3Legs Resources plc, an independent oil and gas group focusing on the exploration and development of shale oil and gas resources in Poland, announced that is withdrawing from the Baltic Basin because of a lack of commercial prospects. 3Legs Resources does not feel confident that the flow rates from the Lublewo LEP-1ST1H lateral well operated by the company in the Baltic Basin are likely to improve to a level that it would consider commercially viable. Although the well produced higher amounts of oil than anticipated, natural gas production was lower than had been hoped.
The Lublewo LEP-1ST1H lateral well is the third and last well in the Company’s 2013/14 drilling programme. It is also the third lateral well, and the eighth well in all, to be drilled by 3Legs and ConocoPhillips in Poland’s Baltic Basin to date. 3Legs Resources is not currently conducting any other operations elsewhere and, moreover, has committed to its shareholders not to pursue other activities outside Poland.