ConocoPhillips lets Poland shale option lapse

Lapsed: ConocoPhillips lets Poland option expire

Robert Judycki/FX Energy

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Luke Johnson

 02 October 2012 18:08 GMT

US giant ConocoPhillips will not exercise its option to take over as operator with a 70% stake in three concessions in Poland's Baltic basin, current operator 3Legs Resources said on Tuesday.

The UK-based operator said ConocoPhillips "did not give notice" by the 30 September expiry date, but that the decision was "anticipated".

The news could raise further questions about Poland's shale prospects, coming weeks after ExxonMobil said it planned to return two of its six shale-gas exploration licenses after saying earlier that it had no more plans to drill for shale in the country.

The three concessions in the ConocoPhillips-3Lugs deal - Cedry Wielkie, Stegna and Godkowo - lie to the east of the city of Gdansk in a contiguous block…

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