3Legs' Pull-out Another Blow for Polish Shale Efforts?
3Legs Resources announced it is in the best interest of its shareholder to exercise a one-time option to cease participation in activity on its three western Baltic Basin concessions.
‘The Company has concluded that it would be in the best interests of its shareholders to exercise this option, thereby capping its financial liability in relation to the three concessions; it has now exercised this option,’ 3Legs Resources wrote on its website on Wednesday.
San Leon confirmed its commitment to its Gdansk W concession, but betrayed some frustration.
‘While it is disappointing that commerciality has still to be proven in a Polish horizontal shale well, the Company notes that the hydrocarbon liquid:gas ratio in the Lublewo LEP-1ST1H well appears to be in excess of 10 times that in the Lewino-1G2 well. Since finishing testing Lewino-1G2 in January 2014, San Leon has believed that its liquid:gas ratio was at a desirable level, providing liquid sales potential whilst minimising any adverse effects on gas production,’ reads the note released by the Ireland-based company on Wednesday.