Poland: 3Legs Relinquishes Shale Gas Concession

Poland-focused 3Legs Resources has said that it is relinquished the Dabie-Laski concession, a Southern Polish licence area prospective for shale gas, due to what it sees as a lack of potential on the concession.

In addition, the company announced in a statement today, it is considering relinquishing two further Southern Polish shale concessions, the Bytom-Gliwice and Glinica-Psary concessions. 

3Legs says it came to a decision on the Dabie-Laski concession after reviewing 2D and 3D seismic data as well as legacy seismic and well data on all three concessions in Southern Poland. Upon reviewing the Dabie-Laski concession, the company concluded that it had "insufficient data to justify drilling a vertical test well on its Dabie-Laski concession within the time-frame specified in its licence." As such, it decided to relinquish the licence.

The company is now considering its options for the Bytom-Gliwice and Glinica-Psary concessions, where the company is obligated to drill one well for each concession under the terms of each's licences. A well must be drilled on each of these licences by August 2013 or else 3Legs will be obligated to relinquish those licences also.

3Legs said today that the relinquishing of the licences was necessary to ensure its focus remained on areas with the most potential.

"Relinquishing the Dabie-Laski concession is consistent with our strategy of high-grading our exploration opportunities and focusing our activity on those areas which we believe offer most potential," CEO of 3Legs Resources Peter Clutterbuck said. "We continue to evaluate new exploration opportunities which are capable of complementing our primary project in Poland's Baltic Basin."