Brockham Update

RNS Number : 5190U

Alba Mineral Resources PLC

25 October 2017

 

Alba Mineral Resources plc

("Alba" or the "Company")

Operations Update - Brockham

Alba Mineral Resources plc (AIM: ALBA) announces that it has been informed by the Operator, Angus Energy ("Angus" or the "Operator"), that it has received a letter from Surrey County Council ("SCC") suggesting that the Operator submit a planning application for the operations at the Brockham Oil Field associated with well BR-X4 and its inclusive side-track BR-X4Z.

The Operator has further advised as follows:

-   This is the first formal request or formal notice received by it either prior to or in the 7 months since 9 March 2017.  The Operator's guidance from its RNS announcements of 23 October 2017, 22 September 2017 and 11 May 2017 remains unchanged.

-   After a careful and considered review, the management team and Board of Directors of the Operator will submit a normalisation application for the continued surface activities of the production plant required for well BR-X4 and, notably, its inclusive side-track BR-X4Z. The Board of Angus has determined that this application - submitted without prejudice - is a prudent and pragmatic step in the best interests of all stakeholders.

-   It reiterates that it has all the required permissions from all of its regulators to continue production at the Brockham Oil Field including the Kimmeridge layers. In taking this intermediate step, Angus has not relinquished any rights or further options at its disposal to protect shareholders.

-   Angus has worked with the SCC throughout this process and will continue to do so without exception. Both parties continue to maintain a professional relationship and on-going communications.

-   Subsequent to the Company's RNS of 23 October 2017, Angus Energy will perform conventional oil production at Brockham Oil Field from the Kimmeridge Layers in Q1 2018.

-   The Operator has released a statement from its Board of Directors to the effect that they fully expect this intermediate step to have minimal impact on the current business plan and that they look forward to continued communication and cooperation between Angus and the SCC.

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)       Tel: [phone]

Cairn Financial Advisers LLP (Nomad)

James Caithie/Liam Murray                              Tel: [phone]

Dowgate Capital Stockbrokers Ltd (Broker)

Neil Badger                                                   Tel: [phone]

Alba's Project Portfolio

Oil & Gas

Horse Hill (Oil & Gas, UK): Alba holds a 15 per cent interest, and has conditionally agreed to acquire a further 3.1 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.

Brockham (Oil & Gas, UK): Alba has a direct 5% interest in Production Licence 235, which comprises the previously producing onshore Brockham Oil Field.

Mining

Amitsoq (Graphite, Greenland):  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. 

Black Sands (Ilmenite, Greenland):  Alba owns 100 per cent of mineral exploration licences 2017/29 and 2017/39 in the Thule region, north-west Greenland.

Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per cent interest in mineral exploration licence 2017/41 in Melville Bay, north-west Greenland.  The licence area benefits from an existing inferred JORC resource of 67 Mt @ 31.4% Fe.

Inglefield Land (Copper, Cobalt, Gold, Greenland): Alba owns 100 per cent of mineral exploration licence 2017/40 in north-west Greenland.

Limerick (Base Metals, Ireland): Alba has 100 per cent of the Limerick base metal project in the Republic of Ireland.

El Mreiti (Uranium, Mauritania): Alba has applied for the reissue of a uranium permit in northern Mauritania, centred on known uranium-bearing showings.

Alba continues actively to review 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.

Web: www.albamineralresources.com

 

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