3Legs Resources sheds its last Polish shale gas concessions

British energy company 3Legs Resources has sold its last shale gas concessions in Poland to Sweden's Stena Group, making it the latest in a series of foreign investors to back out of Polish shale gas, which has failed to live up to its initial promise, according to Reuters.

Other firms pulling out of Polish shale gas have included Total, Marathon Oil, Talisman Energy, and Exxon Mobil.  

Reuters noted that, earlier this year, 3Legs backed out of its three shale gas concessions in northern Poland, after test drilling did not yield satisfactory results. The company said that the last three permits, in the eastern part of the onshore Baltic Basin, would be sold to a unit of Stena Group for 0.5 million euros ($625,400).

Reuters says that Chevron and ConocoPhillips are still operating in Polish shale gas, along with a number of independents and Polish energy firms.

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