3Legs Resources Plc has concluded the sale of its entire interest in its three eastern Baltic Basin concessions to a subsidiary of Stena AB for about $623,830. The sale was implemented by way of a transfer of 3Legs’ entire shareholding in its Polish subsidiary Lane Energy Exploration.
The company’s three eastern Baltic Basin concessions measure 578,000 acres in total. 3Legs acquired about 50 sq km (19 sq miles) of 3-D seismic on the Cedry Wielkie concession, the westernmost of its three concessions, and then drilled one well—Legowo LE-1—in 2010 on that concession. The company subsequently prioritized its three western Baltic Basin concessions for further operations and no further field operations were carried out on its eastern concessions. The Legowo LE-1 well was plugged and abandoned in 2013.
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