30th Apr 2014 15:32
(Correcting the share price quotation.)
LONDON (Alliance News) - Poland-focused oil and gas group 3Legs Resources PLC Wednesday said drilling of its Lublewo LEP-1ST1H lateral well, the third and final well in its 2013/14 drilling programme, commenced earlier this month and has now been cased and cemented ready for multi-stage fracture stimulation and tests in the third quarter.
In an operations update, the company said the total measured depth of the vertical pilot hole and Lublewo LEP-1ST1H sidetrack together stood at 4,477 metres. The lateral section was successfully placed within the company's primary target zone, the Sasino shale, for its entire length.
The fracking programme for the lateral well is currently being finalised and is expected to comprise 20 or more stages.
"We have successfully concluded the first phase of activity on the third and most critical well in our 2013/14 work programme and are one step closer to demonstrating the commercial potential of the Sasino formation, our primary shale target," Chief Executive Kamlesh Parmar said in a statement.
"We successfully landed the lateral section of over 1,500 metres within the Sasino horizon as planned, and we are now positioned to execute a multi-stage stimulation of the well. The well stimulation is expected to be 20 stages or more, following which the well will be put on test in the third quarter of the year," he added.
The stock closed at 24.41 pence Wednesday, up 0.41 pence or 1.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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