TIDMALBA
RNS Number : 8346V
Alba Mineral Resources PLC
11 April 2019
Alba Mineral Resources plc
("Alba" or "the Company")
15,000 barrels of Portland oil production reached at Horse
Hill
Alba Mineral Resources plc (AIM: Alba) ("Alba" or the
"Company"), the diversified mineral exploration and development
company, announces that Horse Hill Developments Ltd ("HHDL" or the
"Operator"), the operator of the HH-1 Kimmeridge Limestone ("KL")
and Portland Sandstone ("Portland") oil discovery in which Alba has
an 11.765% interest, has advised the Company that:
-- dry oil production (i.e. zero produced water) from the
Portland reservoir at the Horse Hill oil field has continued at a
stable rate of over 220 barrels of oil per day ("bopd") delivering
an aggregate total Portland volume exceeding 15,000 barrels ("bbl")
to date. The Portland and Kimmeridge extended test programme has
now produced a significant aggregate volume in excess of 40,000
bbl;
-- for prudent Portland reservoir management purposes, the
average pumped rate from HH-1 continues to be maintained below the
previously calculated forecast rate of 362 bopd based on optimal
reservoir conditions; and
-- the well is currently shut in for a 60-hour pressure build-up
test prior to the scheduled retrieval of downhole pressure gauges.
Following the pressure data retrieval and other maintenance over
the coming week, Portland test production will resume.
Alba has also been advised by the Operator that preparations for
the planned drilling start of HH-1z and HH-2 in the second quarter
of 2019 are nearing finalisation.
Further, the Operator has provided the following summary of
extended well test ("EWT") results to date:
-- Over 40,000 bbl aggregate Kimmeridge and Portland oil production to date.
-- Over 25,000 bbl total Kimmeridge oil production.
-- Over 15,000 bbl total Portland production to date, flow continues.
-- 186 tankers of crude exported primarily to Perenco's Hamble
oil terminal. The Portland's 36deg API Brent quality crude
containing zero produced water, continues to be sold at prevailing
Brent crude oil prices, less a small deduction for handling and
marketing.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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.
Glossary
degAPI a measure of the density of crude oil, as defined
by the American Petroleum Institute
oil field an accumulation, pool or group of pools of oil
in the subsurface that produces oil to surface.
---------------------------------------------------------
extended well a well test, as per the permission granted by
test the Oil and Gas Authority, with an aggregate flow
period duration over all zones of greater than
96 hours and up to 90 days maximum
---------------------------------------------------------
flow test or a flow test or well test involves testing a well
well test by flowing hydrocarbons to surface, typically
through a test separator. Key measured parameters
are oil and gas flow rates, downhole pressure
and surface pressure. The overall objective is
to identify the well's capacity to produce hydrocarbons
at a commercial flow rate.
---------------------------------------------------------
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
Yellow Jersey PR (Financial PR/ IR)
Tim Thompson / Harriet Jackson / Henry Wilkinson +44 77 1071 8649
alba@yellowjerseypr.com
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
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 rns@lseg.com or visit www.rns.com.
END
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