Corporate Update (9468S)
November 29 2011 - 2:01AM
UK Regulatory
TIDM3LEG
RNS Number : 9468S
3Legs Resources plc
29 November 2011
29 November 2011
3Legs Resources plc
Corporate update
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 corporate update.
Key points
Senior management appointment
-- Frances Morris-Jones has been engaged as Business Development
Director with immediate effect
-- Previously Global Business Development Manager,
Unconventional Resources at ConocoPhillips, where she was
responsible for negotiating, closing and implementing the farm-in
into 3Legs Resources' Baltic Basin concessions in 2009; and prior
to that Vice-President, Renewal - Unconventional Gas at BP
Southern Poland concessions
-- Licence changes now agreed with the Polish authorities
-- Contract for acquisition of 2D and 3D seismic awarded to
Acoustic Geophysical Services; survey now in progress
Senior management appointment
The Company has engaged Frances Morris-Jones in the new position
of Business Development Director, with immediate effect. While the
Company's primary strategy will continue to be the further
de-risking and appraisal of its six Baltic Basin licences, the
Business Development Director will have responsibility for
screening, assessing and developing opportunities to complement the
Company's core activity in the Baltic Basin, with a focus on
unconventional oil and gas, as was outlined at the time of the
Company's initial public offering in June 2011.
Prior to joining 3Legs Resources, Frances Morris-Jones acted as
Global Business Development Manager, Unconventional Resources, at
ConocoPhillips from 2008 to 2011. In that role, she was involved in
negotiating, closing and implementing a number of transactions in
Europe and Asia on behalf of ConocoPhillips including the farm-in
into 3Legs Resources' Baltic Basin licences in 2009. Prior to
joining ConocoPhillips, she spent over 25 years with BP, including
latterly as Vice-President, Renewal - Unconventional Gas, where she
was responsible for developing the Group's international
unconventional gas strategy and led a multi-disciplinary team to
screen, rank and assess new opportunities. Frances Morris-Jones is
also a non-executive director of Det Norske Veritas, the global
provider of services for managing risk, including to the energy and
oil & gas sectors.
Southern Poland concessions
The Company has agreed changes to the terms of its three
licences in Southern Poland with the Polish Ministry of Environment
and licence amendments have been issued. These changes enable the
Company to acquire approximately 70 km of 2D and approximately 50
sq km of 3D seismic data, to be followed by the drilling of an
exploration well. The Company has awarded a contract for the
seismic acquisition to Acoustic Geophysical Services and the survey
is now well advanced. The Company then expects to drill one well on
these licences in 2012.
Peter Clutterbuck, Chief Executive of 3Legs Resources, said:
"We are very pleased to welcome on board Frances Morris-Jones as
Business Development Director. She brings with her a wealth of
experience in unconventional oil and gas from her time spent with
ConocoPhillips and with BP. She will be a valuable addition to the
management team and will have an important role in the formulation
and implementation of our strategy going forward, including in
relation to our core asset in the Baltic Basin. Our primary focus
remains the commercial development of the Baltic Basin where we are
continuing to do further analysis on the results of our two recent
wells and we are engaged in a planning process for the 2012
programme."
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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