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.
Recommended Reading
Deep Well Services, CNX Launch JV AutoSep Technologies
2024-04-25 - AutoSep Technologies, a joint venture between Deep Well Services and CNX Resources, will provide automated conventional flowback operations to the oil and gas industry.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.