3Legs Resources Corporate Update

29 November 2011
3Legs Resources Corporate Update

3Legs Resources plc corporate update

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 corporate update.

Key points

Senior management appointment

  • Frances Morris-Jones has been engaged as Business Development Director with immediate effect
  • Previously Global Business Development Manager, Unconventional Resources at ConocoPhillips, where she was responsible for negotiating, closing and implementing the farm-in into 3Legs Resources' Baltic Basin concessions in 2009; and prior to that Vice-President, Renewal - Unconventional Gas at BP


Southern Poland concessions

  • Licence changes now agreed with the Polish authorities
  • Contract for acquisition of 2D and 3D seismic awarded to Acoustic Geophysical Services; survey now in progress


Senior management appointment

The Company has engaged Frances Morris-Jones in the new position of Business Development Director, with immediate effect. While the Company's primary strategy will continue to be the further de-risking and appraisal of its six Baltic Basin licences, the Business Development Director will have responsibility for screening, assessing and developing opportunities to complement the Company's core activity in the Baltic Basin, with a focus on unconventional oil and gas, as was outlined at the time of the Company's initial public offering in June 2011.

Prior to joining 3Legs Resources, Frances Morris-Jones acted as Global Business Development Manager, Unconventional Resources, at ConocoPhillips from 2008 to 2011. In that role, she was involved in negotiating, closing and implementing a number of transactions in Europe and Asia on behalf of ConocoPhillips including the farm-in into 3Legs Resources' Baltic Basin licences in 2009. Prior to joining ConocoPhillips, she spent over 25 years with BP, including latterly as Vice-President, Renewal - Unconventional Gas, where she was responsible for developing the Group's international unconventional gas strategy and led a multi-disciplinary team to screen, rank and assess new opportunities. Frances Morris-Jones is also a non-executive director of Det Norske Veritas, the global provider of services for managing risk, including to the energy and oil & gas sectors.

Southern Poland concessions

The Company has agreed changes to the terms of its three licences in Southern Poland with the Polish Ministry of Environment and licence amendments have been issued. These changes enable the Company to acquire approximately 70 km of 2D and approximately 50 sq km of 3D seismic data, to be followed by the drilling of an exploration well. The Company has awarded a contract for the seismic acquisition to Acoustic Geophysical Services and the survey is now well advanced. The Company then expects to drill one well on these licences in 2012.

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

"We are very pleased to welcome on board Frances Morris-Jones as Business Development Director. She brings with her a wealth of experience in unconventional oil and gas from her time spent with ConocoPhillips and with BP. She will be a valuable addition to the management team and will have an important role in the formulation and implementation of our strategy going forward, including in relation to our core asset in the Baltic Basin. Our primary focus remains the commercial development of the Baltic Basin where we are continuing to do further analysis on the results of our two recent wells and we are engaged in a planning process for the 2012 programme."