WSJ: Australian Millionaire Backs Shale-Owner AJ Lucas
Australia’s Paul Fudge, who is valued at 685 million Australian dollars (US$623 million) according to BRW Magazine’s Rich List, has backed Australian energy-and-mining company AJ Lucas Ltd. according to a filing.
Mr. Fudge’s investment comes after AJ Lucas and its associate Cuadrilla Resources Holdings Ltd. sold a 25% stake in the highly sought after Bowland shale formation to the U.K.’s largest energy retailer Centrica for £40 million. No shale gas has yet been produced in the U.K.
AJ Lucas owns 44% of Cuadrilla, which has retained a 56.25% stake in the Bowland shale asset. The Sydney-based company, which also provides drilling and construction services, directly owns an 18.75% stake in the asset.