3Legs poised for third phase of testing of Lebien well

Independent oil and gas company 3Legs Resources has reported that preparations are under way for a third phase of testing at the Lebien LE-2H horizontal well in Poland.

Independent oil and gas company 3Legs Resources has reported that preparations are under way for a third phase of testing at the Lebien LE-2H horizontal well in Poland.

The company, which focuses on the exploration and development of unconventional oil and gas resources, said that the well had been drilled in the lower Ordovician horizon, and testing equipment had been mobilised to the location.

It said that testing would be expected to commence in the second half of May and it expected that the well would be flow-tested for 30 to 60 days.

The company said that preparations were also continuing for a single-stage hydraulic fracture stimulation on the Strzeszewo LE1 well, and equipment had begun to arrive on location. The target horizon for the stimulation is the Cambrian Alum shale, and operations were scheduled to commence within the next four weeks, 3 Legs said.

Kamlesh Parmar, Chief Executive Officer of 3Legs Resources, said: "We are very pleased that we will shortly be conducting a third phase of testing on the Ordovician horizon in the Lebien LE-2H well. We see this as an important further step in the ongoing appraisal of our western Baltic Basin concessions, which should provide a further indication of this well's reservoir potential."

He added: "The hydraulic frac stimulation of the Cambrian Alum shale at the Strzeszewo LE-1 well will also yield significant additional data on the potential of the high-graded area within our western Baltic Basin concessions, and will advance our understanding of the potential of the Cambrian Alum shale on our acreage. We look forward to analysing the results of these two operations and updating the market in due course."

MF

Recommended

Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021