3Legs Resources plc Operational Update (5146Q)
November 07 2012 - 2:00AM
UK Regulatory
TIDM3LEG
RNS Number : 5146Q
3Legs Resources plc
07 November 2012
7 November 2012
3Legs Resources plc
Operations on Baltic Basin concessions in northern Poland
3Legs Resources plc (the "Company"), an independent oil and gas
group focusing on the exploration and development of unconventional
oil and gas resources, announces the following operational
update.
Key points
-- The Company commenced further testing of the Lebien LE-2H
horizontal well on 27 October 2012, flowing natural gas initially
with the assistance of a nitrogen lift.
-- The well has continued to flow natural gas unassisted,
through 31/2 inch tubing, since the nitrogen lift was suspended on
29 October.
-- The well has flowed continuously and unassisted at a rate of
between 560 and 780 mscf/d of natural gas over the 8-day period
since 29 October.
-- The well has also produced between 320 and 450 barrels of
frac water per day as it has continued to clean up, and as at 6
November 2012 approximately 26% of the frac water originally
injected had been recovered.
-- This performance represents a significant improvement on the
result achieved when the well was first tested in 2011 where the
well flowed, with the assistance of a nitrogen lift, at a rate of
between 450 and 520 mscf/d over an 8-day period prior to being shut
in.
-- The plan is to continue further testing of the well in order
to determine a stabilised flow rate and to gather additional data
on well performance.
-- The Company will issue a further update to the market in due course.
Kamlesh Parmar, Chief Executive of 3Legs Resources,said:
"We have started further testing of the Lebien LE-2H well and we
are very pleased that the well is showing a significantly improved
performance as compared to 2011, in that the well now flows without
the assistance of a nitrogen lift, and it flows at a better rate
than it did in 2011. We will continue to monitor the encouraging
data from this further testing and will issue a further
announcement in due course."
For further information contact:
3Legs Resources plc Tel: +44 1624 811 611
Kamlesh Parmar, 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
Matthew Tyler
Catherine Wickman
Notes to Editors
3Legs Resources was established in early 2007 to focus on the
exploration and development of unconventional oil and gas
resources. A first mover in Poland, 3Legs Resources holds interests
in six licences covering approximately 1,084,000 acres (gross) in
the onshore Baltic Basin in northern Poland, a region considered to
be one of the most promising shale basins in Europe. The Company
also holds onshore exploration licences near Krakow in southern
Poland and has licences in Baden-Württemberg in south-west Germany
which are currently undergoing renewal.
The technical information and opinions contained in this
announcement have been reviewed by John Blair (MSc in Geophysics,
University of Tulsa and BSc in Geology from Montana State
University), Exploration Manager of 3Legs Resources plc, who has
over 25 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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