Alba Mineral Resources PLC Horse Hill Update (6228Q)
October 22 2019 - 1:00AM
UK Regulatory
TIDMALBA
RNS Number : 6228Q
Alba Mineral Resources PLC
22 October 2019
Alba Mineral Resources plc
("Alba" or the "Company")
Horse Hill Oil Field: HH-2 Pilot Completed, HH-2z Horizontal
Trajectory Underway
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:
- Following the successful completion of the Horse Hill-2
("HH-2") Portland pilot well, Horse Hill-2z ("HH-2z") horizontal
drilling operations are now underway. HH-2z aims to deliver a circa
3,200 ft horizontal section wholly within the Portland reservoir's
most oil productive zone, the presence and quality of which has
been further defined by the pilot well's coring and electric
logging programmes as reported by UKOG.
- HH-2/2z, the first horizontal well in the field's Portland oil
pool, is designed to be retained as a future production well and to
deliver flow rates significantly higher than the rates achieved
from the HH-1 vertical Portland discovery well. Following a planned
extensive HH-2z EWT 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.
- HH-2z operations:
o HH-2z operations were initiated through the pilot well's 95/8"
casing at the planned "kick-off" point 1320 ft below rig floor,
immediately above cement plugs isolating the Portland reservoir
below. The well is now building angle towards the horizontal within
8 1/2 " diameter hole and will continue down to a drilled depth of
around 2300 ft, just above the Portland target zone. This section
will then be cased and cemented with a 7" liner.
o The well's trajectory will then continue within 6" diameter
hole, entering the Portland target zone approximately 850 ft to the
southeast of the HH-2 surface location. HH-2z's expected total
measured depth is around 5900 ft from rig floor, of which c. 3200
ft is planned within the reservoir's sweet-spot. The well is
expected to reach its total depth around mid-November.
o To ensure the borehole remains wholly within the Portland
sweet spot, HH-2z will be actively "geo-steered" during drilling to
keep within a series of core and electric log-derived diagnostic
geological markers delineating the zone's upper and lower
boundaries.
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%
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Clogau (gold) Wales 90%
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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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