In an interesting development, British Gas owner, Centrica has acquired a 25% stake in Cuadrilla Resources operated Lancashire Bowland shale gas exploration licence area.
Ownership prior to the transaction was 75% Cuadrilla and 25% A J Lucas.
Centrica has paid £40 million in cash and has committed to fund exploration and appraisal costs of up to £60 million from the transaction on the Bowland joint venture. If Centrica decides to continue into the development phase a further contingent consideration of £60 million will become available.
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