Alba Min Res PLC - Brockham Update - Alba Comment
("Alba" or the "Company")
Brockham Update - Alba Comment
George Frangeskides, Alba's Executive Chairman, commented:
"We have now had an opportunity to digest the update on Brockham released earlier today by the Operator, Angus Energy, which we were obliged to release without delay therefore being unable to provide any accompanying commentary."
"We await receipt of the analysis Angus have completed in respect of the further works they have carried out on the BR-X4Z well and which they say makes it extremely unlikely that conventional commercial flow can be established from the Kimmeridge layer at Brockham. Upon receipt of that analysis, our technical team will make their own assessment of the situation."
"While this news from Angus is, on the face of it, disappointing, it is important that we put it in its proper context for Alba shareholders. Our 5% stake in the Brockham licence is only a very small part of Alba's asset and investment portfolio. Indeed, our interest in Brockham is shown in our last published accounts (to
"We continue to advance our mining assets apace, as witnessed most recently by the JORC-compliant resource released last month for our Thule Black Sands heavy mineral sands project in
"And on the oil and gas front, while the oil at Brockham appears to be reluctant to flow, meanwhile at Horse Hill, which is just a few miles down the road and in which oil field Alba has a much greater stake, the oil continues to flow steadily, and has done so ever since the flow-testing programme commenced some 12 months ago. That is testament, as ever, to the risk-reward nature of the exploration business, but also testament, in my view, to Alba's strategy of accumulating a diversified portfolio of assets and investments such that we are far from reliant upon the success of one single project."
"We look forward to reporting further positive updates on our assets and investments in the weeks and months ahead."
For further information, please contact:
George Frangeskides, Executive Chairman +44 20 3907 4297
James Caithie /
Jason Robertson +44 20 7374 2212
Eliot Hance +44 20 3700 0093
Yellow Jersey PR (Financial PR/IR)
Tim Thompson / Harriet Jackson / Henry Wilkinson +44 77 1071 8649
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest in the
Clogau (Gold, Wales): Alba owns a 90 per cent interest in Gold Mines of
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.
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 km²) in the
This information is provided by RNS, the news service of the
Quick facts: Alba Mineral Resources PLC
Market Cap: £17.68 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE