Alba Mineral Resources PLC Horse Hill Update Production Permit Granted (4404K)
05 May 2022 - 6:25PM
UK Regulatory
TIDMALBA
RNS Number : 4404K
Alba Mineral Resources PLC
05 May 2022
Alba Mineral Resources plc
("Alba" or the "Company")
Horse Hill Update
Environment Agency Grants Full Production Permit
Alba Mineral Resources plc (AIM: ALBA) reports that UK Oil &
Gas Plc ("UKOG"), as majority shareholder of Horse Hill
Developments Limited (the Operator of the Horse Hill Oil Project in
the Weald Basin in southern England) (together the "Operator"), has
provided the following update in relation to the Horse Hill Oil
Project in which Alba owns an 11.765% effective interest:
"UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that the Environment Agency ("EA") has granted UKOG's 85.635% owned
Horse Hill oil field a full Production Permit ("PP"). The PP
enables production and water re-injection operations, incineration
of waste gas, maintenance/workovers and the drilling of further
development wells. To date, production at Horse Hill has operated
under the umbrella of prior testing consents which excluded any
ability to reinject produced saline formation water.
UKOG can now proceed ahead with its plans to convert Horse
Hill-2z into a water injector during 2022, which, if implemented,
would remove the need for costly transportation and disposal of
produced saline formation water at remote third-party sites. The
initial application for the PP was submitted to the EA 31 months
ago on 24 September 2019.
Following the PP grant a review of the viability of reinstating
Kimmeridge production and further new Portland infill drilling
locations are now under way."
George Frangeskides, Executive Chairman, commented:
"This is welcome news. We look forward to hearing of the
Operator's plans for enhancing productivity and delivering on the
inherent, and to date largely untapped, value of the Horse Hill Oil
Field."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
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 timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Information which is provided to the Company for release by or
on behalf of a third-party operator of a project in which the
Company holds a minority interest is not independently verified by
the Company. The Company relies upon the operator for the veracity
of such information.
Without prejudice to the generality of the foregoing,
uncertainties also exist in connection with the ongoing Coronavirus
(COVID-19) pandemic which may result in further lockdown measures
and restrictions being imposed by Governments and other competent
regulatory bodies and agencies from time to time in response to the
pandemic, which measures and restrictions may prevent or inhibit
the Company from executing its work activities according to the
timelines set out in this announcement or indeed from executing its
work activities at all. The Coronavirus (COVID-19) pandemic may
also affect the Company's ability to execute its work activities
due to personnel and contractors testing positive for COVID-19 or
otherwise being required to self-isolate from time to time.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
ENDS
For further information, please visit
www.albamineralresources.com or contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott +44 20 3368 3555
ETX Capital (Broker)
Thomas Smith +44 20 7392 1494
St Brides Partners (Financial PR) alba@stbridespartners.co.uk
Isabel de Salis / Catherine Leftley
Alba's Project and Investment Portfolio
Mining Projects Operated Location Ownership
by Alba
Clogau (gold) Wales 90%
----------- ----------
Dolgellau Gold Exploration
(gold) Wales 90-100%
----------- ----------
Gwynfynydd (gold) Wales 100%
----------- ----------
Limerick (zinc-lead) Ireland 100%
----------- ----------
Investments Held by Alba
Greenroc Mining Plc (mining) Greenland 54%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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END
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