The company invested in the highly prospective Bowland licence located in Lancashire, which holds potential shale rock of a kilometre in thickness.

But since 2019 fracking, which is often necessary in shale rock to release the trapped gas, has been banned.

That was overturned this week in large part because of the European energy crisis that has followed the Russian invasion of Ukraine.

The result was a 130 per cent increase in the AJ Lucas share price from 10 cents a week ago to 23 cents today, adding $168 million to the value of the company.

The AJ Lucas subsidiary, Cuadrilla, said the lifting of the fracking moratorium was an “entirely sensible decision”.

“The last few months have highlighted the risks associated with ever-increasing reliance on expensive, uncertain and higher emission gas imports,” Cuadrilla chief executive Francis Egan said.

“Without the strong measures set out today, the UK was set to import over two thirds of its gas by the end of the decade, exposing the British public and businesses to a further risk of supply shortage and price hikes down the line.”

“The Government has made the right call and we look forward to working with them to ensure this industry and start generating results as soon as possible.

“The prize, if we get this right, will be an energy strategy fit for the 21st century that provides security of supply, economic prosperity and vital support for the British public.”

While fracking is used in Queensland’s coal seam gas sector, it has been controversial and was banned in Victoria. Fracking is the process of injecting liquid at high pressure into subterranean rocks, boreholes to force open existing fissures and extract oil or gas.

Fracking in the US led to a gas boom there after it gave the industry access to significant stores of shale gas.