LONDON--3Legs Resources PLC (3LEG.LN), an independent oil and
gas group focusing on the exploration and development of
unconventional oil and gas, said Tuesday that, as anticipated,
ConocoPhillips (COP) didn't give notice to exercise its option to
take a 70% interest in the three eastern Baltic Basin concessions
in northern Poland, prior to expiry on Sept. 30.
MAIN FACTS:
-Group considers 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.
-Group will be considering its options 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 mobilized to the Lebien location,
where further testing is due to start 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.
-Shares at 0740 GMT down 2.38 pence, or 5.54%, at 40.5 pence
valuing the company at 36.35 million pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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