3Legs Resources Share Discussion Threads

[linksdean] 26/8/2014 10:55

from xrated lse yesterday.........
23:24 25/08/2014 [xrated] Links
Spot on as usual, 3 legs is a winner for Sle . 12/13% fluid and 1 mil df is about right + oil .one might expect5/6+ plus per day. It's looking like those numbers. Genel is looking good, they must be near zone 1 , In the lap of the gods, who knows? If it's a hit, we could valued at 2 pounds a share. We own 1.2 mil acres adjacent to 3 legs, the price tag on Sle is mind boggling You are right on the money, it's a dream time for Sle, however Genel may not have a hit, so don't bet on it. If they hit, then we will zoom.

[linksdean] 25/8/2014 18:34

gw..with 12/14 odd % taken out still just under half to go..but its looking good..gas and condensate( defined by smoke)..exciting isn't the word as 3legs deserves this with all their hard work..why not be the first with commercial production and a shed load of condensate to boot..the energy sector watches!atb..links

[gwatson56] 24/8/2014 22:25

Its a waiting game now, still the company appears very upbeat having used 3,500 tonnes of sand for 25 fracks. I am still of the view that Conoco Phillips hold the cards as the principle partner and I suspect there is a 'lock down' re newsflow. This point was I think re-enforced by SLE's use of a freelancer's picture of the flaring well in a recent presentation. I am like most who are long waiting with baited breath with fingers crossed.... we know the gas is in place, we do not know if a sustained commercial level of extraction is possible. Not long (weeks)to wait...............

[linksdean] 22/8/2014 22:06

this is gunna happen..links

[loglorry1] 22/8/2014 12:10

The flare pics are very important. If whoever took them before can take some more and tweet them that would be very useful so we could compare the size/color of the flare.

Log

[aimshare] 22/8/2014 09:56

and there's another confirmation, guys, of what's soon to be announced, coming from another source. 3leg, bnk, san leon, they all share the information on their developments.


'3legs/Conaco-Phillips look like they have a good result, based on whispers SLE have heard and from the flairing.
OF was particularly pleased that you could see black smoke from the flaring, suggesting a good quantity of condensate as well as gas.
OF expects an announcement from 3legs fairly soon, within the next few weeks, maybe sooner.'


condensate as well as gas increases the value and improves the economics of this lateral even more. this is going to be commercial and a far far higher flow rate than the market expects imo. and san leon reckon it will be within the next few weeks. winner all the way imo.

[linksdean] 22/8/2014 09:19

from Gerry of sle thread who went to sle presentation last night..mentions 3 legs..
I attended the Proactive Investors presentation last night where OF was presenting on behalf of San Leon.
OF was in upbeat form and appeared confident about the future for SLE, of course everyone who presents these is 'selling' their story, so his up beat confidence needs to be taken in context.
Here are some of the things he said (some were after the presentation).
BNK had technical problems with their horizontal frac in the Baltic basin, they did 18 fracs and missed the target in 9 of them. OF believes that they are getting flow from only one or two of the zones, but it is a good flow rate.
3legs/Conaco-Phillips look like they have a good result, based on whispers SLE have heard and from the flairing. OF was particularly pleased that you could see black smoke from the flaring, suggesting a good quantity of condensate as well as gas.
OF expects an announcement from 3legs fairly soon, within the next few weeks, maybe sooner.

[aimshare] 21/8/2014 20:04

the news will be better than good imo. as pointed out before.

under the radar at the mo. many want to wait for results but they've got to announce them within 5 or 6 weeks to remain on schedule for end of q3 and they announced that they are working to schedule. hardly any shares in issue, majority held by major holders and directors, so when the demand starts on the announced flow test results or on a leak of them before that, they'll be hard to get in quantity and a lot more expensive. they won't be under the radar for long imo.

now it's only 5 weeks. the cfo couldn't spell it out clearer for those who wanted to take note and take the risk. risk is minimal with 25 successful stimulation stages, which is more than ten times greater than bnk's performance and only priced just above cash. winner.

[loglorry1] 21/8/2014 18:51

volume pitiful though.

[the book of wisdom] 21/8/2014 17:26

If these news was so good and so big, this share would not trade at 25p but 250p......

[barnold] 21/8/2014 17:11

nice rise today - any news in the pipeline I wonder?
I've only jumped aboard recently with a small stake, but nice to see something go up for a change.

[loglorry1] 19/8/2014 14:04

tnx got it now

[gwatson56] 19/8/2014 12:23

Hi loglorry1, I believe pictures have already been posted showing a flare.... You need to look back in the posts (believe also posted on LSE and II). Information from 3Leg's will need to be passed by Conoco Phillips prior to issuance so I suspect 3Leg's are chomping at the bit to enlighten us of the cleanup / flow rates but will have to hold off (also an RNS costs). Also suspect the Polish govt are in the mix as if it is as good as we all hope then any mention of commerciality will need to be managed by all stakeholders. My guess in mid Sept (via cleared RNS) for the next update, with a full news release in line with the next CP quarterly update end October.

[loglorry1] 19/8/2014 11:16

Bit of volume today and price back up to 25p.

Does anyone know if any gas produced in the flow test will be flared? I assumed it would and if so and on land this could mean someone could spot the action as it happens. I think a similar situation happened at GKP where the large flare let the cat out of the bag.

Anyone close to the site see anything?

Log

[aimshare] 18/8/2014 21:43

guys, the cfo has spelled it out. they already know what it has been flowing at and he's stated they're potentially on the threshhold of a very significant result for 3leg and poland and especially as they normally understate their proceedings. this lateral will be commercial imo. two successful stimulation stages at bnk's lateral flowed between 200k cuft and 400k cuft. there are 25 successful stimulation stages here which will flow millions of cuft a day imo. 25 of them ! that wozniac prediction in 2009 was pretty much on target if the flow rates here are as good as I think they're going to be. multi tcfs of gas here imo, I agree with the cfo. winner.

[linksdean] 18/8/2014 18:56

If the 430 million-year-old Silurian shale that stretches through Poland proves to be "an economic resource," 48 trillion cubic feet (1.4 trillion cubic meters) of gas could be recovered over decades, according to Rhodri Thomas, a project adviser at Wood Mackenzie Ltd. in Edinburgh. That much gas would sell for more than $240 billion at current futures prices.

ConocoPhillips has an option to develop as many as 1 million acres in the Silurian shale under an exploration agreement with Warsaw-based Lane Energy, the U.S. company said in a Sept. 9 presentation to investors. The companies plan to drill the first well near the northern Polish town of Lebork, said Kamlesh Parmar, country manager at Lane Energy.

"
Pending a favourable result at Lublewo, the company would look to roll out a pilot development programme which could lead to hundreds of wells. "I'd say multi-TCF potential," Fraser said."

[linksdean] 18/8/2014 18:55

Poland 'Bubbles Up' as Marathon Target for Next Shale-Gas Boom


By Katarzyna Klimasinska - December 9, 2009 01:00 EST





Dec. 9 (Bloomberg) -- ConocoPhillips and Marathon Oil Corp. are betting that Poland, which gets half of its natural gas from Russia, can yield a development boom in shale formations like those that drove a jump in U.S. output of the heating fuel.

The third- and fourth-biggest U.S. oil companies obtained exploration licenses this year covering hundreds of thousands of acres in Poland. The country, which imports 72 percent of its gas, could become an exporter of the fuel, said Maciej Wozniak, chief adviser on energy security to Prime Minister Donald Tusk.

"Everything leads to a conclusion that in four or five years, and this is how much time we have to prepare for this, Poland will become a place with quite a lot of gas," Wozniak said in a telephone interview.

Shale developments, where rock formations are fractured and injected with water and sand to release trapped fuel, account for about 15 percent of U.S. gas output, according to Oklahoma City-based Chesapeake Energy Corp. After successes in the U.S., producers such as Houston-based Marathon seek to exploit similar geological formations around the world.

"We looked at a number of countries in Europe and through Asia," Marathon Executive Vice President David Roberts told investors in a Nov. 19 presentation after the company obtained its license. "Poland bubbled up to the top of our list."

Russia Reliance

Shale projects contributed to a drop in U.S. gas prices from a 2008 high of $13.69 per million British thermal units to a 2009 average of about $4.06.

Successful drilling wouldn't end Poland's reliance on Moscow-based OAO Gazprom, which disrupted gas supplies to 20 European nations in January on a price dispute with Ukraine. Poland's gas-distribution monopoly, Polskie Gornictwo Naftowe i Gazownictwo SA, agreed Nov. 3 to contract with Gazprom for almost three-fourths of its gas until 2037. The deal is pending approval by governments of both countries.

"It would have no choice but to pay the price agreed to in the contract even if the price on the cash market falls due to additional supplies from the shale formations," said Vince Kaminski, an adjunct professor at Rice University in Houston and former risk-management director at Enron Corp.

Gas discoveries could enhance energy security for Poland and neighboring countries such as the Czech Republic and Slovakia. Polskie Gornictwo, based in Warsaw, cut sales to the nation's largest refiner, PKN Orlen SA, and the biggest fertilizer maker, Zaklady Azotowe Pulawy SA, after the Russian-Ukrainian conflict left Poland with limited supplies.

Energy Security

"Increasing natural-gas production in Poland, especially in such a sustainable way, is very important for us," Wozniak said. "Given our situation and the problems we had over the last years with securing stable supply on the gas market in the country, this initiative is particularly valuable."

Polish shale gas is "a long way off" from having a "serious" impact, Gazprom said in a statement. Long-term contracts are needed for gas users to secure supplies and for producers to finance infrastructure projects, the company said.

Polskie Gornictwo, which produces about 4.1 billion cubic meters of gas a year in Poland, plans to drill in shale formations with Marathon and Chevron Corp., said Piotr Gliniak, the company's exploration director. It may turn out that Polish shale formations have too much water to tap using techniques currently employed in the U.S., he said.

"It seems to me that at the moment, the foreign companies are a bit too optimistic about what may be found in Poland," Gliniak said.

Silurian Shale

Representatives of Marathon and ConocoPhillips of Houston declined to comment for this article.

If the 430 million-year-old Silurian shale that stretches through Poland proves to be "an economic resource," 48 trillion cubic feet (1.4 trillion cubic meters) of gas could be recovered over decades, according to Rhodri Thomas, a project adviser at Wood Mackenzie Ltd. in Edinburgh. That much gas would sell for more than $240 billion at current futures prices.

ConocoPhillips has an option to develop as many as 1 million acres in the Silurian shale under an exploration agreement with Warsaw-based Lane Energy, the U.S. company said in a Sept. 9 presentation to investors. The companies plan to drill the first well near the northern Polish town of Lebork, said Kamlesh Parmar, country manager at Lane Energy.

Parmar said the concession area has all the geological attributes, including a thick and organically rich rock formation, to become a successful shale-gas development.

[linksdean] 18/8/2014 18:54

Written by shannon.brushe on 11/08/2014. Posted in Company News


Appearing on ProactiveInvestors Stocktube programme, 3Legs CFO Alex Fraser explained the implications of the latest tests at the Lublewo LEP-1ST1H well, saying:


"This is really a very significant well and we're potentially on the threshold of a very significant result both for us and for Poland."

Having already drilled multiple horizontal wells successfully to date, Fraser said the current well is a result of significant learnings that have been in place to drill what is believed to be one of the biggest horizontal wells drilled in Poland to date.


"We feel we've accumulated a lot of knowledge and we're looking to get a good response from the well as a result."

Fraser clarified that the company is still in the exploration phase and is working toward demonstrating a commercial-grade discovery. Pending a favourable result at Lublewo, the company would look to roll out a pilot development programme which could lead to hundreds of wells. "I'd say multi-TCF potential," Fraser said.

[liam wilson] 18/8/2014 06:15

San Leon Energy (LON:SLE) Interest rising in Polish shale industry - 3LEG, SLE
- Today, 6:14 AM

The Polish shale industry and juniors working in it came under the spotlight last week. The area gained further interest by a positive operational update f - 3LEG, SLE

[linksdean] 16/8/2014 21:42

gw..yes I believe it will flow more..if you look at bnks 200k/400k on 2 fracs..3legs have 25x this each frac was successful..so your 5mmcfd could be spot on..we wait and see mate..good luck to you too our time is coming as change is on its way..atb links

[kooba] 16/8/2014 13:32

Re-hashhttp://www.proactiveinvestors.co.uk/companies/market_reports/71348/oil-column-interest-rising-in-polish-shale-industry-0000.html

[gwatson56] 16/8/2014 12:25

Hi Links, a tad quieter here on the 3LEG's boards. Tks for that, re the 1.5mmcfd I am sure this well will exceed this flow rate given time to cleanup. Been dipping my toe in on this of late (as well as SLE). I do think someone must be paying some (or perhaps one with multiple alias's) of the posters over on SLE as it smacks of an interested party seeking to stop PI's buying (I take a contrary view). A lot more civilised over here, keep up the good research and I am sure given time you will reap your reward come year end.

[linksdean] 16/8/2014 12:13

3Legs Lublewo well result significant for whole Polish shale industry - broker

By Giles Gwinnett

August 15 2014, 12:50pm
3Legs said the operations to bring the well into test production have gone very smoothly and it was delighted to see the well has flowed from the beginning without assistance
3Legs said the operations to bring the well into test production have gone very smoothly and it was delighted to see the well has flowed from the beginning without assistance


Rising interest in the Polish shale industry was bolstered again today (Friday) by a positive operational update from junior oil and gas explorer 3Legs Resources (LON:3LEG).

Its Lublewo well in the Baltic basin in the north of the country has been successfully cleaned up and is now on long term flow test to assess the level of hydrocarbons present.

The well continues to flow back frack fluid and hydrocarbons, and as of Thursday (August 14) around 12% of the frac fluid originally injected had been recovered, the company said.

3Legs said the operations to bring the well into test production have gone very smoothly and it was delighted to see the well has flowed from the beginning without assistance.

It comes after the largest multi-stage fracking programme in Poland to date, which saw the firm, working alongside Conoco Philips, sink eight wells and frack six of them.

Today's news is positive for other shale firms in the area, such as San Leon Energy (LON:SLE), something highlighted by SLE's house broker finnCap today, as the company is targeting the same geology.

"Good results for 3legs should therefore be viewed as positive for SLE and vice versa," said analyst Dougie Youngson, who has a price target of 15p.

San Leon is a significant player in the polish market, with 50 licences in the Baltic basin - considered to be the one with the most potential - alone.

Shares flew last month when it unveiled a joint venture agreement in Poland that will see the oil and gas junior receive US$20mln in upfront payments and be carried for a work programme at two fields.

Under the deal, Palomar Natural Resources, founded by John Buggenhagen, former exploration director of San Leon, and Robert Price, will take 65% stakes in the Siekierki and Rawicz gas fields.

The explorer will also be carried "for a defined initial work programme" aimed at bringing these two fields, in the country's southern and northern Permian basins, into production as soon as possible.

Broker Northland said today's 3Legs announcement was highly significant.

"Whilst far from conclusive there are some encouraging noises in this announcement.

"The well, believed to be the largest horizontal test completed in Poland to date, is important not only to ConocoPhillips and 3Legs, as a vital indicator of the commercial potential of the basin, but to the Polish shale industry as a whole."

The broker highlighted that the "all-important" flow rate over the next month or so will help determine the potential of the concession.

"A commercial flow rate could be anything above 1.5mmcfd," he said, given further optimisation work and data expected to results from this well.

Northland reckons for the investor the company offers a "uniquely low risk" entry into a possibly game changing and late-stage opportunity and repeats a 'buy' rating and 79p price target.

3Legs shares were unchanged today at 22.75p.

[ceteris paribus] 15/8/2014 15:17

Additionally remember the Horizontal section. In this area gas will fill the top section of the pipe, whilst the bottom section will be water. This in effect will reduce the area that the gas needs to flow into the vertical section. In practice, a driller will always tilt the Horizontal section to steeper than 90deg to aid this process. That's why the design and shale thickness is so important.