3Legs Resources Share Discussion Threads

[hugepants] 24/4/2014 21:17

19th April 2014


...ConocoPhillips and partner 3Legs Resources plan to drill three new shale test wells this year. Two of those wells will be vertical tests, with a third test being a long lateral well. If successful it could provide a nice boost to ConocoPhillips in the future as the company has 354,000 net acres in the play and a 70% working interest in these exploration areas, as seen on the left-hand side of the following slide....

[hugepants] 09/4/2014 21:29

From finals; 3Legs had over 30p per share cash at end december 2013. And 20p per share remaining after the horizontal frac. So limited downside with potentilaly big upside.



...The cost of the 2013/14 committed work programme is approximately US$63 million gross, or approximately US$19 million net to the Group; based on the budget agreed with ConocoPhillips, we currently anticipate a Group cash position of approx. £17 million at end Q3 2014, equivalent to approximately 20 pence a share

[hugepants] 09/4/2014 21:27

It looks like this shower are getting ready to frac.

BNK Petroleum Inc. operations update
April 8, 2014


Poland

The fracture stimulation design for the first portion of the Gapowo B-1 well has been finalized, subcontractors have been selected and construction of surface equipment and water storage facilities are complete. The fracture stimulation equipment is currently being positioned while the Company awaits final approval of the completion portion of Plan Ruchu. The Company is hoping to receive the approved Plan Ruchu the week of April 14th, so that operations can commence....

[hugepants] 17/3/2014 09:56

March 14


Polish shale: This week saw further progress on the drafting of new Polish hydrocarbon law. Polish Prime Minister Donald Tusk has clearly taken an active role in overseeing changes in recent months that now reflect a more industry-friendly framework. This week, a draft industry bill went to Polish parliament proposing six year tax breaks for the shale industry in order to speed up development. The country is keen to lessen its reliance on Russian gas and the events in Ukraine have focused the attention. This is welcome news for sector constituents 3Legs Resources (LON:3LEG) and San Leon Energy (LON:SLE) that have active appraisal projects.

[hugepants] 10/3/2014 16:23

anyone know when BNK are scheduled to do the horizontal frac on the above well?

[hugepants] 25/2/2014 10:42

BNK have drilled their horizontal. Still to do the frac.

Feb 25 2014
BNK Petroleum Inc. - Successfully drills Polish horizontal well

[gwatson56] 15/2/2014 19:10

Thanks for 2mex over on SLE for highlighting this update from 3LEGs



Place your bets, suspect BNK will be first closely followed by SLE & 3LEGs. As data is shared I expect all prospects to show good gas flow. The question that we all want to know is do we have a commercial shale lateral. Answer end qtr 3 I reckon based on the link above.

[hugepants] 13/2/2014 16:30

Could get quite exciting here. BNK must be about finished drilling their horizontal well in the Baltic Basin.
hxxp://dalje.com/en-world/bnk-petroleum-upbeat-about-polish-shale/495351

[gwatson56] 01/2/2014 15:49

3 Legs ( Kamlesh Pumar, CEO ) gets a mention in the attached.

[rescuer] 27/1/2014 16:26

good to see you over here Mr Watson,

The horizontal doesn't start until later this year.

If it's non commercial then "they say", that cash will be returned to SH at 17p per share,

however they said the same last year and it was 36p per share to be returned.

Both Damille and Weiss (activists) have 15% each in the company and tried to force a return of cash last year, but didn't get the majority.

Could be a great news story 3legs,

I'm sitting it out at the mo, have a good position on SLE at under 4p.

GLA

[gwatson56] 27/1/2014 11:46

I think it is down to the positive RNS from SLE. Looks as if they have (UOS) cracked the code for the frack mixture re Poland and as 3LEG are in the same space the good news is shared. I took a position last week so am new to 3LEG.... suspect that even now the 3LEG acreage in Poland is worth a lot more since the SLE RNS.

[clarky5150] 27/1/2014 10:58

All this recent rise aagainst a heavily declining DOW and FTSE. Somethings up.

[philo124] 23/1/2014 11:10

Hold both.

[hugepants] 23/1/2014 11:08

Yes seems to be a realistic chance now that the horizontal well will be commercial. Its almost getting exciting here now.

[rescuer] 23/1/2014 10:07

great RNS from SLE today,

Lewino 1G2 Baltic Basin "in play",



Highlights

-- Sustained gas production rate of 45,000-60,000 standard cubic feet per day (scf/d) after 6 weeks of well clean-up, despite the well not yet being fully cleaned of frac fluid.

-- Using the data acquired SIGMA(3) Engineering (previously known as Apex) estimates a potential rate of 200,000-400,000 scf/d, based upon full clean-up of frac fluid. A commercial decision was taken to stop cleaning up the well (at a cost of $55,000 per day due to coiled tubing and nitrogen lift), as all necessary data has been acquired for planning a long offset horizontal well with a full multi-staged frac programme. Based upon the well performace it is estimated that several more months' flow is likely to be needed for full clean up.

-- Condensate yield of around 20 barrels per mmscf improves overall economic potential of the play.

-- Based on the results, a long horizontal well with multi-staged frac will now be drilled and tested as soon as possible - subject to permitting, rig availability and planning with technical partners.

-- Flow rates are believed to have been achieved relying only on the highly successful frac 3 in the upper Ordovician, leaving considerable upside for future stimulation of the entire Ordovician.

-- One of the key learnings of the vertical frac programme was that it is likely the entire Ordovician interval can be stimulated with a properly-planned frac design. This will be targeted with each frac in the upcoming horizontal well and will be invaluable in future commercial production in our concessions.

-- In the US, horizontal wells typically yield 7-30 times the production rate and recovery of vertical wells in the same formation, especially after optimisation and learning

[clarky5150] 21/1/2014 08:17

Is there life in the wonky donkey yet? Hope so. Never heard on a dead 3 legged cat bounce.

[hugepants] 19/1/2014 18:29

Poland's Top Fracker Predicts Commercial Gas Flows in 2014
By Marek Strzelecki Jan 15, 2014




..."Regulations have been very rigid and it's improving now and I think it'll improve more in the near future," McKee said. "The industry will have some very good news in the next few weeks or next few months, we perform many jobs and we're seeing gas flow."

United Oilfield Services provided fracking, which blasts open rock with water and chemicals to free natural gas and oil, to explorers including San Leon Energy Plc, PKN Orlen SA and 3Legs Resources Plc (3LEG) and its partner ConocoPhillips....

[hugepants] 16/1/2014 16:19

If the BNK well is commercial I think these shares will rocket! Surprised the shares haven't moved higher.

[hugepants] 16/1/2014 10:58

From the SLE thread. BNK drilling a horizontal now in Baltic Basin.
hxxp://www.bnkpetroleum.com/en/


Witheco
16 Jan'14 - 10:39 - 3546 of 3548 0 0

Section on Poland, Source BNK Operations Update 15th Jan 14.

Poland

In Poland, the Company has initiated the drilling of the horizontal lateral with the re-entry of the Gapowo B-1 well, which is expected to take about 30 days to drill. The well is targeting the over-pressured, gas charged, organic-rich shales that were encountered in the vertical Gapowo B-1 well.

While drilling the vertical well, the average and maximum total gas readings were much higher than those seen in the Company's other Baltic Basin wells. The analysis of the log and core data leads the Company to believe that the Lower Silurian and Ordovician shales are highly prospective for shale gas as the shales have good total organic carbon, porosities and permeability's. The Company's geological work indicates that these characteristics are likely to extend over a significant portion of the Company's Baltic Basin acreage.

The Company plans to fracture stimulate seven of the available stages and evaluate the flowback prior to fracture stimulating the rest of the lateral. This two step approach will provide data to further optimize the fracture design prior to continuing the stimulation along the lateral section.

The Company, as well as Esrey Energy Ltd., have increased their ownership in Saponis Investments Sp. z o.o. ("Saponis") by acquiring the interests of the other two Saponis shareholders on a pro-rata basis. The Company now holds a 57.04% interest in Saponis up from the original 26.7%. The consideration for the acquisition is the assumption of the future obligations of the selling shareholders in Saponis on a pro-rata basis.

[bracke] 15/1/2014 16:53

rescuer

Not being 'blue' I am unable to reply to your message using the message service. I apologise to this thread for the off topic.

I wish you well with the trade and follow your 620 trendline.

I would expect a retrace to 603. If that fails to support then down to 580.

The hourly MACD suggests it is 'stretched' hence my thought of a retrace.

The daily MACD suggests further upside so be careful.

[rescuer] 10/1/2014 16:42

this from the SLE thread,

Boston, MA -- (SBWIRE) -- 01/09/2014 -- Although we still expect shale gas to start contributing to Poland's gas output from 2019, below-ground and above-ground challenges in shale gas extraction have led us to downgrade our forecasts of the rate of gas production growth in Poland. The future of its shale gas production within the decade will also be highly dependent on the industry's reception and assessment of the risks and rewards offered by a pending shale gas law that is being drafted at the time of writing.

The main trends and developments we highlight for Poland's oil and gas sector are:

- Undeterred by the Polish Geological Institute (PGI)'s downward revision of its recoverable shale gas estimates - to 0.346-0.768trn cubic metres (tcm) - Poland is sticking to Prime Minister Donald Tusk's late 2014/early 2015 schedule for the commercial production of shale gas. However, we believe that the commercial production of shale gas in unlikely to occur before 2019, as Poland's significant belowground challenges to shale gas extraction are made known from early exploration efforts. While shale gas exploration thus far has presented a mixed picture, there has been encouraging signs from shale gas exploration in the past few months, from Lane Energy's Lebien LE-2H well in Northern Poland and San Leon Energy's Lewino-1G2 well, where the highest hydraulic fracture pump rate outside of the US was recorded.
- However, we maintain that the 2015 targeted date is an overly optimistic projection. The exit from Poland of important players such as ExxonMobil, Marathon Oil and Talisman Energy due to disappointing results, the mixed exploratory results and the uncertain regulatory regime to date will likely push back the commencement of large-scale commercial production. We therefore remain cautiously optimistic with regards to Poland's shale gas prospects and expect shale gas to have a real impact on total output from 2019 onwards

just to highlight:

there has been encouraging signs from shale gas exploration in the past few months, from Lane Energy's Lebien LE-2H well in Northern Poland and San Leon Energy's Lewino-1G2 well, where the highest hydraulic fracture pump rate outside of the US was recorded.

[hugepants] 03/1/2014 11:03

Should at least get some news this month on the first vertical well.

Also an update due shortly from San Leon on Lewino-1G2

Sounds quite encouraging so far;


Executive Chairman, Oisin Fanning, commented:

"The behaviour of the well during these fracture treatments and throughout the subsequent initial clean-up period has far exceeded expectations, and we look forward to finishing the clean up after running the well completion, and to the subsequent flow testing."

[rescuer] 30/12/2013 11:39

agreed :-)

r

[hugepants] 29/12/2013 22:21

rescuer, The november update says £17M left after the 3 drills. That's 20p per share! There also surely has to be the possibility that if the 2 verticals are hopeless, and if the SLE results in the Baltic Basin are also rubbish, they will just give up and wont bother with the long lateral well. Im sure even Conoco won't be happy to keep throwing money away on a wild goose chase.