3Legs Resources: ConocoPhillips options lapse, mulls options


3Legs Resources: ConocoPhillips options lapse, mulls options


LONDON -- 3Legs Resources, an independent oil and gas group focusing on the exploration and development of unconventional oil and gas, said that, as anticipated, ConocoPhillips didn't give notice to exercise its option to take a 70% interest in the three eastern Baltic Basin concessions in northern Poland, prior to expiry on September 30.

Group considers it’s drilling and seismic operations to date have increased the probability of success in this most prospective acreage, as compared to assessments made at the time of its initial public offering in June 2011.

Testing equipment has been mobilized to the Lebien location, where further testing is due to start imminently on the Lebien LE-2H horizontal well. Rig mobilization for the Strzeszewo LE-1H vertical well is continuing and the well is expected to spud within the next week.

Dow Jones Newswires

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