3Legs: Commercially Viable Shale-Gas Wells in Poland in Two Years

Peter Clutterbuck, Chief Executive of 3Legs Resources Plc, says that the shale-gas explorer will be able to show that its wells in Poland are commercially viable in 1 1/2 to 2 years,

3Legs’s six shale-gas exploration licenses in the Baltic basin in northern Poland cover as much as 4.8 trillion cubic meters of gas, Clutterbuck told  Bloomberg. The company has three more licenses for smaller reserves in the south of Poland near the city of Krakow, he said.

3Legs is in the midst of an the initial public offering on London’s AIM market.

“What we’re doing now is using the funds raised from the IPO to further explore this region,” Clutterbuck said. “ So far nobody has proved a commercial discovery, but there is an expectation in the industry that this is likely to happen.”

Source: Bloomberg