some on the other threads and on 3legs threads are talking about results of 5mmcfd..well you never know but when you look at bnk update of 200k/400k scfd from 2 fracs..3legs have 25 successful fracs so it could be feasible to say yes 5mmcfd could be viable..links
Very true mate.... I guess the markets are a very different place today, but it does show how much potential upside we could have here knowing that we were once at 40p and that was before being commercial ..... Hopefully that's going to change very soon so massive upside with little down side now I guess.....
3Legs Lublewo well result significant for whole Polish shale industry - broker
By Giles Gwinnett
August 15 2014, 12:50pm 3Legs said the operations to bring the well into test production have gone very smoothly and it was delighted to see the well has flowed from the beginning without assistance 3Legs said the operations to bring the well into test production have gone very smoothly and it was delighted to see the well has flowed from the beginning without assistance
Rising interest in the Polish shale industry was bolstered again today (Friday) by a positive operational update from junior oil and gas explorer 3Legs Resources (LON:3LEG).
Its Lublewo well in the Baltic basin in the north of the country has been successfully cleaned up and is now on long term flow test to assess the level of hydrocarbons present.
The well continues to flow back frack fluid and hydrocarbons, and as of Thursday (August 14) around 12% of the frac fluid originally injected had been recovered, the company said.
3Legs said the operations to bring the well into test production have gone very smoothly and it was delighted to see the well has flowed from the beginning without assistance.
It comes after the largest multi-stage fracking programme in Poland to date, which saw the firm, working alongside Conoco Philips, sink eight wells and frack six of them.
Today's news is positive for other shale firms in the area, such as San Leon Energy (LON:SLE), something highlighted by SLE's house broker finnCap today, as the company is targeting the same geology.
"Good results for 3legs should therefore be viewed as positive for SLE and vice versa," said analyst Dougie Youngson, who has a price target of 15p.
San Leon is a significant player in the polish market, with 50 licences in the Baltic basin - considered to be the one with the most potential - alone.
Shares flew last month when it unveiled a joint venture agreement in Poland that will see the oil and gas junior receive US$20mln in upfront payments and be carried for a work programme at two fields.
Under the deal, Palomar Natural Resources, founded by John Buggenhagen, former exploration director of San Leon, and Robert Price, will take 65% stakes in the Siekierki and Rawicz gas fields.
The explorer will also be carried “for a defined initial work programme” aimed at bringing these two fields, in the country’s southern and northern Permian basins, into production as soon as possible.
Broker Northland said today's 3Legs announcement was highly significant.
"Whilst far from conclusive there are some encouraging noises in this announcement.
"The well, believed to be the largest horizontal test completed in Poland to date, is important not only to ConocoPhillips and 3Legs, as a vital indicator of the commercial potential of the basin, but to the Polish shale industry as a whole."
The broker highlighted that the "all-important"
Polish Carpathians Niebieszczany-1 Well Test  Well testing in progress by the Operator PGNiG  Flow rates from two separate zones at 3,825-3,857m and 3,677-3,683m tested between 0.6 and 1 MMscf/d plus significant liquids  Flow rates currently constrained by well completion equipment  PGNiG considers the discoveries to be commercial and has proposed an appraisal well for 2012 subject to the final test results and the interpretation of two additional seismic profiles  Over 3,000 metres of Krosno and Transition section were encountered in the Niebieszczany-1 well with frequent oil and gas shows. The two well tests are believed to be representative of this greater interval, establishing a potentially significant resource play additional to the conventional prospects on the Block 33 Reservoir Quality in Carpathians  Analysis of Porosity v‟s Depth in the nearby Ukrainian part of the Carpathians suggests good preservation of porosity with depth  The higher the porosity the better the reservoir quality which improves recovery per well and overall recoverable resource
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