Horse Hill Update

RNS Number : 6848I

Alba Mineral Resources PLC

23 March 2018

 

       Alba Mineral Resources plc

       ("Alba" or the "Company")

Horse Hill Update

Alba is pleased to announce that it has been informed by Horse Hill Developments Ltd ("HHDL"), the operator of Horse Hill licenses PEDL137 and PEDL246, containing the Horse Hill-1 ("HH-1") oil discovery, that HHDL has now received final decision notices from Surrey County Council ("SCC"), confirming the discharge of all of the pre-commencement planning conditions.

This follows the planning approval in November 2017 by SCC's Planning and Regulatory Committee to enable HHDL to carry out extended flow tests at HH-1, as well as to drill and test both a sidetrack from the existing HH-1 well and new well Horse Hill-2. 

HHDL has received the necessary permission from the Environment Agency and is now awaiting approval from the Oil and Gas Authority.

Alba holds an 18.1% interest in HHDL equivalent to an 11.765% interest in the Horse Hill licences, PEDL137 and PEDL246, and the Horse Hill oil discovery.

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                        [phone]

Cairn Financial Advisers LLP (Nomad)     

James Caithie / Liam Murray                                            [phone]

First Equity Limited (Broker)

Jason Robertson                                                            [phone]

Yellow Jersey PR (Financial PR/ IR)

Tim Thompson / Sophia Macleod / Henry Wilkinson            [phone]

[e-mail]

Alba's Principal Operations & Investments

Oil & Gas

Horse Hill (Oil & Gas, UK): Alba holds an 18.1 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 per cent 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.

Thule 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.

Gold Mines of Wales (Gold, Wales, UK): Alba holds a 49 per cent interest in Gold Mines of Wales, the ultimate owner of the Clogau Gold project situated in the Dolgellau Gold Belt in Wales.

Inglefield Land (Multi-Commodity, Greenland): Alba owns 100 per cent of mineral exploration licences 2017/40 and 2018/15 in 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.

Web: www.albamineralresources.com

 

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