3Legs Resources plc, an independent oil and gas group focusing on the exploration and development of unconventional oil and gas resources, announces the following corporate update.
Sale of German concessions
◾ Completed an agreement with Rose Petroleum plc for the sale of our 100% interest in our two German concessions, in exchange for a 2% royalty and a contribution of €400,000 towards back costs.
◾ The two licences were renewed for terms of two years each on 20 December 2013.
Lublewo LEP-1 vertical well
◾ Drilling of this well has reached a total depth of 2,924 metres in the Cambrian horizon; some 141 metres of full-diameter core have been recovered from the well and a comprehensive set of logs has been run.