Ann: UK Government lifts moratorium on hydraulic fracturing, page-69

Carey I personally think we are only still alive but for the grace and goodwill of Kerogen. In other words they understandably have claimed their pound of flesh from AJL shareholders for their ongoing support, but in truth I believe if they wanted to pull the rug out and take control they would have done sometime ago.

Hence my gut is they are playing fair and want to maintain a liquidity and MTM valuation mechanism by way of AJL's listing, and in turn their considerable investment in AJL and Cuadrilla. Suspect their liquidity event is more likely to be a Cuadrilla UK IPO on AIM rather than straight our Debt to Equity swap, which can only come when we de-risk the Cuadrilla commercialisation process somewhat.

2% of England's landmass in PELs for an energy starved and negligent society is nothing to sneeze at. Cautiously optimistic, but have to remain patient... yet again!!