ConocoPhillips Acts on Baltic Basin Ownership Option

ConocoPhillips will take over ownership, along with a 70 percent equity interest, of three western Baltic Basin concessions currently operated by 3Legs Resources, according to a statement posted on 3Legs Resources website Tuesday.

The two companies conducted joint evaluation activities on the western Baltic Basin concessions, which include Damnica, Lębork and Karwia.

Plans for the company's three eastern Baltic Basin concessions -- Cedry Wielkie, Stegna and Godkowo -- are still under consideration but could be divested into a new legal entity retained by 3Legs Resources under the same terms as the existing Joint Evaluation Agreement that would provide ConocoPhillips the option to acquire 70 percent interest in the three eastern concessions before Sept. 30, 2012.

"We are very pleased that ConocoPhillips has exercised its call option in respect of our three western concessions in the Baltic Basin. Our objective all along has been to see ConocoPhillips exercise this option and this decision represents a very satisfactory conclusion to almost three years of cooperation in the exploration and appraisal of the Baltic Basin shales," said 3Legs Resources CEO Peter Clutterbuck. "During that period 3Legs Resources as operator has drilled a total of four wells in the Baltic Basin shale play and has safely and successfully drilled, fracKed and tested the first two horizontal shale gas wells in Poland. We enjoy an excellent working relationship with ConocoPhillips, which will now move into a new phase as operatorship of the three western concessions passes to ConocoPhillips."

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