Alba Mineral Resources PLC Independent Assessment of Horse Hill-1 Well (3078P)

TIDMALBA

RNS Number : 3078P

Alba Mineral Resources PLC

05 June 2015

5 June 2015

Alba Mineral Resources plc

("ALBA" or the "Company")

Independent Assessment of Horse Hill-1 Well

Alba Mineral Resources plc (LSE AIM: ALBA) announces that Schlumberger, one of the leading suppliers of technology, integrated project management and information solutions to customers working in the global oil and gas industry, has independently assessed the petrophysics of Horse Hill-1 well ("HH-1"), located in PEDL137 in the Weald basin near to London Gatwick Airport. ALBA has a net attributable interest of 6.5% in PEDL137.

The report, entitled Petrophysical Evaluation of the Horse Hill-1 Well, estimates an overall Oil in Place ("OIP") for the Jurassic section of the well to be 271.4 million barrels of oil ("MMBO") per square mile. The total OIP comprises 16.2 MMBO per square mile for the conventional Upper Portland Sand reservoir discovery and 255.2 MMBO per square mile solely for the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias. The OIP hydrocarbon volumes estimated should not be construed as recoverable resources or reserves.

The report, which is addressed to UK Oil & Gas Investments PLC ("UKOG"), is available on UKOG's website www.ukogplc.com.

Michael Nott, ALBA's CEO, commented:

"This independent technical viewpoint adds further weight to the potential significance of the HH-1 well and the potential of the Horse Hill licences."

ALBA's interest in Horse Hill:

The Horse Hill-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. ALBA owns a 10% direct interest in Horse Hill Developments Ltd ("HHDL"). HHDL is a special purpose company that owns a 65% participating interest and is the operator of licence PEDL137 and the adjacent licence PEDL246 in the UK Weald Basin. The remaining 35% participating interests in the PEDL137 and PEDL246 licences are held by Magellan Petroleum Corporation.

Qualified Person's Statement:

Stephen Sanderson, UKOG's CEO, who has over 30 years of relevant experience in the oil industry, has approved the information contained in this announcement on behalf of Alba. Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Association of Petroleum Geologists.

Schlumberger is acting exclusively for UKOG and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than UKOG in connection therewith. No person or company other than UKOG may directly or indirectly rely upon the contents of its report. Schlumberger is acting in an advisory capacity only and, to the fullest extent permitted by law, disclaims all liability for actions or losses derived from any actual or purported reliance on its report (or any other statements or opinions of Schlumberger) by any person or entity other than UKOG.

Restoration of trading

Restoration of trading in the Company's shares is scheduled for today, 5 June 2015.

Enquiries:

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

Glossary:

 
 conventional    a play where oil is found or expected 
  oil play        to be present within a conventional 
                  reservoir. The term can be applied 
                  to a play where the trapped petroleum 
                  is defined by a discovered discrete 
                  petroleum accumulation or play related 
                  to localized geological structural 
                  features and/or stratigraphic condition, 
                  typically with the accumulation 
                  bounded by a downdip contact with 
                  an aquifer, and which is significantly 
                  affected by hydrodynamic influences 
                  such as the buoyancy of petroleum 
                  in water. 
--------------  --------------------------------------------- 
 conventional    a reservoir normally with an average 
  reservoir       permeability exceeding 1 milliDarcy. 
--------------  --------------------------------------------- 
 discovery       a discovery is a petroleum accumulation 
                  for which one or several exploratory 
                  wells have established through testing, 
                  sampling and/or logging the existence 
                  of a significant quantity of potentially 
                  moveable hydrocarbons 
--------------  --------------------------------------------- 
 limestone       a sedimentary rock predominantly 
                  composed of calcite (a crystalline 
                  mineral form of calcium carbonate) 
                  of organic, chemical or detrital 
                  origin. Minor amounts of dolomite, 
                  chert and clay are common in limestones. 
                  Chalk is a form of fine-grained 
                  limestone. 
--------------  --------------------------------------------- 
 mudstone        an extremely fine-grained sedimentary 
                  rock consisting of a mixture of 
                  predominantly clay plus silt-sized 
                  particles. 
--------------  --------------------------------------------- 
 oil initially   the quantity of oil or petroleum 
  in place or     that is estimated to exist originally 
  oil in place    in naturally occurring accumulations 
                  before any extraction or production 
--------------  --------------------------------------------- 
 play            a set of known or postulated oil 
                  and or gas accumulations sharing 
                  similar geologic, geographic, and 
                  temporal properties, such as source 
                  rock, migration pathways, timing, 
                  trapping mechanism, and hydrocarbon 
                  type 
--------------  --------------------------------------------- 
 recoverable     those quantities of petroleum (oil 
  resources       in this case) estimated, as of a 
                  given date, to be potentially recoverable 
                  from known accumulations 
--------------  --------------------------------------------- 
 reserves        those quantities of petroleum anticipated 
                  to be commercially recoverable by 
                  application of development projects 
                  to known accumulations from a given 
                  date forward under defined conditions; 
                  reserves must further satisfy four 
                  criteria: they must be discovered, 
                  recoverable, commercial and remaining 
                  (as of the evaluation date) based 
                  on the development project(s) applied; 
                  reserves are further categorized 
                  in accordance with the level of 
                  certainty associated with the estimates 
                  and may be sub-classified based 
                  on project maturity and/or characterised 
                  by development and production status 
--------------  --------------------------------------------- 
 reservoir       a subsurface rock formation containing 
                  an individual natural accumulation 
                  of moveable petroleum. 
--------------  --------------------------------------------- 
 tight oil       a play where oil is found or expected 
  play            to be present within a reservoir 
                  with low permeability i.e. a tight 
                  reservoir. The term in the case 
                  of HH-1, is applied to a play where 
                  trapped petroleum accumulations 
                  are expected to be pervasive throughout 
                  a large area and that are not significantly 
                  affected by hydrodynamic influences 
                  (also called "continuous-type deposits"). 
--------------  --------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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