7 Nov 2012 07:00
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 3½ 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