UK shale firms boosted by trespass law change report
Shares in UK shale gas explorers rose today as the government indicated
the Queen’s Speech would include changes to the trespass law to make
According to the BBC, shale firms will be able to drill horizontally without the need for landowner approval, though they will still need to get planning permission while landowners will also get compensation.
Fracking or hydraulic fracturing involves the use of horizontal wells and high-pressure water, sand and chemicals to release hydrocarbons trapped in shale rock formations.
The US has seen its oil and gas industry enjoy a huge resurgence due to the use of fracking and horizontal drilling techniques and the UK government is keen for Britain to match this success.
Critics say it can cause earthquakes, contaminate the water supply and blight the countryside. Sites earmarked for drilling have already witnessed protests and the government was said to be concerned that anti-fracking groups would use trespass laws to block exploration.
A spokesman for PM David Cameron told the BBC: "Fracking is something that is very new, certainly in this country, which is why we are looking to see whether there are particular obstacles to the test drilling."
The UK is said to have enough shale gas to fuel the country for 40 years.
Igas Energy (LON:IGAS), which has interests in the East Midlands, North West and elsewhere, saw its shares rise 10% today to 135.9p, while partner Egdon Resources (LON:EDR) rose 6% to 21.8p.
Dart Energy, another UK shale explorer, is set to list on AIM on 12 May.
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