After announcing that the recent find of gas in the ground in Lancashire, the government extended the license for Cuadrilla to carry on drilling while also breaking the news that the people who live here will get NO BENEFITS WHAT SO EVER!, Gas prices will NOT come down.
So I wondered who is stealing OUR RESOURCES, who's bum pals with Cameroon, the latest Clown to occupy Government. Here what I found out!
Like many medium-sized companies, Cuadrilla is a network of companies owned by a parent. The parent is the most important bit: this ‘holding company’ is Cuadrilla Resource Holdings Ltd (CRH).
CRH owns nine further UK companies, and seven in Europe (see below for
all CRC’s companies). Each company is seperate from, but owned by, CRH.
CRH is evidently an attractive company to work for – directors include Lord Browne,
ex head of BP. And while the company has yet to produce any profit, the
12 directors awarded themselves $3,200,000 in wages and shares in 2010.
In the period 31 Dec 09 to 10 CRH spent $8,579,000 on operating expenses, $8,976,000 on admin, generating a total loss of $17,638,000 (includes some other minor expenses).
It’s operations include management services (via Caudrilla Resouces Ltd), technical services (via Cuadrilla Well Services Ltd) as well as exploration operations (via four further companies). An anomaly is Elswick Resources which produces electricity production from a conventional gas well – see here.
As of 31st December 2009, a Bermuda company, Cuadrilla Resources Corporation Ltd (CRC) was the parent company for all Cuadrilla’s subsiduaries. The controlling party was then AJ Lucas Group Ltd (Australia) – the initial investors.
On 15 February 2010 another company, Cuadrilla Resource Holdings Ltd
(CRH), took over CRC and became the main parent of the group. AJ Lucas
had evidently doing some fundraising: they enticed a second investor, Riverstone/ Carlyle Global Energy and Power Fund IV, to join them in owning Cuadrilla’s activities.
Riverstone/ Carlyle Global Energy and Power Fund IV bought 40.9% of the shares for $37,075,000, valuing the company at around $90m. Lucas Caudrilla PTY Ltd retained 40.9% and the management team also got 18.2% of the share capital.
15th February 2010 was a signature moment for the company. At this
point most of the current directors also joined CRH’s board. Riverstone/
Carlyle evidently brought with them some major oil and gas firepower – 8 of the twelve then directors joined at this point.
Because the company was Bermuda based it’s difficult to ascertain
what went on before 15th Feb 2010. However there are some interesting
anomalies: one Hubert Ashton was appointed ten days before this date,
and resigned on the 15th. Gregory Beard joined the board on the 15th,
and then resigned on the 12th May, to be replaced by N John Lancaster
Jr. Meanwhile Chris Cornelius resigned on the 8th November, to be
replaced by the current head of UK operations, Mark Miller. Riverstone/
Carlyle’s new board, it seems, was exerting its will.
See more on our info graphic Cuadrilla Resouce Holdings – details
Companies owend by Cuadrilla Resource Holdings
Cuadrilla Resources Ltd – Management services to subsiduaries
Caudrilla Well Services Ltd – Services for oil and gas exploration
Elswick Resources Ltd – Electricity production
Bowland Resources Ltd – Oil and gas exploration
Bolney Resources Ltd – Oil and gas exploration
Tanglewood Resources Ltd – Oil and gas exploration
Susquehanna Natural Resources Co – Oil and gas exploration
Caudrilla Hungary Ltd (UK) – Investment holding
Caudrillco Ltd (UK) – Not trading
Hardenburg Resources BV (Netherlands) – Oil and gas exploration
Brabant Resrouces BV (Netherlands) – Oil and gas exploration
Hardenburg Rsources BV (Germany) – Oil and gas exploration
Cuadrilla Austria GmbH (Austria) – Oil and gas exploration
Caudrilla Poland SpZo o (Poland) – Oil and gas exploration
Caudrilla Resources Iberia SL (Spain) – Oil and gas exploration
Cuadrilla Morova SRO (Czech Republic) – Oil and gas exploration
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