Europe-focused unconventional oil and gas developer 3Legs Resources PLC (3LEG.LN) said Wednesday that production rates from its wells on the Baltic Basin in Northern Poland have been low, but the company expects to be able to improve productivity.

The company said it is focused on improving its drilling techniques, analysing data from drilled wells and plans to acquire data from other operators in the Baltic Basin through data trades to refine and update its geological model and potential drilling and well completion designs.

Chief Executive Peter Clutterbuck said, "The company expects these analyses to be completed in the first quarter of 2012, following which it will determine a near-term exploration plan in conjunction with its venture partner ConocoPhillips (COP)."

Shares at 0830 GMT were down 29 pence, or 21%, at 107.0 pence in a virtually unchanged Alternative Investment Market.

-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com

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