Starvest PLC Investee Company Alba Mineral Resources PLC (4168N)
August 08 2017 - 6:57AM
UK Regulatory
TIDMSVE
RNS Number : 4168N
Starvest PLC
08 August 2017
8 August 2017
Starvest Plc ("Starvest" or "the Company")
Investee Company Alba Mineral Resources PLC - Further Positive
News
Starvest PLC (LON:SVE), the London Stock Exchange AIM listed
specialist mining and resources investment business is pleased to
announce investee company Alba Mineral Resources PLC (Alba) has
provided further positive news from a number of its projects.
Highlights
-- Significant rise in share price of investee company Alba Mineral Resources PLC;
-- Starvest retains its holding of more than 26,000,000 shares in Alba Mineral Resources PLC;
-- Alba holds a diversified portfolio of strategic projects;
-- Horse Hill 1 oil well flow rates positive.
Callum Baxter, Chairman and CEO commented: "Starvest have been a
long term investor and supporter of Alba Mineral Resources plc. The
team at Alba, headed by George Frangeskides and Michael Nott
(former CEO now non-executive director), have worked very hard to
assemble a portfolio of strategic projects. It is encouraging to
see the recent share price rise for Alba reflecting the advancement
of their projects and acquisition of new licences. We look forward
to further positive news from Alba.'
Alba Mineral Resource PLC are an explorer focused on oil and
gas, graphite, uranium and base metals with holdings in UK (oil and
gas), Ireland (base metals), Greenland (graphite) and Mauritania
(uranium).
Weald Basin Hydrocarbons (Horse Hill) - UK
Alba holds a 15% interest in the hydrocarbon company Horse Hill
Developments Limited (HHDL) which owns 65% of the Horse Hill
licences (PEDL137 and 246) in the Weald Basin in Surrey. It also
holds a 5% interest in production licence 235 which comprises the
producing onshore Brockham Oil Field in Surrey.
HHDL have applied for permission for long-term production
testing at HH-1, its discovery well site, and to drill two further
wells. The Horse Hill planning application will be determined by
the Surrey County Council Planning Committee meeting during the
current quarter, with flow testing expected to begin at Horse Hill
in the latter part of this year. Previous testing in 2016 showed
very positive flow rates of approximately 1,700 barrels oil per
day.
Brockham oil field, operated by Angus Energy, has undergone
extensive modification and upgrade works recently in preparation
for the new planned oil production, commencing summer 2017. Results
were released showing the Brockham side-track X4Z reservoir
consists of numerous interbedded layers of limestone and shale with
abundant natural fracturing and an estimated gross thickness of
385m in the Kimmeridge reservoir (part of the Weald Basin). It is
planned to place 200m of this into production following permission
from the UK Oil and Gas Authority.
Graphite (Amitsoq) - Greenland
Alba holds a 90% interest in graphite project in Greenland which
includes Amitsoq, a former graphite mine, and extensive exploration
ground around the former mine. In late July the Company reported
that multiple new graphite beds, including graphite zones and
extensions of the former graphite mine, had been discovered at
Amitsoq verifying several graphite anomalies that had been targeted
by an electromagnetic survey conducted at the end of 2016.
Graphite has shown, and is forecast to continue to show, a
steady increase in demand due to its use in lithium-ion batteries
and in the graphene sector
As well as graphite the project area is also prospective for
gold, copper, nickel and platinum group elements.
Ilmenite (Thule) - Greenland
The Company recently announced the granting of a new licence in
the Thule black sand province in north west Greenland, an area
prospective for heavy mineral sands, in particular ilmenite. The
area has excellent infrastructure and proximity to a deep-water
port and airport. Ilmenite is a source of titanium dioxide used in
pigment in plastics and paints among other things and has shown a
steady demand over the last 2-3 years with increased demand
forecast for the next 5-6 years.
Other - Ireland, Mauritania
Other projects also held by Alba include a drill stage base
metal exploration area in Ireland and an early stage uranium
exploration project in Mauritania, both of which continue to be
advanced by the Company.
Callum N Baxter
Chairman & Chief Executive
8 August 2017
Enquiries to:
Starvest PLC
Callum Baxter Chairman/CEO 07922 255 933
cbaxter@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke 02073 835 100
SI Capital Ltd (Appointed Broker)
Nick Emerson or Andy Thacker 01483 413 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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