3Legs Resources Expects To Improve Baltic Production Rates
November 16 2011 - 4:12AM
Dow Jones News
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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