Licence Conversions Granted for Horse Hill Project

RNS Number : 2133D

Alba Mineral Resources PLC

05 July 2016

 

Alba Mineral Resources Plc

("Alba" or the "Company")

Licence Conversions Granted for Horse Hill Project 

Alba Mineral Resources plc (AIM: ALBA) has been informed by Horse Hill Developments Limited ("HHDL") that the Oil and Gas Authority ("OGA") has granted a licence conversion to new model terms for Horse Hill ("HH") PEDL137 and PEDL246.

At the Operator, HHDL's, ("HHDL") election, the licences will adopt 2016 14th Round licence terms permitting the HH Licences to continue without further relinquishment. A Retention Area ("RA") covering the entire 55 square mile licence area and an outline work programme has been agreed with the OGA. The RA will continue throughout the agreed work programme period currently due to expire on June 30, 2018 for PEDL137 and June 30, 2017 for PEDL246. The HH Licences forward work plan includes long-term production testing of 3 Kimmeridge Limestone zones plus the overlying Portland, two contingent appraisal/development wells and 3D seismic.

Interest in Horse Hill

The HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Alba owns a 15% direct interest in HHDL, a special purpose company that owns a 65% participating interest and operatorship of licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald Basin.

For further information please contact:

Alba Mineral Resources plc	[phone]
Michael Nott, CEO
Nominated Adviser:	[phone]
Cairn Financial Advisers LLP
James Caithie / Liam Murray
Broker:	[phone]
Dowgate Capital Stockbrokers Limited
Jason Robertson / Neil Badger

 

END

 

 

MSCDBGDRUSGBGLS