3Legs Updates European Shale Activities

3Legs announced the following operational update.

Key points

  • Lebien LE-2H
    • The initial testing phase is now concluded
    • The well achieved its objectives of a sustained gas production rate and data gathering to advance the Company's understanding of the reservoir
    • Natural gas flowed with the aid of nitrogen lift at an initial unstabilized rate of 2,200 mscf/d on September 8, declining to 500 mscf/d on September 13.
    • A tubing string was added on September 17, and the well continued to flow with the aid of a nitrogen lift to recover frac water, with natural gas recommencing flow at an initial rate of approximately 380 mscf/d
    • The well has continued to flow with the aid of the nitrogen lift at a net natural gas rate of approximately 450-520 mscf/d up to 25 September
    • The well is now in the process of being shut in pending further analysis
    • Depending on the results of further analysis the well may be further flow tested
  • Warblino LE-1H
    • Vertical pilot well drilled to TD of 3,222 meters with extensive coring and logging programs
    • In addition to the intervals completed at Lebien LE-1 and Lebien LE-2H, this well encountered a separate deeper interval
    • The well was sidetracked to drill a horizontal borehole in this deeper interval
    • After drilling a 1,246 meter horizontal lateral of shale with strong gas shows, and just prior to reaching planned total depth, the well encountered hole stability issues
    • A sidetrack was then initiated to redrill the same section
    • The new lateral was drilled to 3,844 meters (measured depth) with a 500 meter horizontal section. This was a shorter horizontal section than originally planned so as to reduce the risk of encountering hole problems
    • Well will shortly be made ready for well stimulation program and test in due course

Lebien LE-2H horizontal well

Following its announcement on September 8, 2011 regarding the commencement of testing of the Lebien LE-2H horizontal well, the initial testing phase on this well is now concluded. The hydraulic fracture program was successfully executed as planned. The well started to flow natural gas at an initial unstabilized rate of 2,200 mscf/d on September 8 with the aid of a coil tubing unit and nitrogen lift. On September 17, the well was completed with a tubing string to allow testing for a longer duration. The well continued to produce frac water back with the aid of a nitrogen lift and at the same time commenced flowing natural gas at an initial rate of approximately 380 mscf/d.

Since then the well has continued to dewater with the aid of the nitrogen lift and the natural gas flow rate has been between 450 and 520 mscf/d as at September 25. As at September 25, 15% of the frac fluid had been recovered. The well is now in the process of being shut in pending further analysis, with the option to conduct additional production testing at a later date using lower cost solutions.

The well had two key objectives: firstly, to achieve a sustained gas production rate, and secondly to gather critical data for drilling and stimulation design for future wells. The Company is very pleased that the well has achieved both of these objectives.

The entire frac and test program in this well was accomplished without HSE incidents.

Warblino LE-1H horizontal well

Drilling is progressing on the Warblino LE-1H horizontal well, which is at a location approximately 25 km to the west of the Company's Lebien LE-2H well.

The Warblino LE-1H well was drilled initially as a vertical pilot well to a total vertical depth of approximately 3,222 meters. Some 134 meters of wireline core and a further 50 sidewall cores were taken over 75 meters of additional interval. An extensive set of logs was also run.

Preliminary analysis of the logs and extensive other data indicates that a prospective deeper interval has been identified.

Following drilling of the vertical wellbore, the well was plugged back as planned and a horizontal section of approximately 1,246 meters was drilled in this deeper interval, staying within the upper 5 meters of the formation for virtually the entire length of the lateral. Gas shows were encountered throughout this interval. Just prior to reaching the planned lateral length, the well encountered hole stability issues, and it was decided to redrill this lateral. The new lateral was drilled to 3,844 meters measured depth with a 500 meter horizontal section. This was a shorter horizontal section than planned so as to reduce the risk of encountering hole further stability issues.

The well will shortly be made ready for an extensive well stimulation program, following which the well will be put on test, scheduled for later this year.

Peter Clutterbuck, Chief Executive of 3Legs Resources, said, "We are delighted to have successfully executed the multi-stage hydraulic fracture stimulation along the lateral section of the Lebien LE-2H well and achieved encouraging natural gas flow-rates. Our interpretation of logs conducted after the frac operation indicates that the frac propagated to a portion of the reservoir in each of the 13 stages, but not to all of the reservoir. We will be reviewing frac designs with the intention of improving frac performance on future wells. This well has provided us with invaluable information do to this and to improve reservoir deliverability.

Our objectives with this well were to achieve a sustained gas production rate, and to gather data to further understand the reservoir. We are very pleased to have achieved both these objectives on our first attempt.

We are encouraged by the characteristics of the new shale interval we have encountered in the Warblino LE-1H horizontal well and believe this represents a promising additional target in the basin. We look forward to the test results of this well program, scheduled for later this year. This deeper horizon, while always a key objective of the program, was not included in the Competent Persons Report prior to IPO as it had not been penetrated in either of our two wells drilled prior to that date."

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