The Preston New Road Action Group
has been granted the right to appeal Cuadrilla's plans to frack in Lancashire
The Telegraph
By Jillian
Ambrose
11 JUNE 2017
Cuadrilla has cut deep into its spending and reduced
its workforce by a fifth to stem its mounting losses as it faces yet further
delay to its flagship shale fracking project.
The slow progress of the UK’s shale industry in recent
years has saddled parent company Cuadrilla Resources Holdings with successive
multi-million dollar annual losses as it waits for shale gas revenues to offset
its ongoing operational costs.
The fracking company had hoped for a reversal of
fortunes after its opponents lost a High Court legal challenge against the
Preston new Road project earlier this year. But late last week the Preston New
Road Action Group was granted the right to appeal the decision, reopening the
possibility of further delay to an income stream for Cuadrilla.
The company’s latest financial result shows it managed
to narrow losses to $11.54m last year from $17.7m in 2015 by cutting $5.5m from
its operating and administrative expenses, which include staffing and overheads
and the costs of the planning process, to $11.7m last year.
The efforts include reducing the number of directors
from three to two and cutting the overall headcount by a fifth to 23
Lancashire-based staff….
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