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3Legs Resources plc 3LEG Corporate Update



  3Legs Resources plc (3LEG) - Corporate Update

RNS Number : 6891N
3Legs Resources plc
02 October 2012
 



For Immediate Release

 

2 October 2012

 

 

3Legs Resources plc

 

Corporate update

 

3Legs Resources plc (the  "Company" and, together  with its subsidiaries,  the 
"Group"), an independent  oil and gas  group focusing on  the exploration  and 
development of unconventional oil and  gas, announces the following  corporate 
and operational update.

 

Baltic Basin concessions

 

As anticipated, ConocoPhillips did not give  notice to exercise its option  to 
take a 70% interest in the  Group's three eastern Baltic Basin concessions  in 
northern Poland, prior to the expiry of the option on 30 September 2012.  

 

As explained in the Group's interim results released on 27 September 2012,  in 
high-grading its acreage the Group  has identified the extensive areas  within 
its Baltic Basin  concessions which it  considers to be  most prospective  for 
further exploration, by reason of the  thickness of the target formations  and 
reservoir  rock  properties.   These  areas   are  situated  on  its   western 
concessions, over  which  ConocoPhillips  had already  exercised  its  option, 
becoming operator on 14 September 2012.  The Group considers that its drilling
and seismic operations to  date have increased the  probability of success  in 
this most prospective acreage, as compared to assessments made at the time  of 
its initial public offering in June 2011. 

 

The Group will  be considering its  options carefully before  engaging in  any 
operations on its eastern concessions. 

 

Operations  on  its  western  Baltic  Basin  concessions  are  proceeding   as 
previously announced.   Testing equipment  has been  mobilised to  the  Lebien 
location, where further testing  is due to commence  imminently on the  Lebien 
LE-2H horizontal well.   Rig mobilization  for the  Strzeszewo LE-1H  vertical 
well is continuing and the well is expected to spud within the next week. 

 

Peter Clutterbuck, Chief Executive of 3Legs Resources, said:

 

"ConocoPhillips' decision  not to  exercise its  option on  our three  eastern 
Baltic Basin concessions is consistent  with our own strategy of  high-grading 
our acreage and focusing  our activity on those  areas which we believe  offer 
most potential.  We are firmly focused on prioritising and further  de-risking 
the considerable areas that offer the  most prospectivity in our Baltic  Basin 
acreage, which are situated on our western concessions."

 

 

For further information contact:

 

3Legs Resources plc                        Tel: +44 1624 811 611
Peter Clutterbuck, Chief Executive Officer
Alexander Fraser, Chief Financial Officer
Jefferies Hoare Govett                     Tel: +44 207 029 8000
Simon Hardy
Jamie Buckland
College Hill                               Tel: +44 207 457 2020
Nick Elwes
Catherine Maitland

 

 

 

Notes to Editors

 

3Legs Resources was established in early 2007 to focus on the exploration  and 
development of unconventional oil and  gas resources, with a particular  focus 
on shale gas in Europe.  A first mover in Poland, 3Legs Resources has acquired
six licences covering  approximately 1,084,000  acres (gross)  in the  onshore 
Baltic Basin, a region considered to be one of the most promising shale basins
in Europe.  The  Company's  primary  targets  in  the  Baltic  Basin  are  the 
organic-rich black shales  of the  Lower Palaeozoic section.   In addition  to 
these assets, the Company holds onshore exploration licences over acreage near
Krakow in southern Poland and in Baden-Württemberg in south-west Germany.

 

The technical information  and opinions  contained in  this announcement  have 
been reviewed  by  Peter Clutterbuck  (MA  Honours in  Engineering,  Cambridge 
University and  former  Member  of  the Board  of  the  Society  of  Petroleum 
Engineers in London), Chief Executive Officer of 3Legs Resources plc, who  has 
over 35 years of experience in the oil exploration and production industry. He
has consented  to  the inclusion  herein  of such  technical  information  and 
opinions.

 

www.3legsresources.com  

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MSCDLLBBLBFXFBD -0- Oct/02/2012 07:39 GMT
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