3Legs agrees new licence terms

Exploration and development firm 3Legs Resources has agreed changes to the terms of its three licences in Southern Poland with the Polish Ministry of Environment.

The changes enable the company to acquire about 70 kilometres (km) of two-dimensional (2D) and 50 square km of 3D seismic data, to be followed by the drilling of an exploration well.

The company has awarded a contract for the seismic acquisition to Acoustic Geophysical Services.

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Chief Executive Peter Clutterbuck said: "Our primary focus remains the commercial development of the Baltic Basin where we are continuing to do further analysis on the results of our two recent wells and we are engaged in a planning process for the 2012 programme."

The share price rose 3.17% to 65p by 14:34.

NR