3Legs Resources PLC (3LEG.LN), an independent oil and gas group focusing on the exploration and development of unconventional oil and gas, Tuesday said its joint venture partner ConocoPhillips (COP) has exercised its call option to acquire a 70% equity interest in and operatorship over the company's three western Baltic Basin concessions.

MAIN FACTS:

-2012 exploration program includes a vertical well on one of the three western concessions in the second half of 2012, with the option to drill a horizontal section later.

-Further testing on one or both of the two existing horizontal wells, Lebien LE-2H and Warblino LE-1H, is still under consideration.

-Plans for the three eastern Baltic Basin concessions are still under consideration.

-Three eastern Baltic Basin concessions are to be divested into a new legal entity to be retained by the company under the same terms as the existing Joint Evaluation Agreement.

-ConocoPhillips will retain the option to acquire a 70% interest in the three eastern concessions, exercisable at any time up until Sept. 30.

-Seismic acquisition on the southern Poland concessions is now complete; Data has been processed and is currently undergoing interpretation.

-As at Feb. 29, company had unaudited cash and cash equivalents of GBP48.1 million.

-Shares of 3Legs on Monday closed at 67.5 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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