Brockham Update

RNS Number : 3653J

Alba Mineral Resources PLC

29 March 2018

 

Alba Mineral Resources plc

("Alba" or "the Company")

Conventional Production Resumed

From Brockham Oil Field

Alba Mineral Resources plc (AIM: ALBA), the diversified mineral exploration and development company, is pleased to announce that the Operator, Angus Energy, has confirmed the resumption of continuous production from the Portland Reservoir of the BR-X2Y well at Brockham.

The Operator has advised that:

-   The Brockham Oil Field has resumed production at 21 bopd but that it expects this flow rate to increase to roughly 35 bopd within approximately 7 days, once initial water slugging has stopped;

-   It will resume routine exportation of all production this quarter;

-   A natural decline of the production rates is expected over time; and

-   All operations are performed through conventional production. There will be no hydraulic fracturing or "fracking".

BR-X4 Update

Subsequent to the RNS of 25 October 2017, the Operator has advised that it has submitted, without prejudice, the normalisation application for the continued surface activities of the production plant required for well BR-X4 (and its inclusive component BR-X4Z).

The Operator has further advised that it has determined, given the now published administrative schedule of Surrey County Council ("SCC"), that it is in the best interests of all stakeholders to wait for SCC to complete its process. An update will be provided to the market in due course.

The Operator has confirmed that all other prior guidance for the Brockham Oil Field remains unchanged.

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                        [phone]

Cairn Financial Advisers LLP (Nomad)     

James Caithie / Liam Murray                                            [phone]

First Equity Limited (Broker)

Jason Robertson                                                            [phone]

Yellow Jersey PR (Financial PR/ IR)

Tim Thompson / Sophia Macleod / Henry Wilkinson            [phone]

[e-mail]

Alba's Principal Operations & Investments

Oil & Gas

Horse Hill (Oil & Gas, UK): Alba holds an 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.

Mining

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.

Thule 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.

Gold Mines of Wales (Gold, Wales, UK): Alba holds a 49 per cent interest in Gold Mines of Wales, the ultimate owner of the Clogau Gold project situated in the Dolgellau Gold Belt in Wales.

Inglefield Land (Multi-Commodity, Greenland): Alba owns 100 per cent of mineral exploration licences 2017/40 and 2018/15 in north-west Greenland.

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.

Web: www.albamineralresources.com

 

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