Alba Mineral Resources PLC Independent Assessment of Horse Hill-1 Well (3078P)
June 05 2015 - 1:00AM
UK Regulatory
TIDMALBA
RNS Number : 3078P
Alba Mineral Resources PLC
05 June 2015
5 June 2015
Alba Mineral Resources plc
("ALBA" or the "Company")
Independent Assessment of Horse Hill-1 Well
Alba Mineral Resources plc (LSE AIM: ALBA) announces that
Schlumberger, one of the leading suppliers of technology,
integrated project management and information solutions to
customers working in the global oil and gas industry, has
independently assessed the petrophysics of Horse Hill-1 well
("HH-1"), located in PEDL137 in the Weald basin near to London
Gatwick Airport. ALBA has a net attributable interest of 6.5% in
PEDL137.
The report, entitled Petrophysical Evaluation of the Horse
Hill-1 Well, estimates an overall Oil in Place ("OIP") for the
Jurassic section of the well to be 271.4 million barrels of oil
("MMBO") per square mile. The total OIP comprises 16.2 MMBO per
square mile for the conventional Upper Portland Sand reservoir
discovery and 255.2 MMBO per square mile solely for the tight
limestone and mudstone plays of the Kimmeridge, Oxford Clay and
Lias. The OIP hydrocarbon volumes estimated should not be construed
as recoverable resources or reserves.
The report, which is addressed to UK Oil & Gas Investments
PLC ("UKOG"), is available on UKOG's website www.ukogplc.com.
Michael Nott, ALBA's CEO, commented:
"This independent technical viewpoint adds further weight to the
potential significance of the HH-1 well and the potential of the
Horse Hill licences."
ALBA's interest in Horse Hill:
The Horse Hill-1 well is located within onshore exploration
Licence PEDL137, on the northern side of the Weald Basin near
Gatwick Airport. ALBA owns a 10% direct interest in Horse Hill
Developments Ltd ("HHDL"). HHDL is a special purpose company that
owns a 65% participating interest and is the operator of licence
PEDL137 and the adjacent licence PEDL246 in the UK Weald Basin. The
remaining 35% participating interests in the PEDL137 and PEDL246
licences are held by Magellan Petroleum Corporation.
Qualified Person's Statement:
Stephen Sanderson, UKOG's CEO, who has over 30 years of relevant
experience in the oil industry, has approved the information
contained in this announcement on behalf of Alba. Mr Sanderson is a
Fellow of the Geological Society of London and is an active member
of the American Association of Petroleum Geologists.
Schlumberger is acting exclusively for UKOG and for no one else
in connection with the subject matter of this announcement and will
not be responsible to anyone other than UKOG in connection
therewith. No person or company other than UKOG may directly or
indirectly rely upon the contents of its report. Schlumberger is
acting in an advisory capacity only and, to the fullest extent
permitted by law, disclaims all liability for actions or losses
derived from any actual or purported reliance on its report (or any
other statements or opinions of Schlumberger) by any person or
entity other than UKOG.
Restoration of trading
Restoration of trading in the Company's shares is scheduled for
today, 5 June 2015.
Enquiries:
Alba Mineral Resources
plc
Michael Nott, CEO +44 20 3696 4616
Cairn Financial Advisers
LLP
Avi Robinson / James Caithie +44 20 7148 7900
Dowgate Capital Stockbrokers
Limited
Jason Robertson / Neil
Badger +44 1293 517744
Glossary:
conventional a play where oil is found or expected
oil play to be present within a conventional
reservoir. The term can be applied
to a play where the trapped petroleum
is defined by a discovered discrete
petroleum accumulation or play related
to localized geological structural
features and/or stratigraphic condition,
typically with the accumulation
bounded by a downdip contact with
an aquifer, and which is significantly
affected by hydrodynamic influences
such as the buoyancy of petroleum
in water.
-------------- ---------------------------------------------
conventional a reservoir normally with an average
reservoir permeability exceeding 1 milliDarcy.
-------------- ---------------------------------------------
discovery a discovery is a petroleum accumulation
for which one or several exploratory
wells have established through testing,
sampling and/or logging the existence
of a significant quantity of potentially
moveable hydrocarbons
-------------- ---------------------------------------------
limestone a sedimentary rock predominantly
composed of calcite (a crystalline
mineral form of calcium carbonate)
of organic, chemical or detrital
origin. Minor amounts of dolomite,
chert and clay are common in limestones.
Chalk is a form of fine-grained
limestone.
-------------- ---------------------------------------------
mudstone an extremely fine-grained sedimentary
rock consisting of a mixture of
predominantly clay plus silt-sized
particles.
-------------- ---------------------------------------------
oil initially the quantity of oil or petroleum
in place or that is estimated to exist originally
oil in place in naturally occurring accumulations
before any extraction or production
-------------- ---------------------------------------------
play a set of known or postulated oil
and or gas accumulations sharing
similar geologic, geographic, and
temporal properties, such as source
rock, migration pathways, timing,
trapping mechanism, and hydrocarbon
type
-------------- ---------------------------------------------
recoverable those quantities of petroleum (oil
resources in this case) estimated, as of a
given date, to be potentially recoverable
from known accumulations
-------------- ---------------------------------------------
reserves those quantities of petroleum anticipated
to be commercially recoverable by
application of development projects
to known accumulations from a given
date forward under defined conditions;
reserves must further satisfy four
criteria: they must be discovered,
recoverable, commercial and remaining
(as of the evaluation date) based
on the development project(s) applied;
reserves are further categorized
in accordance with the level of
certainty associated with the estimates
and may be sub-classified based
on project maturity and/or characterised
by development and production status
-------------- ---------------------------------------------
reservoir a subsurface rock formation containing
an individual natural accumulation
of moveable petroleum.
-------------- ---------------------------------------------
tight oil a play where oil is found or expected
play to be present within a reservoir
with low permeability i.e. a tight
reservoir. The term in the case
of HH-1, is applied to a play where
trapped petroleum accumulations
are expected to be pervasive throughout
a large area and that are not significantly
affected by hydrodynamic influences
(also called "continuous-type deposits").
-------------- ---------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLEAPKLEAASEFF
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Jul 2023 to Jul 2024