Reuters: Egdon Resources ups its UK shale gas estimates ten-fold
Explorer Egdon Resources said an independent report had estimated that its UK shale gas licences hold around 18 trillion cubic feet of gas, enough to supply Britain for more than 6 years and 10 times more than its previous estimate.
Britain is counting on the extraction of huge shale gas reserves to help make up for a decline in North Sea gas production, and the government has promised tax and local community incentives to help kick off a shale gas programme.
The company, which sold parts of its shale gas licences to French oil major Total earlier this year, also said it was continuing to look for acquisition and consolidation opportunities in the sector.