Vermillion Comments on Prospective Shale Ban

Vermilion Energy Inc. commented that a proposed ban on the use of fracturing technology in France could halt the development of its Lias shale oil play.

Vermillion hold 70,000 hectares of prospective shale oil lands in the East Paris Basin.

“It’s fair to say that because it has become a bit politicized it’s going to mean some delays and it will take a lot more work and there are no guarantees,” said Vermilion president and chief executive Lorenzo Donadeo at the company warned at its annual general meeting Friday.

Deputies at the French National Assembly are to debate a proposed law that would outlaw the hydraulic fracturing technique used in shale  oil and shale gas extraction nad to remove previously issued permits. (Read More HERE)