LONDON (Alliance News) - Regency Mines PLC and Alba Mineral Resources PLC Wednesday confirmed that they have completed the sale of Regency's 5% stake in Horse Hill Developments Ltd to Alba Minerals for a total of GBP290,000.
Horse Hill Developments is the company behind the Horse Hill prospect in Surrey, southern England. UK Oil and Gas Investments holds a 30% stake in Horse Hill Developments Ltd, which owns a 65% stake in the prospect. The remaining 35% is held by Magellan Petroleum Corp.
Doriemus PLC, Stellar Resources PLC and Solo Oil PLC each hold 10% stakes in Horse Hill Developments, while Alba Mineral Resources now holds a 10% stake following the the acquisition from Regency Mines. The balance is owned by Angus Energy, in which UK Oil and Gas has a 6% stake.
In March, both companies said Alba would purchase the 5% stake from Regency for GBP300,000.
"We wish Alba well with their continuing investment in Horse Hill, and through our residual holding in Alba will continue to have an indirect interest in the project's future success. Regency continues to seek opportunities in the sector that match its specific and demanding investment criteria," said Regency Chairman Andrew Bell.
Regency Mines holds a 14.87% stake in Alba Mineral Resources.
Alba shares were up 4.0% on Wednesday afternoon to 0.338 pence per share, whilst Regency shares increased 3.1% to 0.0722 pence.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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