Alba Mineral Resources PLC Brockham Update (8699B)
January 15 2018 - 5:30AM
UK Regulatory
TIDMALBA
RNS Number : 8699B
Alba Mineral Resources PLC
15 January 2018
Alba Mineral Resources Plc
("Alba" or the "Company")
Brockham to Recommence Conventional Production in Q1 2018, from
Two Production Wells
Alba is pleased to announce that it has been informed by Angus
Energy plc, the Operator of the Brockham Oil Field in which Alba
has a 5 per cent interest, that it will recommence conventional
production at Brockham in March from the Portland Reservoir via the
currently temporarily suspended BR-X2Y well. The Company notes that
this means that production is now planned to commence at Brockham
in Q1 2018 from two wells, BR-X2Y and BR-X4Z.
This proposed increase in operations reflects improved market
conditions and an increase in oil pricing. Prior to its temporary
closure, the BR-X2Y well had normative operations of circa
30bbl/day.
In respect of the BR-X4Z well, further to the Company's
announcement of 23 October 2017 Alba has been informed by the
Operator that the installation of a connection to the National Grid
for selling on-site power generated from associated gas production
is in progress, that contracts have been executed with a scheduled
completion in March 2018 and that prior guidance for the beginning
of production from BR-X4Z is unchanged. The Operator has further
reiterated that all the aforementioned operations will be performed
through conventional production (with no hydraulic fracturing or
"fracking").
George Frangeskides, Alba's Executive Chairman, commented: "We
are pleased to report this proposed doubling in the number of wells
that Angus Energy now wish to bring into production at Brockham
this quarter. We know that shareholders have been eagerly awaiting
updates at Brockham and Horse Hill. Alba is now poised to benefit
from the significant activities planned to commence at both
projects in the near term."
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
George Frangeskides, Executive Chairman
+44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray
+44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson
+44 20 7374 2212
Alba's Project Portfolio
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds a 18.1 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.
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.
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.
Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of
mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Clogau (Gold, Wales): Alba owns 49 per cent of Gold Mines of
Wales Limited, the owner of the Clogau Gold Project in north Wales
incorporating the historic Clogau-St David's Mine.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent
of mineral exploration licence 2017/40 in north-west Greenland.
Limerick (Base Metals, Ireland): Alba has 100 per cent of the
Limerick base metal project in the Republic of Ireland.
El Mreiti (Uranium, Mauritania): Alba has applied for the
reissue of a uranium permit in northern Mauritania, centred on
known uranium-bearing showings.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDUVURRWWAAAAR
(END) Dow Jones Newswires
January 15, 2018 05:30 ET (10:30 GMT)
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Apr 2024 to May 2024
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From May 2023 to May 2024