Alba Mineral Resources PLC Brockham Update (3653J)
March 29 2018 - 2:00AM
UK Regulatory
TIDMALBA
RNS Number : 3653J
Alba Mineral Resources PLC
29 March 2018
Alba Mineral Resources plc
("Alba" or "the Company")
Conventional Production Resumed
From Brockham Oil Field
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, is pleased to announce that
the Operator, Angus Energy, has confirmed the resumption of
continuous production from the Portland Reservoir of the BR-X2Y
well at Brockham.
The Operator has advised that:
- The Brockham Oil Field has resumed production at 21 bopd but
that it expects this flow rate to increase to roughly 35 bopd
within approximately 7 days, once initial water slugging has
stopped;
- It will resume routine exportation of all production this quarter;
- A natural decline of the production rates is expected over time; and
- All operations are performed through conventional production.
There will be no hydraulic fracturing or "fracking".
BR-X4 Update
Subsequent to the RNS of 25 October 2017, the Operator has
advised that it has submitted, without prejudice, the normalisation
application for the continued surface activities of the production
plant required for well BR-X4 (and its inclusive component
BR-X4Z).
The Operator has further advised that it has determined, given
the now published administrative schedule of Surrey County Council
("SCC"), that it is in the best interests of all stakeholders to
wait for SCC to complete its process. An update will be provided to
the market in due course.
The Operator has confirmed that all other prior guidance for the
Brockham Oil Field remains unchanged.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Yellow Jersey PR (Financial PR/ IR)
Tim Thompson / Sophia Macleod / Henry Wilkinson +44 77 1071 8649
alba@yellowjerseypr.com
Alba's Principal Operations & Investments
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds an 18.1 per cent
interest in Horse Hill Developments Limited, the company which has
a 65 per cent participating interest and operatorship of the Horse
Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK
Weald Basin.
Brockham (Oil & Gas, UK): Alba has a direct 5 per cent
interest in Production Licence 235, which comprises the previously
producing onshore Brockham Oil Field.
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest
in the Amitsoq Graphite Project in Southern Greenland and has an
option over the remaining 10 per cent.
Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent
of mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Gold Mines of Wales (Gold, Wales, UK): Alba holds a 49 per cent
interest in Gold Mines of Wales, the ultimate owner of the Clogau
Gold project situated in the Dolgellau Gold Belt in Wales.
Inglefield Land (Multi-Commodity, Greenland): Alba owns 100 per
cent of mineral exploration licences 2017/40 and 2018/15 in
north-west Greenland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Web: www.albamineralresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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