Centrica Drops $157M To Dive Into Budding UK Shale Industry

Law360, New York (June 13, 2013, 4:56 PM EDT) -- U.K. energy powerhouse Centrica PLC put up £100 million ($157 million) for a slice of a Bowland shale formation exploration project and on-site costs, it said Thursday, making it one of the first big names to make a bet on Britain’s virtually untapped shale plays.

Under the deal’s terms, Centrica — the U.K.’s biggest energy retailer — will grab a 25 percent ownership stake in the Bowland shale exploration license held by Cuadrilla Resources Ltd., the British energy company that recently became the first to frack...
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