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Fracking in the UK
Cuadrilla's exploration work has shown that the Bowland shale is a world-class resource containing large volumes of high-quality indigenous gas that will flow to the surface. We continue to believe that indigenous gas production is preferable to importing increasing quantities of overseas gas with up to double the pre-combustion emissions and no economic benefit for UK workers, businesses or communities."
The statement comes after private equity firm Riverstone has sold its 45% stake in Cuadrilla, the UK's only fracking firm, to Australian mining firm AJ Lucas.
The latter, which was already Cuadrilla's largest shareholder, now has a 93% stake. The size of the deal has not been disclosed.
Shares in firms linked to fracking in Britain have slumped this morning after the UK government halted shale gas extraction over earthquake fears.
The indefinite suspension cam after a report by the Oil and Gas Authority said it was not possible to predict the probability or size of tremors caused by the practice.
Shares in AJ Lucas, the Australian energy services group that owns 48% of UK fracking company Cuadrilla, closed down 23% on the Australian Stock Exchange.
IGas, which had been hoping to follow Cuadrilla into fracking, fell more than 25% in early trading before recovering slightly. It's currently down 14% on the day.
BBC Radio 5 Live
Wake Up To Money
The indefinite suspension comes after a report by the Oil and Gas Authority (OGA) said it was not possible to predict the probability or size of tremors caused by the practice.
Business Secretary Andrea Leadsom said it may be temporary - imposed "until and unless" extraction is proved safe.
Geoffrey Maitland, professor of energy engineering at Imperial College London, told BBC Radio 5 Live's Wake Up To Money that the industry would "redouble" its efforts to show it is safe.
But, he said: "It's going to be tough and the current traffic light system setting the bar at very low seismic events makes it hard to obtain more data that will validate models that are being used".
He backs fracking and some of his work is funded by Shell which has fracking operations outside the UK. He said that in the US the authorities allowed for three or four magnitudes higher and added that the geology was not the same and the population density was lower in areas in the US where fracking was taking place.