Alba Mineral Resources Plc
("Alba" or the "Company")
Licence Conversions Granted for Horse Hill Project
Alba Mineral Resources plc (AIM: ALBA) has been informed by Horse Hill Developments Limited ("HHDL") that the Oil and Gas Authority ("OGA") has granted a licence conversion to new model terms for Horse Hill ("HH") PEDL137 and PEDL246.
At the Operator, HHDL's, ("HHDL") election, the licences will adopt 2016 14th Round licence terms permitting the HH Licences to continue without further relinquishment. A Retention Area ("RA") covering the entire 55 square mile licence area and an outline work programme has been agreed with the OGA. The RA will continue throughout the agreed work programme period currently due to expire on June 30, 2018 for PEDL137 and June 30, 2017 for PEDL246. The HH Licences forward work plan includes long-term production testing of 3 Kimmeridge Limestone zones plus the overlying Portland, two contingent appraisal/development wells and 3D seismic.
Interest in Horse Hill
The HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Alba owns a 15% direct interest in HHDL, a special purpose company that owns a 65% participating interest and operatorship of licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald Basin.
For further information please contact:
Alba Mineral Resources plc |
+44 (0) 20 3696 4616 |
Michael Nott, CEO |
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Nominated Adviser: |
+44 (0) 20 7148 7900 |
Cairn Financial Advisers LLP |
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James Caithie / Liam Murray |
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Broker: |
+44 (0) 1293 517 744 |
Dowgate Capital Stockbrokers Limited |
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Jason Robertson / Neil Badger |
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