AJL takes majority holding in Cuadrilla
AJ Lucas Group Limited is set to acquire all of Riverstone’s shareholding interest in shale gas firm Cuadrilla.
The deal will see AJL's holding increase from 47.6 per cent to approximately 93 per cent. The remainder of the shares are primarily held by current and former employees.
The Cuadrilla board believes the streamlined ownership will help it work with the government and regulators as it seeks to overturn the moratorium on fracking which followed seismic activity in Lancashire last year.
The company said: "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.
"The UK's continued need for natural gas – in conjunction with carbon capture and storage, as a key enabler for meeting our energy needs, whilst achieving net zero greenhouse gas emissions by 2050 – is widely recognised, including by the Committee on Climate Change (CCC)."
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