Poland-focused unconventional oil and gas firm 3Legs Resources has sold off its German interests to Rose Petroleum.
The firm said it had sold its 100% interest in the two German concessions – the licences were renewed for two years each on December 20, 2013 – in return for 2% royalty and £330,000 towards back costs.
“We are pleased to announce the disposal of our interest in our German licences while at the same time retaining an interest in any future upside from these concessions,” said chief executive Kamlesh Parmar.
“The transaction is consistent with the strategy we announced at the time of our last AGM, and demonstrates our commitment to focusing our resources on our most important project, namely our Polish Baltic Basin concessions.”
He said the firm was making good progress on its 2014 drilling programme.
“The drilling of the Lublewo LEP-1 well is an important first step in this programme and the extensive core and log data we have acquired will be invaluable for fine-tuning the strategy for our long lateral well planned for later this year,” added Mr Parmar.
Rose said the licences, which cover two onshore areas in southwest Germany, had potential for shale oil and gas finds alongside the conventional oil finds already located in the region.
“Fortunately, as the licenses appear to have both conventional and unconventional targets, this will allow us to progress the conventional plays until the regulatory environment becomes clearer on unconventional plays,” said Rose chief executive Matthew Idiens.
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