Odey steps up bet on fracking after UK government lifts ban
Odey Asset Management and a number of top funds committed to reducing greenhouse gas emissions have invested in British fracking company IGas Energy, as they take advantage of the UK government’s decision to lift the ban on the controversial process.
London-based Odey, whose founder Crispin Odey has previously appeared to be sceptical of the extraction method blamed for increasing emissions, has been rapidly raising its stake in the AIM-quoted onshore oil and gas company with significant shale interests.
The hedge fund has increased its position in IGas since at least early August, from the less than 3 per cent disclosure threshold to just over 7 per cent by mid-September, according to filings. The stake is held in the Odey Special Situations fund, which is run by fund manager Adrian Courtenay.
This story originally appeared on: Financial Times - Author:Laurence Fletcher
