Cuadrilla losses mount to $17.6m

Balcombe,West Sussex, UK Anti Fracking protests..16th September

Cuadrilla losses mount to $17.6m

The shale gas company, Cuadrilla, has announced a loss of $17.671m for the 12 months ending 31 December 2015, down from $11.568m on the previous year.

Accounts for the parent company, Cuadrilla Resources Holdings Ltd, showed that operating and administrative expenses were similar in 2015 and 2014 ($17.5m: $16.3m).

But in 2015 revenue from its well services business, including rig hire, was down to $219,000, compared with $5.17m in 2014.

During 2015, Cuadrilla sought planning permission to drill, fracking and test for shale gas at two new sites in Lancashire at Preston New Road and Roseacre Wood. Both were refused by Lancashire County Council and, following the company’s appeal, they were considered at a 19-day public inquiry in spring 2016.

Earlier this month, the Communities Secretary, Sajid Javid, granted permission for the Preston New Road application and said he was minded to approve Roseacre Wood.

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