TIDMALBA
RNS Number : 8988P
Alba Mineral Resources PLC
15 October 2019
Alba Mineral Resources plc
("Alba" or the "Company")
Horse Hill Oil Field - Successful Completion of HH-2 Coring
Operations
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, is pleased to announce that it
has received the following update from 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:
- An extensive conventional coring programme in the Horse Hill-2
("HH-2") Portland pilot well has been successfully completed.
Preliminary visual analysis of a total of 241.45 ft of core has
clearly identified within that core the Portland reservoir's most
productive zone or "sweet spot", which will now be the target of
the planned circa 1,000 m HH-2z horizontal trajectory, expected to
commence next week.
- Live oil was observed "bleeding" profusely from core
throughout the sweet-spot, the Upper Portland reservoir's most
porous, permeable and oil-productive interval. Lesser degrees of
oil bleed, together with oil shows and oil staining were also
observed from porous sandstone intervals lying above and below the
sweet-spot.
- The core is now at a Surrey-based laboratory, where an
extensive geological and petrophysical analysis programme is
underway.
- Having also reached its planned depth of around 2320 ft below
rig floor, the well is now being prepared for electric logging,
following which it will be plugged back to the "kick-off" point
delineating the start of the HH-2z horizontal section.
- To ensure the borehole remains wholly within the sweet spot,
HH-2z will be actively "geo-steered" during drilling to keep within
a series of core and electric log-derived diagnostic geological
markers delineating the zone's upper and lower boundaries. The
successful delivery of such an optimally placed horizontal
trajectory is designed to optimise flow rates and oil recoveries
from the Portland reservoir.
George Frangeskides, Alba's Executive Chairman, commented: "It
is good to hear that the coring programme has been successfully
completed and that this has assisted in the identification of the
Portland Sandstone's sweet spot. This should certainly now enhance
the prospects for the forthcoming drilling of the HH-2z horizontal
section."
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 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
coring: a drilling technique that involves using a
doughnut-shaped drilling bit to capture or "cut" a continuous
cylinder-shaped sample of in-situ rock. The core is captured in a
steel pipe or "core barrel" above the bit. Core is normally cut in
30 feet lengths, or multiples of 30 feet, and with a diameter of
3-4.5 inches. Core is taken in petroleum reservoir rocks for
detailed laboratory analyses of geological, geochemical
petrophysical and geomechanical properties
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.
oil in place: the quantity of oil or petroleum that is estimated
to exist within the reservoir or accumulation i.e. oil in the
ground.
oil-water contact (OWC): a bounding surface in an oil pool or
reservoir above which predominantly oil occurs and below which
predominantly water occurs. The OWC is a key determinant for the
calculation of oil in place within a conventional hydrocarbon
accumulation.
well test: or flow 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.
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
alba@yellowjerseypr.com +44 20 3004 9512
Alba's Project and 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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This information is provided by RNS, the news service of the
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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