IGas Energy revealed today it has been granted permission to frack two wells in Nottinghamshire.
Remarking that he was "pleased" Nottinghamshire County Council's Planning and Licensing Committee had chosen to grant his company the necessary permissions, Stephen Bowler, IGas chief executive, added:
We are at a critical juncture in the future of our energy mix and supply, as we move away from coal towards lower carbon energy sources.
We rely significantly on gas in the UK, not just for electricity, but also in heating eight out of 10 homes and as a raw material in the manufacture of many everyday products, including plastics and clothing.
We believe the future of the area is as important as its rich history and, with the demise of coal mining in the area, see an important role for shale development in the creation of future jobs and prosperity.
Shares in Aim-listed IGas closed up 8.7 per cent at 12.5p.
However, Michael Bradshaw, professor of global energy at Warwick Business School, warned the company would likely still need further thumbs up before it could actually start drilling.
"We are still a long way from a commercial shale gas industry, something that the government wants to see by the early 2020s," Bradshaw cautioned.
Speaking to the House of Lords economic affairs committee recently, Francis Egan, chief executive of shale gas firm Cuadrilla, expressed frustration at how long it was taking for UK authorities to give his firm's activities a clear green light. He added there had been thousands of wells drilled in the US during the time it had taken for his firm to be allowed to drill just one.