Cuadrilla Resources has discovered huge shale gas reserves in Lancashire, north-west England.
According to the firm, the preliminary wells drilled around Blackpool have uncovered 200 trillion cubic feet of gas.
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Caudrilla Resources CEO Mark Miller told the Financial Times that with this discovery, the firm is equivalent to or exceeding the gas per square mile that can be found in US plays.
Caudrilla Resources will drill four to six exploration wells, with the aim of establishing how much gas can be extracted and to decide whether to proceed to the production stage.
The firm will also seek permission from the Department of Energy and Climate Change to start production.
Environmentalists have opposed the drilling for shale gas saying that it may risk contaminating the groundwater aquifers.
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By GlobalData
