TIDMALBA
RNS Number : 3401Z
Alba Mineral Resources PLC
17 May 2019
Alba Mineral Resources plc
("Alba" or "the Company")
Portland oil production at Horse Hill now exceeds 20,000
barrels
Alba Mineral Resources plc (AIM: Alba) ("Alba" or the
"Company"), the diversified mineral exploration and development
company, announces that Horse Hill Developments Ltd ("HHDL" or the
"Operator"), the operator of the HH-1 Kimmeridge Limestone ("KL")
and Portland Sandstone ("Portland") oil discovery in which Alba has
an 11.765% interest, has advised the Company that:
- following a week-long pressure build-up test ("PBU"), the
aggregate total Portland oil production at the Horse Hill oil field
now exceeds 20,500 barrels ("bbl");
- the Portland continues to produce at a stable rate of over 220
barrels of dry oil per day ("bopd") at a modest reservoir pressure
draw-down, and no formation water has yet been produced to
surface;
- the latest PBU yielded significantly better than expected
results, with little or no apparent pressure depletion compared to
the last PBU in early April;
- the potential positive impact on connected oil in place will
therefore be thoroughly evaluated and reported in due course;
and
- the Portland and Kimmeridge extended well test ("EWT")
programme has now produced an aggregate volume in excess of 45,500
bbl to date.
Glossary
degAPI A measure of the density of crude oil,
as defined by the American Petroleum Institute.
Draw-down Pressure draw-down ( P) is defined as the
difference between the reservoir pressure
and the flowing bottom hole pressure. Drawdown
enables fluids to flow from the reservoir
into the wellbore. The magnitude of the
drawdown is a major controlling factors
of a well's production rate.
-------------------------------------------------
Extended well test A well test, as per the permission granted
(EWT) or production by the Oil and Gas Authority, with an aggregate
test flow period duration over all zones of
greater than 96 hours and generally up
to 90 days maximum flowing time per productive
horizon. The objective being to establish
whether a discovery is commercially viable
and the best methods of future production
and recovery.
-------------------------------------------------
Flow test A flow test or well test involves testing
a well by flowing hydrocarbons to surface,
typically through a test separator. Key
measured parameters are oil and gas flow
rates, downhole pressure and surface pressure.
The overall objective is to identify the
well's capacity to produce hydrocarbons
at a commercial flow rate.
-------------------------------------------------
Oil field An accumulation, pool or group of pools
of oil in the subsurface that produces
oil to surface.
-------------------------------------------------
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Qualified Person's Statement
The technical information contained in this announcement has
been reviewed and approved by Feroz Sultan (B.Sc (Hons) Geology,
M.Sc, Petroleum and Structural Geology, Karachi and M.Sc Petroleum
Geology, Imperial College London), a petroleum geologist with over
45 years' experience in the management, exploration, development
and production of oil and gas.
Glossary
degAPI a measure of the density of crude oil, as defined
by the American Petroleum Institute
oil field an accumulation, pool or group of pools of oil
in the subsurface that produces oil to surface.
---------------------------------------------------------
extended well a well test, as per the permission granted by
test the Oil and Gas Authority, with an aggregate flow
period duration over all zones of greater than
96 hours and up to 90 days maximum
---------------------------------------------------------
flow test or a flow test or well test involves testing a well
well test by flowing hydrocarbons to surface, typically
through a test separator. Key measured parameters
are oil and gas flow rates, downhole pressure
and surface pressure. The overall objective is
to identify the well's capacity to produce hydrocarbons
at a commercial flow rate.
---------------------------------------------------------
For further information please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3907 4297
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Yellow Jersey PR (Financial PR/ IR)
Tim Thompson / Harriet Jackson / Henry Wilkinson +44 77 1071 8649
alba@yellowjerseypr.com
Alba's Project & Investment Portfolio
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.
Clogau (Gold, Wales): Alba owns a 90 per cent interest in Gold
Mines of Wales Limited ("GMOW"), the ultimate owner of the Clogau
Gold project situated in the Dolgellau Gold Belt in Wales.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent
of mineral exploration licence ("MEL") 2017/40 and 2018/25 in
north-west Greenland.
Limerick (Base Metals, Ireland): Alba owns 100 per cent of the
Limerick base metal project in the Republic of Ireland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in MEL 2017/41 in Melville Bay, north-west Greenland.
The licence area benefits from an existing inferred JORC resource
of 67 Mt @ 31.4% Fe.
Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent
of MEL 2017/29 in the Thule region, north-west Greenland.
Oil & Gas
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.
Horse Hill (Oil & Gas, UK): Alba holds an 11.765 per cent
effective interest in the Horse Hill oil and gas project (licences
PEDL 137 and PEDL 246 covering a total area of 142.9 km(2)) in the
UK Weald Basin.
Web: www.albamineralresources.com
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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