3Legs Resources plc Corporate update (3179J)
August 06 2012 - 2:00AM
UK Regulatory
TIDM3LEG
RNS Number : 3179J
3Legs Resources plc
06 August 2012
For Immediate Release
6 August 2012
3Legs Resources plc
Corporate update
3Legs Resources plc (the "Company"), an independent oil and gas
group focusing on the exploration and development of unconventional
oil and gas, announces the following corporate and operational
update.
Key points
Southern Poland concessions
-- As already contemplated, the Company has decided to
relinquish the Dabie-Laski concession; it is continuing to consider
options for its Bytom-Gliwice and Glinica-Psary concessions
Southern Poland concessions
The Company has completed interpreting the 2D and 3D seismic
data acquired and processed earlier this year on its three southern
Poland concessions, and has also acquired additional legacy seismic
and well data in the area of the concessions. Following a review of
the seismic and well data in its possession the Company has
concluded, as it had already contemplated doing, that it has
insufficient data to justify drilling a vertical test well on its
Dabie-Laski concession within the timeframe specified in its
licence. The Company will therefore relinquish the concession. The
Dabie-Laski concession measures 895 sq km (221,000 acres), gross
and net.
The Company is continuing to consider its options for its
Bytom-Gliwice and Glinica-Psary concessions, which are the location
for the 50 sq km of 3D seismic data acquired earlier this year. The
Company has an obligation under its licence terms to drill one
vertical well on each of these two concessions by August 2013, or
to relinquish the concessions. The Bytom-Gliwice and Glinica-Psary
concessions measure 584 sq km (184,000 acres) and 1,038 sq km
(256,000 acres) respectively, gross and net.
Operations on the Company's Baltic Basin concessions in northern
Poland are proceeding as previously announced.
Peter Clutterbuck, Chief Executive of 3Legs Resources,said:
"Relinquishing the Dabie-Laski concession is consistent with our
strategy of high-grading our exploration opportunities and focusing
our activity on those areas which we believe offer most potential.
We continue to evaluate new exploration opportunities which are
capable of complementing our primary project in Poland's Baltic
Basin."
For further information contact:
3Legs Resources plc Tel: +44 1624 811 611
Peter Clutterbuck, Chief
Executive Officer
Alexander Fraser, Chief
Financial Officer
Jefferies Hoare Govett Tel: +44 207 029 8000
Simon Hardy
Jamie Buckland
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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