Report: Cuadrilla Fielding Interest on UK Shale Gas Discovery

Cuadrilla Resources is reported to be in talks with multinational players seeking to acquire an interest in its Bowland shale gas discovery, which holds 200 trillion cubic feet of “gas in place.” 

Quoting a person reportedly familiar with the matter, the Financial Times said Cuadrilla shareholders private equity firm Riverstone LLC  and AJ Lucas, the financially troubled Australian engineering, building and services company, were in talks with a number of “well-known, well-established multinationals in the oil and gas space.”

Centrica, owner of British Gas, is suggested as one of the interested parties.

The British government recently announced that it would allow the resumption of  hydraulic fracturing involved in the shale gas extraction process. Fracking had been halted following an 18-month suspension caused by two minor earthquakes linked to Cuadrilla's activities.

Last December, Exxon Mobil was reported to be in talks to buy a stake in a shale project from IGas Energy.  Royal Dutch Shell, Total, and Statoil has also have been mentioned a considering the opportunity. 

Commenting Thursday on speculation around a potential equity fundraising, IGas stated that it will keeps all forms of financing under review and would provide an update in due course.

Related Reading: Cuadrilla Says Public Coming Around to Blackpool Fracking