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(Alliance News) - Alba Mineral Resources PLC on Friday moved to reassure shareholders following disappointing results from the Brockham oil field, in which it has an interest.
Angus Energy earlier Friday said there is little chance any hydrocarbon flow can be established at Brockham at commercial rates using conventional means, and it does not plan on any unconventional methods.
Alba noted the announcement at the time, but later Friday said it has now had some time to digest the news.
Executive Chair George Frangeskides said: "While this news from Angus is, on the face of it, disappointing, it is important we put it in its proper context for Alba shareholders.
"Our 5% stake in the Brockham licence is only a very small part of Alba's asset and investment portfolio. Indeed, our interest in Brockham is shown in our last published accounts (to November 2018), at a value of GBP346,904, which represents just 4.1% of our net assets of GBP8.5 million."
Alba said Horse Hill, which is near Brockham in Surrey, is doing much better, and Alba has a far greater exposure to Horse Hill.
Alba shares closed down 15% at 0.19 pence each Friday, with Angus ending down 60% at 1.44p. Brockham makes up 26% of Angus' carrying value.
