Shale Gas Drilling Firms Planning Pounds 6.5m Flotation on Stock Market; CAMPAIGNERS CALL FOR BAN UNTIL FULL RISKS ARE KNOWN

Western Mail (Cardiff, Wales), September 22, 2011 | Go to article overview

Shale Gas Drilling Firms Planning Pounds 6.5m Flotation on Stock Market; CAMPAIGNERS CALL FOR BAN UNTIL FULL RISKS ARE KNOWN


Byline: PETER COLLINS

THE firms behind controversial shale gas drilling plans in Wales are hoping to raise millions of pounds for the project through a stock market flotation.

Bridgend-based Coastal Oil Gas and its Australian partners Eden Energy aim to raise $10m (pounds 6.5m) by floating on the Australian Stock Exchange. The announcement comes just months after it was estimated there could be enough shale gas trapped beneath a vast swathe of South Wales to power the UK for four years.

The gas-field was described by Eden Energy's Perth-based chairman Greg Soloman as potentially "colossal". If the company's estimate is proven to be accurate, the value could be as high as pounds 70bn.

The companies hold rights to exploit gas reserves spanning 510,000 acres in South Wales, Bristol and Kent.

The public float is a step towards the firms' ambitions to create a "world class" industry in South Wales that could create new jobs.

There are fears, however, about the potential impact of fracking, the highly controversial process to extract the gas from thousands of feet underground.

Local politicians and campaigners opposing plans to test drill in Llandow Industrial Estate, in the Vale of Glamorgan, have highlighted claims that fracking has caused water contamination in the US.

In a statement, Eden Energy said it was launching a "spin out" its wholly owned UK coal seam methane/shale gas subsidiary into a new company called Adamo Energy Ltd as soon as market conditions are deemed are suitable.

The proposal involves raising $10m capital, with Eden Energy shareholders offered priority entitlement.

Stockmarket traders reacted to the announcement, saying it was likely to be add "significant value" to Eden's share price over the next year.

However, the move last night prompted fresh calls for moratorium on fracking operations in the UK until safety concerns have been addressed.

Huw Irranca-Davies, Shadow Energy Minister, said: "This is a natural market move by the company. But the potential identified by Eden Energy requires a coherent UK response and reinforces calls for a moratorium and for this new technique to be part of a UK energy policy framework. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Shale Gas Drilling Firms Planning Pounds 6.5m Flotation on Stock Market; CAMPAIGNERS CALL FOR BAN UNTIL FULL RISKS ARE KNOWN
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.