Horse Hill Update

Alba Mineral Resources PLC
11 December 2023
 

Alba Mineral Resources plc

("Alba" or the "Company")

 

Horse Hill Update

 

Alba Mineral Resources plc (AIM: ALBA) notes the announcement today by UK Oil & Gas Plc ("UKOG"), in relation to the Horse Hill Oil Project in which Alba owns an 11.765% effective interest.

 

The UKOG announcement, of which the Company was not given prior notice, states that: "…further to its announcement of 28th March 2023, [UKOG's] relevant subsidiaries and Pennpetro Energy Plc ("PPP")  have agreed to extend the conditional binding Horse Hill farm-in term sheet until 30 June 2024, whereby PPP will farm-in to the Horse Hill Oil Field on an incremental production only basis by paying 100% of both a 12 km² 3D seismic survey and a new crestal production well, Horse Hill-3 ("HH-3"). The farmin remains subject to the completion of the formal farmin agreement and necessary regulatory consents."

 

Alba notes, as previously stated in the Company's announcement of 28 March 2023, that the proposed transaction remains subject to the approval of all shareholders of Horse Hill Developments Ltd, including Alba.

 

Further material updates will be provided as and when they become available to the Company.

 

ENDS

 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information, please visit www.albamineralresources.com or contact:

Alba Mineral Resources plc

George Frangeskides, Executive Chairman

+44 (0) 20 3950 0725 

 

SPARK Advisory Partners Limited (Nomad) 

Andrew Emmott 

+44 (0) 20 3368 3555 

 

CMC Markets plc (Broker)

Thomas Smith / Douglas Crippen

+44 (0) 20 3003 8632

 

 

Alba's Projects & Investments

Projects Operated by Alba

Location

Ownership

Clogau (gold)

Wales

100%

Dolgellau Gold Exploration (gold)

Wales

100%

Gwynfynydd (gold)

Wales

100%

Investments Held by Alba

Location

Ownership

GreenRoc Mining Plc (mining)

Greenland

37.49%

Horse Hill (oil)

England

11.765%

 

 

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END
 
 
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