NGE Notes: ConocoPhillips Optimistic on Baltic Basin

In a recent analyst conference call,  ConocoPhillips SVP Exploration and Production EVP, Matt Fox commented that the company was optimistic about its 500,000 acre position in Poland's Baltic Basin shale gas play.

"We’ve got one horizontal well drilling. We are learning things about how to optimize the completion. We’ve got more drilling plan in 2013 to test how the shale thickens as we move through the North and so we are hopeful that this will turn into an attractive unconventional development opportunity," said Fox.

"And we think this play really could work."

ConocoPhillips holds a 70 percent stake in three western Baltic Basin licenses in partnership with 3Legs Resources plc .

In November 2012, 3Legs announced that the Lebien LE-2H well showed flow rates as high as 780,000 standard cubic feet a day, up from a previous maximum of 520,000 cubic feet a day, following the removal of a nitrogen lift.