France Looking To Delay Shale Drilling (TRGL)

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According to a report in Reuters, France is looking to delay first test drillings for shale gas and oil until the environmental impacts can be established by a parliamentary commission. The reports are being attributed to French daily la Tribune. "We will gather all the industrials and use all the legal means to ensure that the drilling does not start before the environmental study... has been carried out," French ecology minister Nathalie Kosciusko-Morizet said. This development could delay Toreador Resources' TRGL first exploration drillings in the Seine-et-Marne. The company is at the forefront of French shale exploration after acquiring more than half of the permits in the Paris basin. What has been done has been done according to the rules...But I think that environmental concerns have been underestimated," the minister said. On Friday, this news has caused an exodus in shares of Toreador Resources Corp. TRGL. THe stock has fallen 18% to $13.71, and was down even more in early trading. Shares of French major Total S.A. TOT have lost 1.51% to $58.88 in early trade.
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