Increase in Horse Hill Area Acreage Holding

RNS Number : 8671Q

Alba Mineral Resources PLC

04 September 2014

 



4 September 2014

Alba Mineral Resources PLC

("Alba" or the "Company")

Increase in Horse Hill Area Acreage Holding

Alba (AIM: ALBA) has been advised by Horse Hill Developments Ltd. ("HHDL") that as a direct result of the commencement of drilling operations at Horse Hill on 2 September 2014, HHDL now additionally owns a 65% participating interest in the adjacent United Kingdom Petroleum Exploration and Production Licence (PEDL) 246.

The 43.58 km² (10,769 acre) PEDL 246 is immediately east of and adjacent to the 99.29 km² (24,525 acre) Horse Hill PEDL 137, located in Surrey, where the Horse Hill-1 well is currently being drilled.

The transfer of the 65% interest in PEDL 246 to HHDL from Magellan Petroleum (UK) Limited, a subsidiary of Magellan Petroleum Corporation, is conditional only on final approval from the UK Secretary of State for Energy and Climate Change.

HHDL, is a special purpose company with a 65% operating interest in PEDLs 137 and 246 in the Weald Basin to the north of Gatwick Airport in Surrey.  Alba has binding agreements in place to own a direct 5% interest in HHDL.

The participants in PEDLs 137 and 246 are HHDL (65%) and Magellan Petroleum Corporation (35%).

For further information, please contact:

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

Notes to Editors:

Alba holds interests in Mauritania (uranium: JV with FOSSE Investments Limited) and Ireland (base metals) and the right to acquire a 5 per cent. interest in Horse Hill Developments Limited, the company which has the right to earn 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 spudded and the operator is planning to drill to a depth of 8,512 feet, targeting a number of conventional stacked oil and gas targets. 

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.

ENDS

 

END

 

 

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