3Legs Resources plc, an independent oil and gas group focusing on the exploration and development of unconventional oil and gas resources, has named Kamlesh Parmar as CEO.
Parmar has been with 3Legs since its inception in 2007 and has previously held the position of Group Commercial Director and Poland Country Manager.
Parmar is one of the four members of the Management Board of OPPPW, the Polish upstream oil and gas industry association. He is currently a director of the 3Legs group of companies, as well as Darley Energy Poland Sp. z o.o., Darley Energy Plc, Tapar Limited and Tapar (PF) Limited. Within the last 5 years, he was previously a director at Castleford Mining plc and Cowley Mining plc.
Parmar currently holds 3,411,916 shares representing 4.02% of the issued share capital of the company.
Peter Clutterbuck, outgoing CEO, has informed 3Legs of his intention to resign his position as a director and CEO of 3Legs, in order to pursue other business interests.
Jefferies International Ltd. analysts view the change positively. “Parmar has been an integral part of the company since inception, managing all activities in Poland and we view this change positively and expect a smooth transition,” they noted.
According to the analysts, 3Legs now plans to focus its attention on the western area of their concessions in Poland where ConocoPhillips exercised its option to take a 70% working interest and where 3Legs remains at 30%. The plan is to drill one vertical well in 2012 (currently drilling) and at least two vertical wells in 2013, along with the testing program on the existing wells drilled in 2011.
According to reports from IHS CERA, of all the nations in Europe, Poland may have the greatest potential for shale gas development.
Poland has issued close to 60 exploration concessions to foreign and domestic companies, including US oil majors ExxonMobil, Chevron, and ConocoPhillips, to explore for gas in the country's Silurian and Ordovician shales, which run from the onshore Baltic Basin in northern Poland to the Podlasie and Lublin basins in southeastern Poland.
The technical team has also been strengthened with the appointment of John Blair as exploration manager. US-based Blair has extensive experience in North American unconventional resource plays.
The company is also in the process of looking for an additional non-executive director.