THE shale-gas driller that claims to have found sufficient reserves to last Britain 70 years has launched an auction to attract a big energy group as a partner.
Cuadrilla Resources, which is chaired by former BP chief executive Lord Browne, has hired Jefferies, the investment bank, to sell a stake.
It is understood that Centrica, the owner of British Gas, as well as Exxon Mobil, Royal Dutch Shell and BP are among those considering buying a share of the company or, more likely, its assets.
Cuadrilla has exploration rights over part of the Bowland shale, a giant underground formation that stretches from the Isle of Man through the northwest and down to the East Midlands. The firm estimates that it could hold up to 200bn cubic feet of gas
(Can't see rest of article, as not a subscriber).
AJL Price at posting:
$1.63 Sentiment: Hold Disclosure: Held
