Alba Mineral Resources PLC Brockham Oil Field Update (9459R)

TIDMALBA

RNS Number : 9459R

Alba Mineral Resources PLC

15 December 2016

15 December 2016

Alba Mineral Resources plc

("Alba" or the "Company")

Brockham Oil Field Update

Mobilisation of Rig and Commencement of Operations

Alba is pleased to announce that it has been advised by the operator, Angus Energy Plc ("Angus"), that work has now commenced at the Brockham Oil Field ("Brockham"), in which Alba is earning a 5 per cent interest. Brockham is located near Gatwick Airport and is only a few miles from Alba's other UK onshore oil and gas interests at Horse Hill.

Angus has advised that it has today received the final approvals required from the UK Government Oil and Gas Authority ("OGA") and Health and Safety Executive ("HSE") to commence work on the BR-X4Z well on UK onshore Production Licence PL 235.

Consequently, Alba is advised that the rig is now on site and has commenced work, as per the approved programme, to abandon the required redundant wells in the upper Portland formation and re-enter the original Brockham-X1 well drilled by BP in 1987 down through the Portland, Kimmeridge, Corallian and into the much deeper Great Oolite formations. The Company understands that all the original BP wells at Brockham that passed through the Kimmeridge and Corallian formations were drilled without properly assessing their hydrocarbon potential.

George Frangeskides, Executive Chairman of Alba, commented:

"We are very pleased that Angus have now obtained the required approvals from the UK authorities and have already started on this potentially very significant work at Brockham. Alba looks forward to reporting the results in due course."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information please contact:

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

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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December 15, 2016 04:40 ET (09:40 GMT)