Queensland company’s UK fracking plans last just as long as Truss’ lettuce
Shares in Queensland based drilling company AJ Lucas have been caught up in the turmoil of British politics.
AJ Lucas's plans for the UK lasted as long as Truss's lettuce
The company’s shares fell 46 per cent Thursday morning after it was announced the UK moratorium on fracking was back in Britain. The stock had reached a high of 22 cents in September, but was down below 4 cents this morning after yesterday’s big drop.
In September, when Liz Truss was the British Prime Minister, the moratorium was lifted and AJ Lucas, which has shale gas operations in Britain through subsidiary Cuadrilla Resources, was hailing it as “the right call”.
That lasted as long as the lettuce that one British tabloid promoted as having a longer shelf life than Truss.
Rishi Sunak was appointed this week as a replacement for Truss as Prime Minister.
“AJ Lucas Group notes that the new Prime Minister has stated that he would introduce a moratorium on hydraulic fracturing in the UK,” the company said today.
“AJL will evaluate the impact of these statements and any further details that may be forthcoming from the UK Government.”
