Operational Update (1972N)
August 30 2011 - 2:02AM
UK Regulatory
TIDM3LEG
RNS Number : 1972N
3Legs Resources plc
30 August 2011
For Immediate Release
30 August 2011
3Legs Resources plc
Operations on Lebien LE-2H horizontal well
3Legs Resources plc (the "Company"), a company focussed on the
exploration and development of unconventional oil and gas resources
with a particular focus on shale gas in Europe, announces the
following operational update.
Highlights
-- Completion of 13-stage hydraulic fracture stimulation
programme on Lebien LE-2H horizontal well
-- Well now being prepared for testing
-- Operations continuing on Warblino LE-1H
Following its announcement in June 2011 regarding the drilling
of the Lebien LE-2H horizontal well, the Company has now completed
a 13-stage hydraulic fracture stimulation programme on this well,
working with Schlumberger as its principal completion services
provider. The frac programme was executed using the 'plug and perf'
method and was carried out in full compliance with all applicable
health, safety and environmental requirements.
Following conclusion of the frac programme, the well is being
prepared for testing, which may include flaring of natural gas.
The hydraulic fracture treatment on the Lebien LE-2H well is
believed to be the first multi-stage hydraulic frac stimulation of
a horizontal shale gas well in Poland and consequently represents a
further milestone in the evaluation of the hydrocarbon potential of
the lower Palaeozoic shales in the Polish Baltic Basin.
Operations are continuing on the Company's Warblino LE-1H
horizontal well and an announcement relating to this well is
expected to be made shortly.
Peter Clutterbuck, Chief Executive of 3Legs Resources, said:
"We are pleased to have successfully completed the multi-stage
hydraulic fracture treatment of the Lebien LE-2H well as planned.
This was, to the best of our knowledge, the first multi-stage
hydraulic fracture treatment of a horizontal shale gas well in
Poland.
We look forward to the results of the well test programme later
this year. The results of this well have the potential to advance
significantly our understanding of the shale gas potential of the
lower Palaeozoic shales in the Polish Baltic Basin."
For further information contact:
3Legs Resources plc Tel: +44 1624 811 611
Peter Clutterbuck, Chief
Executive Officer
Alexander Fraser, Chief
Financial Officer
Jefferies International
Limited Tel: +44 207 029 8000
Chris Snoxall
Alex Grant
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-Wurttemberg 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
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