21 Jun 2011 07:00
For Immediate Release
June 21 2011
3Legs Resources plc
Drilling of Łebień LE-2H 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
·; Łebień LE-2H horizontal well drilled and cased
·; High gas saturations encountered throughout the horizontal section
·; Well being made ready for extensive well stimulation programme scheduled for Q3 2011
The Company has drilled and cased the Łebień LE-2H horizontal well, drilled from the same location as its earlier Łebień LE-1 vertical test well. Drilled to a total measured depth of 4,080 metres, the Łebień LE-2H well includes a horizontal section of approximately 1,000 metres, which was successfully placed within a 5 metre target zone within the organic-rich lower Palaeozoic shales. The well encountered high gas saturations throughout the horizontal section.
Logging of the horizontal section has been carried out and the well has been cased to surface. Data from the well supports the Company's existing regional geological interpretation.
The Łebień LE-2H well will shortly be made ready for an extensive well stimulation programme, scheduled to take place in the third quarter of 2011, following which the well will be put on test. The drilling rig, which will not be required for the well stimulation and test programme, will now move to a new location for the Company's Warblino LE-2H horizontal well on its Damnica licence, scheduled to spud in the third quarter of 2011.
Peter Clutterbuck, Chief Executive of 3Legs Resources, said:
"We are pleased to have finalised the drilling and casing of our first horizontal well which is, to the best of our knowledge, the first horizontal shale gas well to be drilled in Poland."
"We are very encouraged by the excellent gas shows encountered while drilling this horizontal well and we look forward to the results of the well stimulation and test programme later this year."
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 exploration and prospection 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 40 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