Alba Mineral Resources PLC Brockham Update (2068V)

TIDMALBA

RNS Number : 2068V

Alba Mineral Resources PLC

26 January 2017

26 January 2017

Alba Mineral Resources plc

("Alba" or the "Company")

Brockham oil field - Work completed and hydrocarbons encountered in all targeted zones.

Alba is pleased to announce that it has been advised by the operator, Angus Energy Plc ("Angus") that, further to the 18 January 2017 announcement, work to complete, log, case and cement the well at the Brockham oilfield has now been successfully completed and potential reservoirs have been logged in all the Portland, Kimmeridge and Corallian layers with all three formations having hydrocarbon shows.

The 6" hole has been electronically logged using quad combo and Ultra Wave fracture analysis. It has been cased and cemented, whilst the old open hole side-track has now been abandoned and cemented up back to inside the main well casing.

The well will now, upon OGA confirmation, be renamed BR-X4Z.

Further log analysis and laboratory work is currently being undertaken to provide a better understanding of the Kimmeridge and other formations, but from the evidence so far, these appear to be the same in structure to the oil bearing Kimmeridge sections in the nearby Horse Hill-1 well. Notably, the Corallian formation, which lies immediately below the Kimmeridge, had both oil and gas shows.

George Frangeskides, the Alba's Executive Chairman, commented:

"We are pleased to learn that hydrocarbon shows, which we understand were missed in the previous drilling by BP in 1987, have been encountered in the Portland and the three Kimmeridge target intervals. The reported oil and gas shows in the underlying Corallian are also very encouraging.

We understand from Angus Energy that analysis is underway to identify the extent of hydrocarbon presence and the ability of these hydrocarbons to freely move into the wellbore and that the use of New Ultra Wave well logging technology will, once the results are analysed, enable us to target the most prospective zones which have the highest potential for future production."

Enquiries:

 
 Alba Mineral Resources 
  Plc 
-----------------------------  ---------------------- 
 Michael Nott, CEO              Tel: [phone] 
-----------------------------  ---------------------- 
 
 Cairn Financial Advisers 
  LLP 
-----------------------------  ---------------------- 
 James Caithie/ Liam Murray     Tel: [phone] 
-----------------------------  ---------------------- 
 
 Dowgate Capital Stockbrokers 
  Limited 
-----------------------------  ---------------------- 
 Jason Robertson / Neil         Tel: [phone] 
  Badger 
-----------------------------  ---------------------- 
 

About Alba

Alba holds a 15 per cent interest in Horse Hill Developments Limited, the company which has a 65 per cent participating interest and operatorship of the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin. Alba is also earning a 5% interest in Production Licence 235, which comprises the producing onshore Brockham Oil Field.

Alba has earned the right to a 49 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has agreed to acquire a further 41 per cent interest in the Project, subject to Greenlandic regulatory approvals.

In addition, the Company has recently renewed its Limerick base metal licence in the Republic of Ireland, and has applied for the reissue of a uranium permit in northern Mauritania. The new Mauritanian permit will be on a reduced area, and is centred on known uranium-bearing showings.

Alba continues actively to review and discuss numerous other project opportunities which have value-enhancing potential for the Company whether by acquisition, farm in or joint venture in a range of jurisdictions around the world.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 26, 2017 04:30 ET (09:30 GMT)