TIDMALBA
RNS Number : 7446B
Alba Mineral Resources PLC
11 June 2019
Alba Mineral Resources plc
("Alba" or "the Company")
Horse Hill Production Update
Alba Mineral Resources plc (AIM: ALBA) ("Alba" or the
"Company"), the diversified mineral exploration and development
company, has been informed by Horse Hill Developments Limited
("HHDL"), the operator of the Horse Hill Oil Field in which Alba
has an 11.765% effective interest, that:
-- at close of business on Friday 7 June, total aggregate
Portland and Kimmeridge test oil production from the Horse Hill Oil
Field reached a landmark of 50,000 barrels ("bbl") of light, sweet,
dry oil, and that total aggregate test production now stands at
50,871 bbl;
-- Horse Hill-1 well ("HH-1") continues to produce Portland oil
at a stable rate of over 220 barrels of oil per day ("bopd") via a
modest pressure draw-down, with the Portland having now delivered
an aggregate total of 25,777 bbl to date, exceeding the 25,094 bbl
produced from the deeper Kimmeridge;
-- during the tests, no formation water has been produced from
either the Portland or Kimmeridge reservoirs; and
-- Portland test production is now planned to continue until the
second half of June when final site preparations for simultaneous
HH-2/2z Portland drilling and HH-1 Kimmeridge production operations
will commence.
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
"Draw-down" pressure drawdown ( 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
factor in a well's production rate.
"Oil field" an accumulation, pool or group of pools of oil in
the subsurface that produces oil to surface.
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 (Joint Broker)
Jason Robertson +44 20 7374 2212
SVS Securities Plc (Joint Broker)
Eliot Hance +44 20 3700 0093
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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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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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