Horse Hill Update

RNS Number : 4175O

Alba Mineral Resources PLC

06 August 2014

 

6 AUGUST 2014

Alba Mineral Resources plc

("Alba" or "the Company")

Update on Horse Hill Prospect, UK.

Environment Agency Final Approvals Granted

Alba Mineral Resources plc (AIM:ALBA) ("Alba" or the "Company"), the UK based exploration company, has been informed that the operator, Horse Hill Developments Ltd ("HHDL"), has now been granted final approvals from the UK Environment Agency to proceed with the drilling of the Horse Hill -1 well at Horse Hill in Surrey.

The Company announced on 11 July that it has a binding agreement in place to acquire a direct 5.0% interest in HHDL, a special purpose company that owns a 65% participating interest and operatorship of the Horse Hill Oil Field in the Weald Basin .

The Horse Hill-1 well is planned to test several conventional stacked oil and gas targets in the proven productive Portland Sandstone, Corallian Sandstone and Great Oolite Limestone levels in the well-defined Horse Hill prospect in the Weald Basin situated in Surrey, England.

The Company understands that recent heavy rainfall in the area has delayed the completion of site construction works, but that the concrete cellar is on-site and is ready to be installed once the ground conditions allow.

Michael Nott, Alba CEO, commented:

"We are very pleased to learn that final approvals have now been granted by the UK Environment Agency.  We look forward to the spudding of the Horse Hill-1 well shortly and will keep shareholders informed of any further developments. "

The participants in the Horse Hill-1 well are HHDL (Operator) with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.

Enquiries:

Alba Mineral Resources Plc	020 7907 9328
Michael Nott-CEO
Northland Capital Partners Limited (Nominated Adviser and Broker )	020 7382 1100
Matthew Johnson / Gavin Burnell

Notes to Editors:

Alba holds interests in Mauritania (uranium: JV with FOSSE Investments Limited) and Ireland (base metals).  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.  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.

 

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