SYDNEY, Jan. 15 (UPI) -- The parent company of Cuadrilla Resources confirmed that it was interested in the possible future development of shale natural gas in Great Britain.
Parent company AJ Lucas, based in Sydney, issued a statement confirming a weekend report in the Financial Times that said Cuadrilla was looking to develop the Bowland shale basin in Great Britain. Discussions, the company said, are under way with a number of different parties.
"However, these discussions remain at a preliminary stage and the company is not in a position to advise whether any agreement will result from them," it stated.
British Energy Secretary Ed Davey said last month that London was lifting a ban on hydraulic fracturing, or fracking, of shale natural gas resources in light of new risk controls. Fracking operations were suspended after Cuadrilla in 2011 reported minor tremors associated with natural gas operations in the country.
Davey said Cuadrilla was asked to conduct an assessment of its regional operations. In a statement, Cuadrilla said it has nothing to add to the announcement from AJ Lucas.
The British Geological Survey in a 2010 study said the shale gas reserve potential could be as large as 5.3 trillion cubic feet.