Alba Mineral Resources plc (AIM: ALBA), the diversified mineral exploration and development company, is pleased to announce that it has received the following update from UK Oil & Gas Plc ("UKOG"), the majority owner of Horse Hill Developments Limited ("HHDL"), the operator of Horse Hill licences PEDL 137 and PEDL 246 in which Alba has an 11.765% interest:
Following the completion of the 12¼" diameter hole section in its Horse Hill-2 ("HH-2") Portland pilot well, 9⅝" casing has been set and cemented into position from surface to 2,019 ft below rig floor. After setting and testing blow out preventers, expected to be completed today, the well will drill a short section of 8½" diameter hole down to the coring point, where three 60 ft cores are planned through the oil-bearing Portland reservoir.
Following the coring programme, designed primarily to acquire key technical data that will ensure the 1000m HH-2z horizontal section is correctly positioned within the Portland's most oil-productive zone, the well will drill ahead to total depth, be electric logged and then plugged back to the "kick-off" point, delineating the start of HH-2z's planned 1000m horizontal trajectory. HH-2z will follow directly afterwards.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 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.
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