3Legs Resources: ConocoPhillips Will Buy 70% Interest In 3 Concessions
March 20 2012 - 4:20AM
Dow Jones News
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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