term price issues, it is right that all possible energy generation and production methods are kept on the table following the unprovoked invasion of Ukraine by President Putin’s regime,” a government statement said. 

The British Geological Survey will look at whether there are “new techniques in use [in hydraulic fracturing, or fracking] which could reduce the risk and magnitude of seismic events”. The suspension of fracking came in 2019 after Cuadrilla’s Lancashire wells caused tremors during testing, including a quake that registered 2.9 on the Richter scale. 

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