TIDMALBA
RNS Number : 3737N
Alba Mineral Resources PLC
24 September 2019
Alba Mineral Resources plc
("Alba" or the "Company")
Horse Hill-1 and Horse Hill-2/2z Operational Update
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, announces that it has been
informed by UK Oil & Gas Plc ("UKOG"), the majority owner of
Horse Hill Developments Limited ("HHDL"), the operator of Horse
Hill licences PEDL 137 and PEDL 246 in which Alba has an 11.765%
interest, of the following operational update:
- Operations have commenced for the new Horse Hill-2/2z
("HH-2/2z") Portland horizontal well. The start of physical
drilling operations or "spud" is expected following completion of
the rig-up process and will be reported in due course.
- Drilling will commence with the HH-2 vertical pilot programme
and will be followed directly by the horizontal well section,
HH-2z, with a planned trajectory of around 1000m wholly within the
Portland reservoir.
- Drilling operations are expected to be completed in a total of
around 60 days. The HH-2z horizontal will then be tested using a
bespoke downhole electric pump, or ESP.
- Immediately prior to rig arrival, test production from the
Kimmeridge oil pool at the Horse Hill-1 oil discovery was
temporarily shut-in to permit a safe rig-up process and will be
resumed prior to the pilot hole spud. Kimmeridge test production is
planned to continue throughout the drilling campaign.
- Before the current shut-in, Kimmeridge test production
totalled 39,205 barrels ("bbl") of dry Brent quality crude, with
average daily rates of up to 307 bbl of oil per day recorded
following the resumption of production on 12 September. Total
aggregate Portland and Kimmeridge test production now stands at
over 68,773 bbl.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's or any third party's
ability to execute and implement future plans, and the occurrence
of unexpected events. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors.
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
flow test or well 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.
horizontal well: a well that during drilling is steered so as to
follow and remain within a particular geological stratum or
reservoir unit having a trajectory that runs approximately parallel
to the top and or base of the target horizon
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 (Broker)
Jason Robertson +44 20 7374 2212
Yellow Jersey PR (Financial PR/ IR)
Sarah Hollins/Harriet Jackson/Henry Wilkinson +44 20 3004 9512
alba@yellowjerseypr.com
Alba's Project & Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 90%
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Clogau (gold) Wales 90%
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Inglefield (copper, cobalt,
gold) Greenland 100%
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Limerick (zinc-lead) Ireland 100%
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Melville Bay (iron ore) Greenland 51%
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TBS (ilmenite) Greenland 100%
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Oil & Gas Investments
Brockham (oil) England 5%
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Horse Hill (oil) England 11.765%
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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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