3Legs Resources plc(the"Company"),an independent oil and gas group focusing on the exploration and development of unconventional oil and gas resources,announces the following corporate update.
Lublewo LEP-1 vertical well
Drilling operations commenced on our sixth well in the Baltic Basin,Lublewo LEP-1,on 13 December 2013 on our Lebork concession,at a location approximately 19 km to the northeast of our 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 our 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 our Karwia concession,has been secured and construction is at an advanced stage.This well is planned to provide further delineation of our 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 our primary target,the Sasino horizon,at both locations.
