Alba Mineral Resources PLC Horse Hill Update (2647P)
October 09 2019 - 2:38AM
UK Regulatory
TIDMALBA
RNS Number : 2647P
Alba Mineral Resources PLC
09 October 2019
Alba Mineral Resources plc
("Alba" or the "Company")
Horse Hill-1 Kimmeridge Flow Test Update
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, is pleased to announce that it
has received the following update from 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:
-- The planned simultaneous drilling and test production
operations ("SIMOPS") at Horse Hill have been successfully
implemented. Continuous Kimmeridge oil production from Horse Hill-1
("HH-1") has been maintained since the start of the Horse Hill-2/2z
horizontal drilling campaign on 29 September 2019.
-- Total HH-1 Kimmeridge test production now stands at over
41,800 barrels ("bbl") of light, sweet 40deg API crude, pushing
combined total aggregate Portland and Kimmeridge production to over
71,368 bbl. No discernible Kimmeridge formation water has yet been
recovered to surface.
-- The establishment of safe SIMOPS is designed to permit the
continued collection of further essential reservoir performance
data from the Kimmeridge oil pool and to provide significant oil
sales revenues to offset against operational costs.
-- Following a planned extensive HH-2z production flow-testing
campaign, both HH-2z Portland and the HH-1 Kimmeridge well are
expected to be put into long term production by the end of
2019.
George Frangeskides, Alba's Executive Chairman, commented: "It
is pleasing to see HH-1 test production being successfully
maintained at the same time as drilling operations are ongoing for
HH-2. This bodes well for the future of the Horse Hill oil field as
a long-term producer from multiple wells."
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 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.
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
alba@yellowjerseypr.com +44 20 3004 9512
Alba's Project and Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 90%
----------- ----------
Clogau (gold) Wales 90%
----------- ----------
Inglefield (copper, cobalt,
gold) Greenland 100%
----------- ----------
Limerick (zinc-lead) Ireland 100%
----------- ----------
Melville Bay (iron ore) Greenland 51%
----------- ----------
TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Brockham (oil) England 5%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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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