3Legs Resources plc Work programme: update March 2014
Why Poland Promising acreage we maintain that our Baltic Basin concessions represent some of the most prospective shale acreage in onshore Poland Promising results gas flowed to surface and flared from all 4 wells on our 3 western…
Supportive political environment Recent new appointments of Minister of Environment and Chief Geologist Industry concerns on planned regulatory reforms are being heard: NOKE (vehicle for state participation in private sector E&P…
3Legs drilling activity, 2010-2013 Activity on 3Legs concessions 2010 2 vertical wells drilled, Lebien LE-1 and Strzeszewo LE-1 30km Legowo LE-1 2011 Drilled the first 2 horizontal shale gas Lebien LE1 & LE-2H wells in Poland,…
2013/14 programme - introduction Drilling of two new vertical wells, Lublewo LEP-1 and Slawoszyno LEP-1 (both now concluded) Further improve understanding of our two target formations in our high graded area, including depth, thickness…
2013/14 programme current status Lublewo vertical well - drilled Slawoszyno LEP-1 Lublewo LEP-1 Drilling, coring and logging concluded in Karwia January 2014 TVD of 2924m Strzeszewo LE-1 141m of 4 core taken across the lower…
Applying knowledge gained to date Manage formation sensitivity to water to maximise productivity from target formations Use improved mud system in the shale horizons in future wells Based on core analysis to date Completion designs…
High-graded area: Sasino isopach map graded area 3Legs high- Source: 3Legs Resources Ongoing core analysis confirms our geological interpretation to date, which shows our high graded area for the Sasino and Piasnica zones…
High-graded area: Piasnica isopach map graded area 3Legs high- Source: 3Legs Resources 3Legs estimates the Piasnica (or Cambrian Alum) formation to have over 15 metres of thickness across its high-graded area; it was not…
Peer activity will also generate newsflow Activity by two other operators in the basin may also generate relevant data: BNK has drilled a long lateral well at Gapowo and has announced plans to carry out a stimulation and test San Leon…
US analogy still an important reminder Shows well performance can improve significantly as appraisal stage progresses Average production rates by year Average reserves per well by year Fayetteville shale Fayetteville shale 5,104…
Indicative timetable and cost Planned activity to Q3 2014 Western Baltic Basin concessions 2013 2014 Group cash balances Activity Q4 Q1 Q2 Q3 Q4 of 26.8m at 31 Dec Strz esz ewo LE-1 2013. DFIT/frac/testing No debt Lublewo LEP-1…
Conclusion 3Legs is maintaining its strategy of focusing on our western Baltic Basin concessions 3Legs believes that the 2013/14 programme is the optimum way to unlock, quickly and efficiently, the long term potential of the…
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