3Legs Resources plc has concluded the sale of its entire interest in its three eastern Baltic Basin concessions to a subsidiary of Stena AB (the 'Stena Group') for €500,000. The sale was implemented by way of a transfer of 3Legs' entire shareholding in its Polish subsidiary Lane Energy Exploration Sp. z o.o. €470,000 of the purchase price was paid on signature and the balance of €30,000 will be payable at the beginning of February 2015.
The Company's three eastern Baltic Basin concessions measure some 2,338 sq km (578,000 acres) in total. The Company acquired approximately 50 sq km of 3D seismic on the Cedry Wielkie concession, the westernmost of its three eastern Baltic Basin concessions, and then drilled one well, the Legowo LE-1 vertical well, in 2010 on that concession. The Company subsequently prioritised its three western Baltic Basin concessions for further operations and as a result no further field operations were carried out on its eastern concessions. The Legowo LE-1 well was plugged and abandoned in 2013.