18 Jul 2011 07:00
For Immediate Release
July 18 2011
3Legs Resources plc
Spudding of Warblino LE-1H horizontal well
3Legs Resources plc (the "Company"), a company focussed on the exploration and development of unconventional oil and gas resources with a particular focus on shale gas in Europe,announces the following drilling update.
Highlights
·; Warblino LE-1H well spudded; vertical pilot well followed by horizontal section
·; 25 km step-out from recent Lebien LE-2H horizontal well
On 17 July 2011 the Company spudded the Warblino LE-1H well on its Damnica licence, at a location approximately 25 km to the west of its recent Lebien LE-2H horizontal well on the Lebork licence. The Warblino LE-1H well will be drilled initially as a vertical pilot well to enable detailed core and log analysis of the target lower Palaeozoic shales. The well will then be plugged back and a lateral horizontal section will be drilled. The Company is working with the same drilling contractor as for its Lebien LE-2H horizontal well.
Peter Clutterbuck, Chief Executive of 3Legs Resources, said:
"We have now spudded the fourth well in our programmes on the Baltic Basin licenses, which will be, to the best of our knowledge, the second horizontal shale gas well to be drilled in Poland."
"This well represents a 25 km step-out from our recent Lebien LE-2H horizontal well and we anticipate that it will significantly advance our understanding of the regional geology and its potential for shale hydrocarbons."
For further information contact:
3Legs Resources plc | Tel: | +44 1624 811 611 |
Peter Clutterbuck, Chief Executive Officer | ||
Alexander Fraser, Chief Financial Officer | ||
Jefferies International Limited | Tel: | +44 207 029 8000 |
Chris Snoxall | ||
Alex Grant | ||
| ||
College Hill | Tel: | +44 207 457 2020 |
Simon Whitehead | ||
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 Silurian and Ordovician organic-rich black shales. 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