Last checked at 23 Oct 2017 07:00
23 October 2017
Alba Mineral Resources plc
("Alba" or the "Company")
Receipt of OGA Approval in respect of Brockham Oil Field
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce, further to the announcement of 22 September 2017, that it has been advised by the Operator, Angus Energy, that it has received final approval from the Oil and Gas Authority ("OGA") for the Field Development Plan Addendum at the Brockham Oil Field (Production Licence PL235).
The Operator has further advised as follows:
- As stated in the announcement of 11 May 2017, this OGA approval is the final regulatory consent needed for production to commence from the Kimmeridge layers in well BR-X4Z ("X4Z").
- The X4Z well will initially produce from a 200 metre naturally fractured section of a 385 metre thick Kimmeridge interbedded shale and limestone layer. Further technical guidance can be found in the Company's announcement of 3 March 2017.
- Prior to initiating production, the Operator will install a connection to the National Grid for the distribution of excess power generated on-site as outlined in the Company announcement of 22 September 2017.
- Upon completion of this installation, production from X4Z will commence.
- The Operator has reiterated that there will be no hydraulic fracturing or "fracking" at the Brockham Oil Field.
- The Operator's previous guidance on the Brockham Oil Field remains unchanged.
Alba will continue to update shareholders as and when updates are received from the Operator.
George Frangeskides, Alba's Executive Chairman, commented: "This is a significant announcement, following as it does closely on the heels of the grant of planning approval last Wednesday for extended flow tests to take place at the Horse Hill Project. This puts Alba in a strong position in relation to the investments we have made in the UK onshore oil & gas sector."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides (Executive Chairman) Tel: +44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie/Liam Murray Tel: +44 20 7213 0880
Dowgate Capital Stockbrokers Ltd (Broker)
Neil Badger Tel: +44 1293 517744
Alba's Project Portfolio
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds a 15 per cent interest, and has conditionally agreed to acquire a further 3.1 per cent interest, in Horse Hill Developments Limited, the company which has a 65 per cent participating interest and operatorship of the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin.
Brockham (Oil & Gas, UK): Alba has a direct 5% interest in Production Licence 235, which comprises the previously producing onshore Brockham Oil Field.
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has an option over the remaining 10 per cent.
Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of mineral exploration licences 2017/29 and 2017/39 in the Thule region, north-west Greenland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per cent interest in mineral exploration licence 2017/41 in Melville Bay, north-west Greenland. The licence area benefits from an existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Inglefield Land (Copper, Cobalt, Gold, Greenland): Alba owns 100 per cent of mineral exploration licence 2017/40 in north-west Greenland.
Limerick (Base Metals, Ireland): Alba has 100 per cent of the Limerick base metal project in the Republic of Ireland.
El Mreiti (Uranium, Mauritania): Alba has applied for the reissue of a uranium permit in northern Mauritania, centred on known uranium-bearing showings.
Alba continues actively to review numerous other project opportunities which have value-enhancing potential for the Company whether by bolt-on or stand-alone acquisition, farm in or joint venture.
Web: www.albamineralresources.com