6 Aug 2012 07:00
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-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