An Aberdeen firm has set its sights on cashing in on shale gas resources in England after the Scottish Government banned the method north of the border.
Aurora Energy Resources, a company founded by Granite City based oil & gas entrepreneur Larry Kinch, holds licences covering over 400km2 of northwest England.
The licences are thought to hold natural gas resources of 35 trillion cubic feet and up to 2 billion barrels of oil.
Assuming that 10% of the identified resources could be recovered, the gas alone would have a current market value of over $20 billion.
Managing director Ian Roche said “Whilst the ban in Scotland is disappointing and cannot be supported on scientific grounds it will have no impact on Aurora as all our licences are located in England.”
In 2014, the British Geological Survey assessed the resource potential of shales within the Midland Valley of Scotland at up to 11.5 billion barrels of oil and up to 135 trillion feet of gas.
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