Alba Mineral Resources plc
("Alba" or the "Company")
Update on Horse Hill Project
Alba is pleased to announce that it has been informed by the operator, Horse Hill Developments Limited ("HHDL"), that following communications with Surrey County Council ("SCC"), HHDL now understands that the Horse Hill planning application will be determined at the scheduled SCC Planning Committee meeting of either August or September 2017. The planning application seeks consent to long-term production test HH-1 and to drill two further wells. HHDL has informed the Company that its plans remain unchanged, with flow testing expected to commence at Horse Hill in Q4 2017.
Alba owns 15% of HHDL, which owns 65% of the Horse Hill licences (PEDL 137 and PEDL 246) in the Weald Basin in Surrey which host the HH-1 oil discovery well (the "Licences"), or a 9.75% attributable interest in the Licences.
In addition, Alba's interest in the Weald Basin extends to ownership of a direct 5% interest in Production Licence 235, which comprises the Brockham Oil Field. See the Company's update announcement of 26 June 2017 which reported on the plans of the operator at Brockham, Angus Energy, for oil production to commence from the Kimmeridge at Brockham this summer.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact: |
Alba Mineral Resources plc George Frangeskides, Executive Chairman |
+44 20 7264 4366 |
Cairn Financial Advisers LLP James Caithie / Liam Murray |
+44 20 7213 0880 |
Dowgate Capital Stockbrokers Ltd Jason Robertson / Neil Badger |
+44 1293 517744 |
About Alba
Alba holds a 15 per cent interest in Horse Hill Developments Limited, the company which has a 65 per cent participating interest and operatorship of the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin. Alba also has a direct 5% interest in Production Licence 235, which comprises the producing onshore Brockham Oil Field.
Alba owns a 90 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has an option over the remaining 10 per cent. In addition, the Company has 100 per cent of the Limerick base metal project in the Republic of Ireland and has applied for the reissue of a uranium permit in northern Mauritania, centred on known uranium-bearing showings.
Alba continues actively to review and discuss numerous other project opportunities which have value-enhancing potential for the Company whether by bolt-on or stand-alone acquisition, farm in or joint venture.
