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)
+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.
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