Poland: ConocoPhillips Passes on 3Legs Eastern Concessions

3Legs Resources plc. has advised that ConocoPhillips did not give notice to exercise its option to take a 70% interest in the three eastern Baltic Basin concessions in northern Poland, prior to the expiry of the option on 30 September 2012.

The company commented that the move had been anticipated, as the acreage considered to be most prospective for further exploration,by reason of the thickness of the target formations and reservoir rock properties are situated on its western concessions, over which ConocoPhillips had already exercised its option.

Peter Clutterbuck, Chief Executive of 3Legs Resources, said:

"ConocoPhillips' decision not to exercise its option on our three eastern Baltic Basin concessions is consistent with our own strategy of high-grading our acreage and focusing our activity on those areas which we believe offer most potential. We are firmly focused on prioritising and further de-risking the considerable areas that offer the most prospectivity in our Baltic Basin acreage, which are situated on our western concessions."

The company will be considering its options carefully before engaging in any operations on its eastern concessions.

In updating operations on its western Baltic Basin concessions, 3Legs reported that testing equipment has been mobilised to the Lebien location, where further testing is due to commence imminently on the Lebien LE-2H horizontal well. Rig mobilization for the Strzeszewo LE-1H vertical well is continuing and the well is expected to spud within the next week.