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Alba Mineral: Horse Hill project wins key consent from Surrey council

The consent gives permission to produce oil at the site over a 25-year period at up to 3,500 barrels per day from a total of six wells

Alba Mineral Resources plc - Alba Mineral Resources: Horse Hill project granted long-term production consent from Surrey County Council

Horse Hill oil field near Gatwick Airport has been granted long-term production consent by Surrey County Council, providing a boost for project backers such as Alba Mineral Resources plc (LON:ALBA).

The consent gives permission to produce oil at the site over a 25-year period at up to 3,500 barrels per day from a total of six wells.

READ: Alba Minerals Resources looks to Welsh gold and English oil as it prioritises shortest routes to success

Alba owns an 11.8% stake in Horse Hill, which is operated and 85.6%-owned by UK Oil & Gas PLC.

For the first time proven and probable reserves for the project’s 25-year life can now be assigned, as the consent means that the field’s immediate oil production from the HH-1 and HH-2/2z wells would no longer be limited to existing well test planning consents.

The permission also allows the field development plan to be finalised and submitted to the UK Oil & Gas Authority for regulatory and technical consent.

George Frangeskides, Alba's executive chairman, said the permission was a “critical milestone” for the Horse Hill project and the company looked forward to providing updates as the development progressed towards long-term production.

In early-afternoon trading on Wednesday, Alba’s shares were up 3.8% at 0.2p.

Quick facts: Alba Mineral Resources PLC

Price: 0.165 GBX

AIM:ALBA
Market: AIM
Market Cap: £6.18 m
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