TIDMALBA
RNS Number : 0527O
Alba Mineral Resources PLC
30 September 2019
Alba Mineral Resources plc
("Alba" or the "Company")
Horse Hill-1 and Horse Hill-2/2z Operational Update
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, announces that it has been
informed by UK Oil & Gas Plc ("UKOG"), the majority owner of
Horse Hill Developments Limited ("HHDL"), the operator of Horse
Hill licences PEDL 137 and PEDL 246 in which Alba has an 11.765%
interest, of the following operational update:
- Drilling operations for the new Horse Hill-2/2z ("HH-2/2z")
Portland Sandstone well commenced ("spudded") on Sunday morning, 29
September.
- HH-2/2z, the first of two new horizontal wells in the field's
Portland oil pool, is designed to be retained as a future
production well, capable of delivering flow rates significantly
higher than the results obtained from the extended well test of the
HH-1 vertical Portland Sandstone discovery well.
- Following a planned extensive HH-2z production flow-testing
campaign, both the HH-2z Portland Sandstone well and the HH-1
Kimmeridge Limestone well are expected to be put into long term
production by the end of 2019.
- The HH-2 pilot, designed to acquire key geological data to
ensure the horizontal is correctly positioned within the Portland
Sandstone reservoir, will drill ahead in 12 1/4 " diameter hole
down to around 2,000 ft below surface and will then be cased back
to surface. Drilling of 8 1/2 " diameter hole and conventional
coring over the full vertical extent of the Portland Sandstone oil
pool will then follow.
- Upon reaching a total depth of approximately 3,000 ft, the
well will be electric logged and then plugged back in preparation
for the immediate start of HH-2z. The planned HH-2z trajectory, of
a total of approximately 5,800 ft from surface, will contain a
horizontal section of approximately 3,200 ft wholly within the
Portland Sandstone reservoir's most oil-productive zone.
- Following last Monday's shut-in, necessary to ensure safe rig
assembly, test production from the HH-1 Kimmeridge Limestone oil
pool was restarted on Saturday at initial half hourly rates of
between 302-473 bopd. Kimmeridge Limestone test production is
planned to continue throughout the drilling campaign.
- Further drilling and testing updates will be issued in due course.
George Frangeskides, Alba Executive Chairman, commented: "I am
pleased to report on the rapid operational progress that is being
made in this next phase of drilling at Horse Hill. We look forward
to providing further updates as the project moves forward towards
the goal of long-term commercial production by the end of
2019."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's or any third party's
ability to execute and implement future plans, and the occurrence
of unexpected events. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors.
Qualified Person's Statement
The technical information contained in this announcement has
been reviewed and approved by Feroz Sultan (B.Sc (Hons) Geology,
M.Sc, Petroleum and Structural Geology, Karachi and M.Sc Petroleum
Geology, Imperial College London), a petroleum geologist with over
45 years' experience in the management, exploration, development
and production of oil and gas.
Glossary
flow test or well test: a flow test or well test involves
testing a well by flowing hydrocarbons to surface, typically
through a test separator. Key measured parameters are oil and gas
flow rates, downhole pressure and surface pressure. The overall
objective is to identify the well's capacity to produce
hydrocarbons at a commercial flow rate.
horizontal well: a well that during drilling is steered so as to
follow and remain within a particular geological stratum or
reservoir unit having a trajectory that runs approximately parallel
to the top and or base of the target horizon
oil field: an accumulation, pool or group of pools of oil in the
subsurface that produces oil to surface.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3907 4297
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)
Sarah Hollins/Harriet Jackson/Henry Wilkinson +44 20 3004 9512
alba@yellowjerseypr.com
Alba's Project & Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 90%
----------- ----------
Clogau (gold) Wales 90%
----------- ----------
Inglefield (copper, cobalt,
gold) Greenland 100%
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Limerick (zinc-lead) Ireland 100%
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Melville Bay (iron ore) Greenland 51%
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TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Brockham (oil) England 5%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
Web: www.albamineralresources.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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