Last 24.00 GBp
Change Today 0.00 / 0.00%
Volume 1.8K
3LEG On Other Exchanges
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3legs resources plc (3LEG) Snapshot

Open
24.00 GBp
Previous Close
24.00 GBp
Day High
24.00 GBp
Day Low
24.00 GBp
52 Week High
04/19/13 - 32.50 GBp
52 Week Low
12/5/13 - 20.00 GBp
Market Cap
20.4M
Average Volume 10 Days
13.8K
EPS TTM
-0.05 GBp
Shares Outstanding
84.9M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for 3LEGS RESOURCES PLC (3LEG)

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3legs resources plc (3LEG) Details

3Legs Resources plc, an independent oil and gas company, engaged in the exploration, evaluation, and development of unconventional oil and gas resources, primarily shale gas in Europe. Its principal exploration asset is its interest in 6 concessions covering approximately 1,084,000 acres gross in the onshore Baltic Basin region of northern Poland. The company was founded in 2007 and is based in Ramsey, Isle of Man.

Founded in 2007

3legs resources plc (3LEG) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: 73.0K GBP
Compensation as of Fiscal Year 2012.

3legs resources plc (3LEG) Key Developments

3Legs Resources plc Reports Consolidated Earnings Results for the Year Ended December 31, 2013

3Legs Resources plc reported consolidated earnings results for the year ended December 31, 2013. For the year, the company reported operating loss of £3,577,000 against £6,202,000 a year ago. Loss before tax was £4,307,000 against £6,029,000 a year ago. Loss for the year attributable to equity holders of the parent was £4,307,000 against £6,030,000 a year ago. Basic and diluted loss per share was 0.05 pence against 0.07 pence a year ago. Net cash outflow from operating activities was £2,783,000 against £4,863,000 a year ago. Purchase of intangible exploration and evaluation assets was £40,000 against £1,807,000 a year ago. The Group recorded a net loss after tax which is attributable in part to: share of JV losses of £0.9 million, foreign exchange losses on the translation of foreign currency cash balances of £0.6 million; non-capitalised exploration expenses of £0.5 million; the impairment of the Group's interest in its German concessions of £0.1 million; and the impairment of a loan to Cowley Mining plc of £0.2 million.

3Legs Resources plc Announces Operations Update

3Legs Resources plc announced the drilling of the Slawoszyno LEP-1 vertical well, the second well in previously-announced 2013/14 drilling programme, was commenced on February 15, 2014 and has now been completed. The well was drilled to 2,819 metres true vertical depth into the Middle Cambrian interval. An extensive suite of logs has been run on the well over the Lower Silurian, Ordovician, and Upper Cambrian intervals and these logs are now undergoing processing and analysis. Preliminary analysis of the logs confirms earlier modeling of the Piasnica and Sasino formations across the northern portions of western Baltic Basin concessions, and hence the extent of the high-graded area which the company previously identified. While the precise thicknesses of the two formations will be determined following final processing and analysis of the logs, the log data indicate that the Slawoszyno LEP-1 well encountered a Sasino section of similar thickness to that seen in the Strzeszewo LE-1 vertical well, and a Piasnica horizon which is slightly thinner than the same formation encountered at the Strzeszewo LE-1 vertical well; in both cases, this confirms earlier modelling. The well has been cased, cemented and temporarily suspended at intermediate casing depth, and the rig has been released. Following a review of the data gathered from both the Lublewo LEP-1 and the Slawoszyno LEP-1 wells, and of the 2D seismic recently acquired in the Lublewo area, the company agreed with ConocoPhillips to select the Lublewo LEP-1 well as the location for the planned long lateral well, which is the third well in the 2013/14 drilling programme. The lateral well, which is expected to measure 1,600 metres in length, will target the Sasino formation and will be drilled by way of side-track from the existing Lublewo LEP-1 well. The necessary permits have now been obtained for drilling the planned lateral well, Lublewo LEP-1ST1H, and the rig is in the process of being mobilised from the Slawoszyno LEP-1 well to the Lublewo location. All other steps are underway for drilling of the lateral well to commence on time. Preparations are also on-going for the planned stimulation and test programme for this new lateral well. Log and core data from the Lublewo LEP-1 and the Slawoszyno LEP-1 wells are being used to refine the completion design, and the stimulation programme is expected to involve 20 stages or more.

3Legs Resources plc Provides Drilling Update

3Legs Resources plc announced the following corporate update. Lublewo LEP-1 vertical well: Drilling operations commenced on the company's sixth well in the Baltic Basin, Lublewo LEP-1, on 13 December 2013 on the company's Lebork concession, at a location approximately 19 km to the northeast of the company's Lebien LE-2H horizontal well drilled in 2011. As at 15 December this new well had reached a depth of 550 metres. This vertical exploration well location was selected to target a thicker net pay in the Sasino (or Ordovician O3) horizon, and potentially to provide a kick-off point for the long lateral well planned for 2014. The well will be drilled as a vertical well and is planned to be extensively cored and logged for the purposes of analysis. The drilling, coring and logging operations are expected to be concluded by the end of January 2014. Strzeszewo LE-1 vertical well: A single-stage hydraulic fracture stimulation was successfully executed in the targeted Sasino shale in December 2013, following on from the stimulation and test of the Piasnica (or Cambrian Alum) shale in the same well earlier in the year. This stimulation used a cross-linked gel fluid and delivered in excess of 300,000 pounds of proppant through a single cluster stage in the vertical wellbore. The design of this programme is intended to help calibrate the completion programme to be used on the company's long lateral well planned to be drilled in the second quarter of 2014. A post-frac evaluation carried out on the well indicates that the proppant was successfully delivered into the target formation. The well has now been shut in and flow-testing is expected to commence before the end of December. 2013/14 drilling programme: Other preparations for the 2013/14 drilling programme are proceeding as planned. The location for the second vertical well in the programme, Slawoszyno LEP-1 on the company's Karwia concession, has been secured and construction is at an advanced stage. This well is planned to provide further delineation of the company's focus area and potentially an alternative kick-off point for the long lateral well planned for the second quarter of 2014. Drilling of the Slawoszyno LEP-1 well is expected to commence in the first quarter of 2014, immediately following the conclusion of drilling operations on the Lublewo LEP-1 well. Drilling of the well is expected to be followed in turn by the drilling of the planned long lateral well. A decision on the location for the planned long lateral well will be made following an evaluation of the company's primary target, the Sasino horizon, at both locations. The planned acquisition of 67 km of 2D seismic data on the company's Lebork concession has commenced and is expected to be concluded in January 2014, to be followed by processing and interpretation. This seismic programme, together with data gathered from the Lublewo LEP-1 and Slawoszyno LEP-1 vertical wells and the results of the planned long lateral well, will assist in the placement of the company's next lateral well and ultimately will assist in the location and implementation of any future pilot development programme.

 

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