06/08/2009 – In August 2009, 3Legs Resources plc subsidiary Lane Energy Poland Sp.z.o.o. entered into an agreement with global energy company ConocoPhillips, under which the parties will jointly evaluate the potential of Lane Energy Poland’s six Baltic Basin licences covering an area of ~1 million acres (approximately 4,000 square kilometres).
ConocoPhillips will fund an initial shale gas exploration programme of seismic and drilling. A 3D seismic programme was commenced in July 2009 and the parties intend to spud a first well in 1Q 2010. Lane Energy Poland will act as operator on the initial phase. ConocoPhillips will have the right to acquire a majority equity interest in the concessions.
The Lane Energy Poland agreement with ConocoPhillips represents a landmark transaction for the 3Legs Resources Group, which it believes will enable it to maximise the potential of its Baltic Basin licences.
Any queries should be directed to:
Kamlesh Parmar or Alexander Fraser
tel: +44 1624 811 611