3Legs Resources Update : News from McNeill.org.uk

3Legs Resources Update

06 August 2012
3Legs Resources Update

3Legs Resources plc corporate update

3Legs Resources plc (the "Company"), an independent oil and gas group focusing on the exploration and development of unconventional oil and gas, announces the following corporate and operational update.

Key points

Southern Poland concessions

  • As already contemplated, the Company has decided to relinquish the Dabie-Laski concession; it is continuing to consider options for its Bytom-Gliwice and Glinica-Psary concessions

Southern Poland concessions

The Company has completed interpreting the 2D and 3D seismic data acquired and processed earlier this year on its three southern Poland concessions, and has also acquired additional legacy seismic and well data in the area of the concessions. Following a review of the seismic and well data in its possession the Company has concluded, as it had already contemplated doing, that it has insufficient data to justify drilling a vertical test well on its Dabie-Laski concession within the timeframe specified in its licence. The Company will therefore relinquish the concession. The Dabie-Laski concession measures 895 sq km (221,000 acres), gross and net.

The Company is continuing to consider its options for its Bytom-Gliwice and Glinica-Psary concessions, which are the location for the 50 sq km of 3D seismic data acquired earlier this year. The Company has an obligation under its licence terms to drill one vertical well on each of these two concessions by August 2013, or to relinquish the concessions. The Bytom-Gliwice and Glinica-Psary concessions measure 584 sq km (184,000 acres) and 1,038 sq km (256,000 acres) respectively, gross and net.

Operations on the Company's Baltic Basin concessions in northern Poland are proceeding as previously announced.

Peter Clutterbuck, Chief Executive of 3Legs Resources, said:

"Relinquishing the Dabie-Laski concession is consistent with our strategy of high-grading our exploration opportunities and focusing our activity on those areas which we believe offer most potential. We continue to evaluate new exploration opportunities which are capable of complementing our primary project in Poland's Baltic Basin."