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Regency Mines boss explains sale of Horse Hill stake

Andrew Bell, chairman and chief executive of Regency Mines (LON:RGM), says the company is eyeing several projects in North America with the cash it will receive from the sale of its stake in the Horse Hill oil project near Gatwick Airport. 

Regency has agreed to sell its 5% stake in Horse Hill Developments, the consortium that owns a 65% participating interest and operatorship of licence PEDL 137 and the adjacent licence PEDL 246 in the UK Weald Basin, to Alba Mineral Resources (LON:ALBA) for £300,000 in cash.

Regency Mines holds 5.03% directly, and 2.35% indirectly, of Alba so it still has an interest in the success of the project as Bell explains.

Quick facts: Regency Mines PLC

Price: 0.9 GBX

Market: LSE
Market Cap: £1.71 m

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