Update, Horse Hill-1, Weald Basin UK

RNS Number : 0484S

Alba Mineral Resources PLC

18 September 2014

 



For Immediate Release

18 September 2014

Alba Mineral Resources plc

("Alba" or the "Company")

Update, Horse Hill-1, Weald Basin UK

Alba (AIM: ALBA) is pleased to announce that it has been informed that drilling operations on the Horse Hill-1 well are continuing as planned with the 20-inch surface casing having been set successfully at 84 feet below ground level.  Operations are continuing at the site and further news will be issued as appropriate.

The Company has also been informed that Magellan Petroleum Corporation ("Magellan") have now confirmed that they will not proceed with their option to acquire additional logs in the Horse Hill -1 well and that this will assist Horse Hill Developments Ltd ("HHDL") to complete the well on schedule in about six weeks.

Additionally, the original binding agreement previously put in place for Alba to own a 5% interest in HHDL has been converted to a definitive Investment Agreement.   David Lenigas, the Chairman of UK Oil & Gas Investments Plc, which has a 20% interest in HHDL, has also been appointed Chairman of HHDL.

HHDL is a special purpose company that owns a 65% participating interest and operatorship of onshore licences PEDL137 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 with a 35% interest.

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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