Completion of Acquisition

RNS Number : 6399J

Alba Mineral Resources PLC

08 April 2015

 

For Immediate Release

08 April 2015

Alba Mineral Resources PLC

("Alba" or the "Company")

Completion of acquisition of further interest in Horse Hill

Following its announcement of 12 March 2015, Alba is now pleased to announce that it has completed the acquisition of the 5 per cent shareholding held by Regency Mines Plc in Horse Hill Developments Limited ("HHDL").  

Horse Hill

The Horse Hill-1 well is located within onshore exploration licence PEDL 137, on the northern side of the Weald Basin near Gatwick Airport.  Following the completion of the acquisition referred to above, Alba now owns a 10% direct interest in HHDL.  HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL 137 and the adjacent Licence PEDL 246 in the UK Weald Basin.  The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.  Alba's net attributable interest in PEDL 137 and 246 is therefore 6.5%.

For further information, please contact:

Alba Mineral Resources plc Michael Nott, CEO	[phone]
Cairn Financial Advisers LLP Avi Robinson/ James Caithie Dowgate Capital Stockbrokers Limited: Jason Robertson/ Neil Badger	[phone] [phone]

Notes to Editors:

Alba holds interests in Mauritania (uranium: JV with FOSSE Investments Limited) and Ireland (base metals).  It also owns a 10 per cent interest in Horse Hill Developments Limited, the company which owns a 65 per cent participating interest and operatorship of the Horse Hill oil and gas project. The projects are at different stages of development.  The Mauritania uranium project comprises early phase exploration targets, whereas drilling has been undertaken on the Irish base metals project.  The Horse Hill-1 well has now completed at a total depth of 8,770 feet. 

Alba continues actively to review and discuss other project opportunities which have value enhancing potential for the Company whether by acquisition, farm in or joint venture in a range of jurisdictions around the world.

 

END

 

 

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