3Legs Resources plc Corporate Update (6891N)
October 02 2012 - 3:39AM
UK Regulatory
TIDM3LEG
RNS Number : 6891N
3Legs Resources plc
02 October 2012
For Immediate Release
2 October 2012
3Legs Resources plc
Corporate update
3Legs Resources plc (the "Company" and, together with its
subsidiaries, the "Group"), an independent oil and gas group
focusing on the exploration and development of unconventional oil
and gas, announces the following corporate and operational
update.
Baltic Basin concessions
As anticipated, ConocoPhillips did not give notice to exercise
its option to take a 70% interest in the Group's three eastern
Baltic Basin concessions in northern Poland, prior to the expiry of
the option on 30 September 2012.
As explained in the Group's interim results released on 27
September 2012, in high-grading its acreage the Group has
identified the extensive areas within its Baltic Basin concessions
which it considers to be most prospective for further exploration,
by reason of the thickness of the target formations and reservoir
rock properties. These areas are situated on its western
concessions, over which ConocoPhillips had already exercised its
option, becoming operator on 14 September 2012. The Group considers
that its drilling and seismic operations to date have increased the
probability of success in this most prospective acreage, as
compared to assessments made at the time of its initial public
offering in June 2011.
The Group will be considering its options carefully before
engaging in any operations on its eastern concessions.
Operations on its western Baltic Basin concessions are
proceeding as previously announced. Testing equipment has been
mobilised to the Lebien location, where further testing is due to
commence imminently on the Lebien LE-2H horizontal well. Rig
mobilization for the Strzeszewo LE-1H vertical well is continuing
and the well is expected to spud within the next week.
Peter Clutterbuck, Chief Executive of 3Legs Resources, said:
"ConocoPhillips' decision not to exercise its option on our
three eastern Baltic Basin concessions is consistent with our own
strategy of high-grading our acreage and focusing our activity on
those areas which we believe offer most potential. We are firmly
focused on prioritising and further de-risking the considerable
areas that offer the most prospectivity in our Baltic Basin
acreage, which are situated on our western concessions."
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-Württemberg 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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