RNS:Agreement: The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that it has today entered into a subscription agreement with YA II EQ, Ltd. (the "Investor") for a subscription for new ordinary shares in the Company for £980,000 in cash. In addition, the Company has entered into an equity swap agreement with the Investor for a payment by the Company of £870,000, which will entitle the Company to twelve monthly settlement payments of £72,500, subject to an agreed adjustment. The proceeds of the subscription (net of expenses and the swap payment), together with monthly proceeds pursuant to the equity swap agreement, will be used by the Company for additional working capital.
Do we think there would be consolidation before we can hit the highs....
david lenigas:Message to Dougal66 and Graking on LSE. Get a life please. You kids grow up. You are paid trouble makers and your days will come. Hope so.
Government Can Step In To Fast-Track Fracking 13th August 2015, 01:52 Ministers have been granted the right to take decision-making on controversial shale gas applications away from local authorities in a bid to fast-track fracking. Under the new measures, local authorities will have to forfeit the right to determine an application if they are found to be taking too long to make a decision. The Government has made clear it is going "all out for shale" in an effort to counter declining North Sea oil and gas output. Britain is believed to have substantial amounts of shale gas trapped in underground rocks. But attempts to exploit the research have been met with fierce opposition from local residents and environment campaigners. In recent months councils have turned down applications in potential shale areas including Lancashire and Sussex. Critics have branded this latest announcement a Government attempt to run "rough shod over democracy". It will see the final say on permits handed to the Communities Secretary Greg Clark who will "call in" applications when council take longer than the statutory 16 weeks to make a decision - unless they are granted an extension. Mr Clark will also be able to take charge of determining appeals against planning rejections on a case-by-case basis. All call-ins and appeals over shale applications will be prioritised by the planning inspectorate. Mr Clark said: "There is huge potential right across the country for safe and sustainable use of shale gas, to provide a clean long term energy source and create British jobs and growth. "People's safety and the environment will remain paramount and communities will always be involved in planning applications but no one benefits from uncertainty caused by delays in planning decisions. "By fast-tracking any appropriate applications today's changes will tackle potential hold ups in the system." Opponents say fracking, which involves extracting gas by hydraulic fracturing, can cause earthquakes, pollute water supplies and cause more climate emissions. There are also concerns it could lead to inappropriate development in the countryside, damage house prices and cause more climate emissions. Shadow energy secretary Caroline Flint said the Conservatives have "consistently ignored genuine and legitimate concerns" about fracking. She said: "Now they are going a step further by denying local communities a say in decisions about whether it should go ahead. "In June they issued planning guidance giving local residents 'the final say' over wind farm applications. "However, when it comes to shale gas, they are saying the secretary of state should have 'the final say' and are clearly guilty of double standards."
Energy Secretary Amber Rudd said: "We need more secure, home grown energy supplies - and shale gas must play a part in that. "We can't have a planning system that sees applications dragged out for months, or even years. We need a system that delivers timely planning decisions and works effectively for local people and developers." The government's announcement is seen as a response to Lancashire County Council's recent rejection of Cuadrilla's shale gas applications after more than a year of deliberations. But the council is unhappy at the suggestion that they delayed on purpose. They point out this was the first such application in the UK so it was bound to take extra time to decide on complex technical issues. They also point out that Cuadrilla actually asked them to delay to get more time to solve traffic issues. A spokesman told BBC News: "It would be very unfair to suggest that we didn't go as fast as possible. This was the first decision in the UK on fracking so there was a lot of pressure on us to get it right." Daisy Sands from Greenpeace said: "The contrast between [the government's] view that local councils should be 'masters of their own destiny' and the new provisions announced today is staggering. "Local residents could end up with virtually no say over whether their homes, communities and national parks are fracked or not. "There is a clear double standard at play - the same government that is intent on driving through fracking at whatever cost has just given more powers to local councils to oppose wind farms, the cheapest source of clean energy. The government is riding rough-shod over democracy to industrialise our most beautiful landscapes and damage the climate." Ken Cronin, chief executive of UKOOG, the onshore oil and gas body, said: "Experience has shown that the planning process is unwieldy and the time taken for planning decisions has soared from three months to over a year, causing delay and cost and this is not in the interests of local people, the industry, or indeed the British people. "It is right that the government is acting to ensure that local people can have their say and that the highest standards of safety and environmental protection are met, but also ensuring that the planning process itself is fit for purpose." A CBI spokesperson said: "Shoring up our energy supply for the future is critical for businesses as they look to make long-term investment decisions. "Shale gas could play an important role in UK energy and it is important that the planning process works in a timely manner so that industry is able to get on and explore its potential."