Party has 'actively campaigned against the drilling for fossil fuels'
The decision to not extend Crogga's licence to drill for gas in Manx waters has been met with 'great relief' by the Isle of Man Green Party.
Late last night (28 February), the energy firm announced its licence was to expire at 11:59pm, after it wasn't possible to agree terms on an extension with the Department of Infrastructure.
The firm's board alleges that it has been put in an unreasonable commercial position.
But the Isle of Man Government says that Crogga was unable to agree to revised terms that would have enabled its licence to be extended, adding that despite it being six years since the initial licence was issued, the company has not undertaken the required 3D seismic survey.
You can read more here.
Reacting to the news, the Isle of Man Green Party says it hopes this latest development will mean government 'continues to pursue investment into renewable energy'.
In a statement published on social media, it says: "Our Party has actively campaigned against the drilling for fossil fuels close to the Ramsey Marine Nature Reserve, the first on the island.
"It is with great relief that we receive this news and hope that the Isle of Man Government continues to pursue investment into renewable energy."
Last month, Green Party Secretary Andrew Langan-Newton told Manx Radio granting a variation to Crogga's licence to drill for gas in Manx waters would go against the will of Tynwald.
You can find more here.
Manx backbenchers have also begun to react to the news.
You can read more about their reactions here.
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Backbenchers brand Crogga decision 'really disappointing'