AJ Lucas to acquire Riverstone’s stake in Cuadrilla

Riverstone, one of Cuadrilla’s private equity backers, has sold its 45% holding in the company to AJ Lucas, an Australian-listed company that already owns 48% of Cuadrilla, for a nominal sum.

Commenting on the sale, Cuadrilla stated: ‘The streamlined ownership will simplify decision making and alignment as AJ Lucas and Cuadrilla continue to work with regulators and other UK shale gas operators… to address the technical concerns in relation to induced seismicity, which led the [UK] government to announce a moratorium on hydraulic fracturing in November 2019… We believe that by providing the appropriate data, analysis and technical expertise a successful technical resolution will allow for continued appraisal and development of high-quality UK shale gas exploration assets and the production of UK indigenous natural gas.’

‘Cuadrilla’s exploration work has shown that the Bowland shale is a world class resource containing large volumes of high-quality indigenous natural gas that will flow to surface. We continue to believe that indigenous gas production is preferable to importing increasing quantities of overseas gas with up to double the pre-combustion emissions and no economic benefit for UK workers, businesses or communities,’ concluded the company in a press statement.