Energy firm hands back investments

Crogga says no drilling regulations in place

The company behind proposals to extricate gas off the coast of the Isle of Man has returned the funds given to them by investors.

Energy firm Crogga says the decision's been taken because Government has not put regulations in place for drilling to go ahead.

Chief Executive Officer, Richard Hubbard, says despite a licence being issued for work to take place, they can't see any movement happening in future.

He adds they've no choice but to give the money back:

The Isle of Man Government has since responded: 

"The Department of Infrastructure continues to assess the application made by Crogga to vary the terms of the licence by bringing forward the drilling of an appraisal well. 

"Full consideration is being given to the consequences of this proposal and Crogga’s ability to undertake this under the provisions of the licence.  

"A decision on this will be made in due course, in consultation with professional technical advisors appointed by the Department, and communicated to Crogga.

"The Department looks forward to continue working with Crogga to determine how best to achieve the outcomes envisaged when the licence was originally awarded, whether this be through the variation of the licence or by undertaking activities in accordance with the current licence."