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LONDON (Alliance News) - Alba Mineral Resources PLC and UK Oil & Gas PLC said the aggregate total oil production from the portland sandstone oil discovery at Horse Hill is now more than 20,500 barrels.
Shares in Alba were up 6.9% at 0.27 pence on Friday morning while shares in UK Oil & Gas were down 4.8% at 1.05p.
UK Oil & Gas holds a 51% majority interest in Horse Hill, an oil and gas project located in the UK Weald Basin, while Alba's interest is 12%.
A week-long pressure build-up test has taken place at the portland discovery, which is continuing to produce at a stable rate of more than 220 barrels of dry oil per day with no formation water produced to surface so far.
This pressure build-up test result was "significantly better than expected results", according to both Alba and UK Oil & Gas. The portland and kimmeridge extended well test programme at Horse Hill has not produced an aggregate volume in excess of 45,500 barrels.
Alba also announced that drilling has begun at is wholly owned Limerick base metals project in Ireland.
"We have now hit all our principal objectives for our mining operations in this quarter," said Alba Executive Chair George Frangeskides.
"Of the only five drill holes previously completed on Alba's Limerick project, one drill hole intercepted six metres of semi-massive and disseminated pyrite within the target limestone, including a two-metre mineralised interval containing zinc. The presence of pyrite is encouraging since it often indicates the presence of base metal sulphides at other properties in the Limerick basin," Frangeskides added.
