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Alba Min Res PLC (ALBA)

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Monday 21 July, 2014

Alba Min Res PLC

Horse Hill Update

RNS Number : 7995M
Alba Mineral Resources PLC
21 July 2014
 



 

For Immediate Release

21 July 2014

 

ALBA MINERAL RESOURCES PLC

("ALBA" or the "Company")

 

Update - Horse Hill.

 

ALBA (AIM: ALBA) today announces that Horse Hill Developments Ltd ("HHDL") has on the 17t July officially received formal notification from the UK Department of Energy and Climate Change ("DECC") that:

 

·     The Secretary of State has granted the transfer and apportionment of rights of 65% of Licence PEDL 137 from Magellan Petroleum (UK) Limited to HHDL.

·     The Secretary of State has granted approval of appointment of HHDL as Exploration Operator of Licence PEDL 137.

These approvals/consents have been granted by the DECC until 17th October 2014, to enable HHDL to meet its obligation under the agreements in place between HHDL and Magellan Petroleum (UK) Limited to drill the Horse Hill-1 well on Licence PEDL 137.

The Horse Hill - 1 well is proposed to have a total depth of 8,512 feet and is targeting a number of conventional stacked oil and gas targets.

 

ALBA has a binding agreement in place to own a direct 5.0% interest in Horse Hill Developments Ltd, a special purpose company that owns a 65% participating interest and operatorship of the Horse Hill-1 well.

 

Mike Nott, the Company's CEO, commented:

 

"The site construction works are progressing to plan and we look forward to spudding the Horse Hill - 1 well."

 

-ENDS-

For further information, please contact:

 

Alba Mineral Resources Plc

020 7907 9328

Michael Nott-CEO




Northland Capital Partners Limited

(Nominated Adviser and Broker )

020 7382 1100

Matthew Johnson / Gavin Burnell


 

Notes to Editors:

Alba holds interests in Mauritania (uranium: JV with FOSSE Investments Limited) and Ireland (base metals).  The projects are at different stages of development.  The Mauritania uranium project comprises early phase exploration targets, whereas drilling has been undertaken on the Irish base metals project.  Alba continues actively to review and discuss other project opportunities which have value enhancing potential for the Company whether by acquisition, farm in or joint venture in a range of jurisdictions around the world.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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