Alba Mineral Resources PLC Brockham Update (1922R)

TIDMALBA

RNS Number : 1922R

Alba Mineral Resources PLC

26 February 2019

Alba Mineral Resources plc

("Alba" or "the Company")

Brockham Update

Alba Mineral Resources plc (AIM: Alba), the diversified mineral exploration and development company, announces that Angus Energy Plc, the operator of the Brockham Oil Field under Production Licence ("PL") 235 ("Angus" or the "Operator"), has provided the following update regarding Brockham:

-- The long lead equipment to isolate the water zones at Brockham has been sourced and is ready for shipping from the USA.

-- The primary item of equipment, which would have taken over three months to be manufactured, has now been sourced more efficiently and cost effectively from another supplier.

-- Angus is currently considering the options for logging the well in order to identify the water zones.

-- Angus shall immediately start rig selection and submit a detailed engineering programme for approval by Angus's fellow licensees on PL 235 and by all relevant regulators.

-- If so approved, the operation will be conducted in two stages: firstly, identification and isolation of the water zones, followed by the commencement of production testing.

Alba owns a direct 5 per cent interest in PL 235.

George Frangeskides, Alba's Executive Chairman, commented: "It is good to hear that Angus Energy is advancing plans at pace to tackle the water influx at Brockham. We look forward to reporting on further details in due course."

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.

For further information, please contact:

Alba Mineral Resources plc

   George Frangeskides, Executive Chairman                        [phone] 

Cairn Financial Advisers LLP (Nomad)

   James Caithie / Liam Murray                                            [phone] 

First Equity Limited (Broker)

   Jason Robertson                                                            [phone] 

Yellow Jersey PR (Financial PR/ IR)

   Tim Thompson / Harriet Jackson / Henry Wilkinson            [phone] 

[e-mail]

Alba's Project & Investment Portfolio

Mining

Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has an option over the remaining 10 per cent.

Clogau (Gold, Wales): Alba owns a 90 per cent interest in Gold Mines of Wales Limited ("GMOW"), the ultimate owner of the Clogau Gold project situated in the Dolgellau Gold Belt in Wales.

Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent of mineral exploration licence ("MEL") 2017/40 and 2018/25 in north-west Greenland.

Limerick (Base Metals, Ireland): Alba owns 100 per cent of the Limerick base metal project in the Republic of Ireland.

Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per cent interest in MEL 2017/41 in Melville Bay, north-west Greenland. The licence area benefits from an existing inferred JORC resource of 67 Mt @ 31.4% Fe.

Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of MEL 2017/29 in the Thule region, north-west Greenland.

Oil & Gas

Brockham (Oil & Gas, UK): Alba has a direct 5 per cent interest in Production Licence 235, which comprises the previously producing onshore Brockham Oil Field.

Horse Hill (Oil & Gas, UK): Alba holds an 11.765 per cent effective interest in the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246 covering a total area of 142.9 km(2)) in the UK Weald Basin.

Web: www.albamineralresources.com

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February 26, 2019 11:45 ET (16:45 GMT)