County councillors, who threw out similar plans five years ago, say the company has failed to provide the extra geological data demanded after the 2006 public inquiry into its first set of plans, and failed again to prove the project's safety credentials.
The Canatxx scheme, which has faced huge opposition on both sides of the Wyre estuary, was rejected on a vote of 13 to 1 at last Wednesday's meeting of the county's development control committee.
But Canatxx now look likely to either appeal against the rejection - in a mirror of the events five years ago - or re-submit the scheme yet again.
Councillors were almost unanimous in their criticism of the plans and the company for the gaps in the application for the riverbank site, which is close to an area dotted with disused former ICI salt workings, some of which have collapsed, leaving 'craters' in farmland in Preesall and Stalmine.
Among the most critical of the scheme were Fleetwood councillors Clive Grunshaw and Stan Leadbetter, who both described the application as "a ticking timebomb."
Coun Leadbetter said: "Canatxx are prepared to push this forward by hook or by crook."
He added: "We do not trust them."
Coun Bob Mutch of Knott End said: "I hope this time Canatxx get the message 'we don't want you here.'"
He, like other councillors, also raised the spectre of the Abbeystead explosion in the 1980s, saying that the Abbeystead plant had been judged to have been safe by experts.
Coun William Cropper said Canatxx had not provided sufficient data of the geology of estuary, did not know where it was going to site its caverns, was unaware of the area's fault lines, and had not provided a risk assessment. He said there was real concern of a "horrendous scenario if gas were to be ignited."
Coun Tony Pimblett said he had also spoken to a senior Canatxx official at the company's presentation prior to the committee meeting. He said the official had said he had "no idea" where the existing (former ICI) salt caverns were, or if they were stable or not.
Coun Michael Devaney spoke of the recent cold spell and the diminishing national gas supplies. He suggested the decision on the plans should be put on hold for officials to have talks with Canatxx to sort out safety issues.
Ken Penswick of Preesall said part of the plans were on land where there was existing evidence of subsidence and proven unstable ground conditions, which had resulted in the closure of a public footpath on safety grounds.
Stephen Rolland of Poulton Residents' Association spoke of pollution concerns linked to a brine well which former landowner ICI had used to dump tons of mercury sulphide waste.
Canatxx's supporters included employee, Ian Williams who said the company wanted to use local firms in developing the gas store plant, and one of Canatxx's Preesall farm tenants, Richard Taylor, who said the company was a good landlord, and better than previous landowners ICI.
Civil engineering contractor John Guest, whose firm has worked on a similar project in Cheshire said the Wyre project would provide 250 jobs during construction and 35 permanent jobs once it was constructed. He warned that if the plan was rejected Canatxx might sell the land, with its valuable salt strata, to Shell, BP, or to the chemical or nuclear fuel industry.
Tough
Groundworks contractor Andy Brough of Nateby said businesses such as his needed the kind of work being offered by Canatxx to survive in tough economic times.
After the meeting Canatxx chief executive Paul Grimes said: "This is certainly not game over for this project; we will assess our options and announce our next steps in the next few weeks."
Canatxx opponent, Wyre MP Ben Wallace, said: "This has been a long hard fight. I would like to take this opportunity to thank everyone who has fought against this development, the list is long but I think a special thank you must go to campaigners Ian Mulroy, June Jackson and all the various town councils and support groups who have been involved.
''I only hope that this is the last we hear of Canatxx.''