1 Aug 2014 07:00
For Immediate Release
1 August 2014
3Legs Resources plc
Operations update
3Legs Resources plc ('3Legs' or 'the Company'), an independent oil and gas group focusing on the exploration and development of unconventional oil and gas resources in Poland, announces the following operations update.
Highlights:
Baltic Basin: Lublewo LEP-1ST1H lateral well
· Multi-stage stimulation has now been successfully completed as planned.
· Stimulation comprised 25 stages using a high quality white sand proppant; 7.7 million lbs of proppant delivered over the 25 stages.
· The Company believes this is the largest multi-stage shale stimulation executed to date in Poland.
· The well is now being prepared for clean-up and testing, due to commence shortly.
Operations update
The multi-stage stimulation of the Lublewo LEP-1ST1H lateral well was commenced on 15 July and has now been successfully completed, in accordance with plan. The programme comprised 25 stages and was executed across 1,469 metres out of the available 1,495 metres of lateral section. This compares with the Lebien LE-2H well, the last lateral well drilled by 3Legs which also targeted the Sasino shale horizon, where a 1,000 metre lateral section was stimulated in 2011 with a 13-stage programme.
Approximately 310,000 lbs of high quality white sand were used per stage, equivalent to some 7.7 million lbs over the 25 stages of the stimulation. This compares with 220,000 lbs of sand per stage, or 2.9 million lbs in total, used in the Lebien LE-2H well in 2011. The fluid used was a cross-linked gel, as compared with a slickwater fluid which was used on the Lebien LE-2H well in 2011. The use of a cross-linked gel was designed to reduce the amount of fluid required per stage, while maximising proppant delivery.
The stimulation programme - believed to be the largest multi-stage shale stimulation executed to date in Poland - incorporated the extensive learnings that 3Legs and ConocoPhillips have acquired since first commencing shale drilling operations in Poland's Baltic Basin, in 2010. Over that period, the two companies have drilled a total of eight wells in the basin targeting two different shale horizons, including three long length lateral wells, and they have executed stimulation programmes on six of these wells.
The well is now being prepared for clean-up and long term testing, due to commence shortly, when further announcements will be made.
Kamlesh Parmar, Chief Executive of 3Legs Resources,said:
"We are now into the final phase of our 2013/14 drilling programme, namely the stimulation and testing of our long lateral section at the Lublewo LEP-1ST1H well. We are confident that we have incorporated all the available learnings we have acquired to date into the design and execution of the stimulation programme, and that we have taken all steps to ensure that the forthcoming well test has every chance of success. We are pleased to be continuing to implement our 2013/14 drilling programme on time and as announced last November, and we look forward to sharing further news with the market 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 | ||
Graham Hertrich | ||
Northland Capital Partners | Tel: | +44 207 382 1100 |
Louis Castro | ||
Matthew Johnson | ||
FTI Consulting | Tel: | +44 207 831 3113 |
Oliver Winters | ||
Shannon Brushe |
Notes to Editors
3Legs Resources plc is an independent oil and gas group focused on the exploration and development of unconventional oil and gas resources. 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 technical information and opinions contained in this announcement have been reviewed by Christie Ward Schultz (BSc in Petroleum Engineering, Texas Tech University), Engineering Manager of 3Legs Resources plc, who has over 14 years of experience in the oil exploration and production industry. She has consented to the inclusion herein of such technical information and opinions.
www.3legsresources.com