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3Legs Resources to launch pilot development of Polish shale gas deposits in two years


2012-03-11



3Legs Resources, a British exploration group focused on unconventional hydrocarbon projects, expects to start pilot development of its shale gas reserves in Lebien (Pomorskie voivodship) in a couple of years and full-scale development in five or seven years, CEO Peter Clutterbuck told Bloomberg. In his view, the economics of shale gas development in Poland are "very good" and may prove better than in the United States even despite higher well costs, due to gas prices that are four times higher in Poland.

Mr. Clutterbuck said the company was "extremely pleased" with the results of its first test well in Poland. The results of the second well have been disappointing but the reasons are still being examined with a view to putting it back on track. 3Legs Resources is also preparing to drill on another concession in southern Poland.



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