Supporters of fracking
will be delighted to know that Union Jack Oil have announced a major
oil/gas find in North Leicestershire. Shares in the company have
soared following their announcement (Daily Telegraph) that there
could be as much as 5.4bn barrels of oil in place under the “PEDL
201” licence area, in which the company has a 10pc stake. This site
lies between Wymeswold and melton Mowbray. Similar finds could be
found in the PEDL 202 licenced site, which includes the whole village
of Wymeswold.
Whilst there could be
objections from Wymeswold residents, concerning the contamination of
ground water, earth tremors and the 100's of lorry movements that
will be needed to take the oil/gas to the M1, this is unlikely to be
succesful. This is because the Coalition Government's Queen's Speech
includes a new bill to take away the right of householders to object
to oil/gas extraction from under their homes.
This major find also
raises hopes for similar finds in Nottinghamshire, where large
swathes of the County have had licences granted for oil/gas and
underground coal gasification exploration. This should be a great
boost to UKIP's candidate for Newark, Roger Helmer, who has strongly
campaigned in favour of Fracking. Licence number PEDL 206 includes
the whole town of Newark and is held by Egdon resources.
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