Cuadrilla downgrade forecast confidence
Things have not been going swimmingly for Cuadrilla (unless we imagine them splashing around on their soggy well pad perhaps).
This is perhaps reflected in the language they use to describe their level of confidence in their ability to extract gas from their operation at Preston New Road.
Back in January their CEO Francis Egan stated
We are very encouraged by our early analysis of the data and confident that there is a very sizeable quantity of natural gas in the Bowland Shale
However, by April this confidence seems to have been downgraded to optimism
From the data we have amassed so far we are optimistic that, after fracturing the shale rock, natural gas will flow into this horizontal well in commercially viable quantities
How will he describe their state of mind next?