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30 Aug 2011 07:00
For Immediate Release
30 August 2011
3Legs Resources plc
Operations on Lebien 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 operational update.
Highlights
·; Completion of 13-stage hydraulic fracture stimulation programme on Lebien LE-2H horizontal well
·; Well now being prepared for testing
·; Operations continuing on Warblino LE-1H
Following its announcement in June 2011 regarding the drilling of the Lebien LE-2H horizontal well, the Company has now completed a 13-stage hydraulic fracture stimulation programme on this well, working with Schlumberger as its principal completion services provider. The frac programme was executed using the 'plug and perf' method and was carried out in full compliance with all applicable health, safety and environmental requirements.
Following conclusion of the frac programme, the well is being prepared for testing, which may include flaring of natural gas.
The hydraulic fracture treatment on the Lebien LE-2H well is believed to be the first multi-stage hydraulic frac stimulation of a horizontal shale gas well in Poland and consequently represents a further milestone in the evaluation of the hydrocarbon potential of the lower Palaeozoic shales in the Polish Baltic Basin.
Operations are continuing on the Company's Warblino LE-1H horizontal well and an announcement relating to this well is expected to be made shortly.
Peter Clutterbuck, Chief Executive of 3Legs Resources, said:
"We are pleased to have successfully completed the multi-stage hydraulic fracture treatment of the Lebien LE-2H well as planned. This was, to the best of our knowledge, the first multi-stage hydraulic fracture treatment of a horizontal shale gas well in Poland.
We look forward to the results of the well test programme later this year. The results of this well have the potential to advance significantly our understanding of the shale gas potential of the lower Palaeozoic shales in the Polish 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 International Limited | Tel: | +44 207 029 8000 |
Chris Snoxall | ||
Alex Grant | ||
| ||
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
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