RE: CBM?29 Sep 2021 13:21
From an announcement in October 2015 - "development of the Kincardine Project and investment in UCG in Scotland will continue to be on hold at least until the moratorium is lifted"
"CNR has a total of 9 UCG licences in the UK of which 6 are based in England and Wales and are therefore not subject to this moratorium. The Company remain convinced of the huge economic potential of the development of a UCG industry in the UK (highlighted by the independent economic impact assessment on UCG published by Biggar Economics in September) and the vital role UCG has to play in the diversification of the UK's energy mix and its long term security"
From an announcement in May, 2016 - ""Since my last statement the natural resources sector has continued to be buffeted by economic and political anxiety. Although this febrile atmosphere shows little immediate sign of recovery it is our considered judgement that this will prove to be a time of opportunity for expansion. For this posture to be practical it helps to be, as we are, free of debt or onerous work commitments. We have carefully considered our position and believe that the North Sea not only continues to be of strategic importance to the UK but also compares favourably with most of the world, boasting a market, an infrastructure and a Government, on the whole, determined to sustain activity. Government however is not always entirely aligned with industry and it has been depressing to observe the lack of coherence which has existed in policy since Ed Miliband became the Energy Secretary, a condition aggravated by the two Coalition Energy Ministers and which is culminating in grave threats to our country's energy stability.
We considered that underground offshore coal gasification could make a significant future contribution to the energy equation by converting billion of tonnes of offshore coal into gas. However these aspirations have not been endorsed by Government which prefers to place its primary hopes on the delivery of onshore shale together with questionable (and heavily subsidised) renewables. Longannet, which was the last remaining coal fired power station in Scotland, has now closed and makes a mockery of the Scottish Nationalist Party's energy policy where they have even imposed, at this critical time, a moratorium on both shale gas and underground coal gasification. We accordingly concluded that continuing to pioneer for a future energy formula which would convert cleanly and safely our offshore coal into gas was not consonant with our shareholders' best interests."
Note - "the vital role UCG has to play in the diversification of the UK's energy mix and its long term security" - long term security!
Note - "grave threats to our country's energy stability" - grave threats!
Note - "underground offshore coal gasification could make a significant future contribution to the energy equation"
They knew back then what was coming. So too did the energy company bosses who advised
Sign In
Follow the stocks
