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3Legs Resources abandons Dabie-Laski project in Poland

3Legs Resources abandons Dabie-Laski project in Poland

3Legs Resources (LON:3LEG) has decided to relinquish the Dabie-Laski project in Poland and is currently “considering options” for the Bytom-Gliwice and Glinica-Psary concessions.

After interpreting the 2D and 3D seismic data from its three southern Poland concessions, 3Legs has concluded that it has “insufficient data to justify drilling a vertical test well” on Dabie-Laski within the timeframe specified in the licence.

The company has to drill one vertical well on each of the Bytom-Gliwice and Glinica-Psary projects by August 2013 or to relinquish them. Earlier this year, the company acquired 50 square kilometres of 3D seismic data at the two concessions.

“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,” said chief executive of 3Legs Peter Clutterbuck.

“We continue to evaluate new exploration opportunities which are capable of complementing our primary project in Poland's Baltic Basin.”

The company added that operations on its Baltic Basin concessions in northern Poland are proceeding as previously announced.

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