Alba Mineral Resources PLC Horse Hill Update (6218P)

TIDMALBA

RNS Number : 6218P

Alba Mineral Resources PLC

11 October 2019

Alba Mineral Resources plc

("Alba" or the "Company")

UKOG Announcement Regarding HH-2/2z Coring Operations

Alba Mineral Resources plc (AIM: ALBA), the diversified mineral exploration and development company, notes the announcement made at 8.56am this morning by 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.

The UKOG announcement reads as follows (noting that references below to the "Company" are to UKOG):

"UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has commenced an extensive conventional coring programme in its 85.635% owned Horse Hill-2 ("HH-2") Portland pilot well. The first 60 ft core, starting at a drilled depth of 2049 ft below rig floor, was successfully landed at surface this morning and is being prepared for onward shipment to a Surrey-based laboratory, where an extensive analysis programme will be undertaken.

Further to the Company's announcement of 8 October, the coring programme has been increased from three to a total of four 60 ft cores, covering the full 240 ft Upper Portland reservoir sequence. Operations to cut core #2 are in progress and the full programme is expected to be completed early next week.

The additional 60 ft core #4 is in response to the receipt of a revised HH-1 petrophysical interpretation from Petroscale in Houston, Texas, which indicates that the field's oil water contact ("OWC") may be significantly deeper than previously recognised. If correct, the deeper OWC would increase the field's oil in place and recoverable volumes, potentially significantly beyond those reported in the Company's July 2018 readmission document. Core #4 is purposefully designed to provide the necessary data to help confirm the possible deeper OWC.

Following the coring programme, designed primarily to acquire the key technical data necessary to correctly position the HH-2z horizontal section within the Portland's most oil-productive zone, the well will drill ahead to just over 2300 ft, be electric logged and then plugged back to the "kick-off" point, delineating the start of the horizontal section. Drilling of HH-2z's circa 1000m horizontal trajectory will follow directly afterwards."

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.

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)                 [phone] 
  Sarah Hollins / Harriet Jackson / Henry     [e-mail] 
  Wilkinson 
 

Alba's Project & Investment Portfolio

 
 Project (commodity)     Location     Ownership 
 Mining Projects 
 Amitsoq (graphite)      Greenland    90% 
                        -----------  ---------- 
 Clogau (gold)           Wales        90% 
                        -----------  ---------- 
 Inglefield (copper, 
  cobalt, gold)          Greenland    100% 
                        -----------  ---------- 
 Limerick (zinc-lead)    Ireland      100% 
                        -----------  ---------- 
 Melville Bay (iron 
  ore)                   Greenland    51% 
                        -----------  ---------- 
 TBS (ilmenite)          Greenland    100% 
                        -----------  ---------- 
 Oil & Gas Investments 
 Brockham (oil)          England      5% 
                        -----------  ---------- 
 Horse Hill (oil)        England      11.765% 
                        -----------  ---------- 
 

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 [e-mail] or visit www.rns.com.

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October 11, 2019 05:23 ET (09:23 GMT)