Egdon Resources PLC - UK-focused oil & gas exploration and production company - Welcomes UK government's announcement on Tuesday of a scientific review of shale gas by the British Geological Survey, which is scheduled to complete before June.
The UK government said that it was right that all possible energy generation and production methods, including shale gas, should be kept on the table following the invasion of Ukraine.
"This review is a logical and welcome move by the government. Gas heats over 80% of our homes and generates around 40% of our electricity and will continue to be an important part of our energy mix out to 2050 and beyond. UK shale gas could be a strategically important national resource with the potential to reduce the UK's growing reliance on gas imports, whilst reducing gas prices, improving our balance of payments, increasing tax revenues and creating skilled jobs whilst importantly also reducing the carbon footprint of the gas we all use," said Managing Director Mark Abbott.
Current stock price: 4.03 pence, up 8.8%
12-month change: up sharply from 1.70p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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