Fracking delay puts energy company £15m into the red

THE near three-year delay in getting approval for fracking approval in Lancashire has contributed to widening losses of almost £15m for shale gas explorer Cuadrilla Resources.

The company is aiming to start drilling next year after getting the go-ahead for its site at Little Plumpton on the Fylde earlier this month. It currently has no oil or gas production and no income.

Parent company Cuadrilla Resources Holdings registered a pre-tax loss of $17.7m in 2015, accounts filed at Companies House last week show, compared with a $11.3m loss reported in 2014.

The loss last year was due to operating and administrative costs of $17.5m, which included staffing and overheads and the costs of the planning process.

The costs were broadly in line with the $16.3m it spent the year before.

However, in 2014 they were partially offset by $5.2m income from hiring.