Alba Mineral Resources PLC Horse Hill Update (6218P)
October 11 2019 - 4:23AM
UK Regulatory
TIDMALBA
RNS Number : 6218P
Alba Mineral Resources PLC
11 October 2019
Alba Mineral Resources plc
("Alba" or the "Company")
UKOG Announcement Regarding HH-2/2z Coring Operations
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, notes the announcement made at
8.56am this morning 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.
The UKOG announcement reads as follows (noting that references
below to the "Company" are to UKOG):
"UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that it has commenced an extensive conventional coring programme in
its 85.635% owned Horse Hill-2 ("HH-2") Portland pilot well. The
first 60 ft core, starting at a drilled depth of 2049 ft below rig
floor, was successfully landed at surface this morning and is being
prepared for onward shipment to a Surrey-based laboratory, where an
extensive analysis programme will be undertaken.
Further to the Company's announcement of 8 October, the coring
programme has been increased from three to a total of four 60 ft
cores, covering the full 240 ft Upper Portland reservoir sequence.
Operations to cut core #2 are in progress and the full programme is
expected to be completed early next week.
The additional 60 ft core #4 is in response to the receipt of a
revised HH-1 petrophysical interpretation from Petroscale in
Houston, Texas, which indicates that the field's oil water contact
("OWC") may be significantly deeper than previously recognised. If
correct, the deeper OWC would increase the field's oil in place and
recoverable volumes, potentially significantly beyond those
reported in the Company's July 2018 readmission document. Core #4
is purposefully designed to provide the necessary data to help
confirm the possible deeper OWC.
Following the coring programme, designed primarily to acquire
the key technical data necessary to correctly position the HH-2z
horizontal section within the Portland's most oil-productive zone,
the well will drill ahead to just over 2300 ft, be electric logged
and then plugged back to the "kick-off" point, delineating the
start of the horizontal section. Drilling of HH-2z's circa 1000m
horizontal trajectory will follow directly afterwards."
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) +44 20 3004 9512
Sarah Hollins / Harriet Jackson / Henry alba@yellowjerseypr.com
Wilkinson
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%
----------- ----------
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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