Alba Mineral Resources Regulatory News (ALBA)

Alba Mineral Resources plc

("Alba" or the "Company")

Portland Extended Flow Test ("EWT"): Well Clean-Up Phase Complete, Dry Oil Flows to Surface,

Horse Hill-1 Oil Discovery, PEDL137, Weald Basin, UK

Highlights:

· Initial Portland well "clean-up" phase completed successfully

· Light sweet crude oil (36 API) and associated solution gas flowed sustainably via pump and natural flow to surface over a 4-day period to date. Oil contains no metered water content (i.e. "dry oil")

· Metered daily oil rates to date equal to or exceed 2016 values. Highest observed hourly rate equivalent to an implied daily rate of 352 barrels of oil per day ("bopd"). Corresponding metered solution gas volumes are up to an implied rate of 30,000 cu ft per day.

· Flow has not yet been optimised for maximum sustainable flow rates

· First tanker containing 214 barrels of dry oil exported to BP's Hamble oil terminal

· Initial analysis indicates well productivity unaffected by 2 year shut-in period since 2016

· Following a planned 24-hour shut in (i.e. pressure build-up test) the first of three planned Portland test sequences will commence

Alba (London AIM: ALBA) is pleased to announce that it has been informed by Horse Hill Developments Ltd ("HHDL"), the operator of the Horse Hill-1 ("HH-1") Kimmeridge and Portland oil discovery, that the initial well "clean-up" phase of the Portland extended well test ("EWT") programme has been completed according to plan. Over the past four days, the well has delivered a sustained dry oil and solution gas flow to surface via pump and natural flow.

Alba holds an 11.765% beneficial interest in licence PEDL137 containing the HH-1 oil discovery.

Alba has been informed by HHDL that:

· Observed metered Portland flow rates to date are broadly equivalent to, or exceed, those recorded during the short duration 2016 test. The highest recorded hourly metered rate to date, equates to an implied daily rate of 352 bopd and was achieved using a 20/64" choke, a notably more restricted setting than the 64/64" choke used in 2016. Corresponding solution gas flows have been measured up to an implied rate of 30,000 cubic feet per day. Note that, to date, flow has not yet been optimised for maximum sustainable production rates, this will follow in the subsequent test sequences.

· Several periods of sustained natural flow (i.e. flow to surface without pumping) have also been observed over the past few days, with the most productive period producing an implied daily dry oil rate of 228 bopd over a two-hour period.

· Initial reservoir parameter analysis indicates that the Portland is performing very well compared to the productivity measured in 2016 prior to temporarily shutting in and suspending the well.

· To date a total of 463 barrels of light sweet 36 API crude have been recovered to surface during the clean-up period, together with all 141 barrels of completion and kill fluids (i.e. saline water) used to suspend the well after the 2016 well test.

Forward EWT Plans

The well will now be shut in for a planned 24-hour pressure build-up test. Operations will then include further flow parameter optimisation, followed by the first of three planned flow sequences designed to assess whether the Portland oil pool contains a commercially viable volume of oil. The first test sequence will likely include an optimised maximum rate test, prior to choking back the well to provide the steady state flow conditions necessary to determine the Portland oil pool's connected oil volume. Note that in order to collect the required data during these steady state flow periods, rates will likely be below any future optimised production rates.

Testing of each of the Kimmeridge Limestone 4 ("KL4") and KL3 oil pools will follow completion of the Portland test sequence.

Extended Well Test ("EWT") Overview

As the 2016 short flow test campaign established commercially viable initial flow rates for each of the Portland, KL4 and KL3 zones, the 2018 EWT's prime goal is to confirm that the wellbore is connected to a commercially viable oil volume within one or more of the three zones.

The long-term reservoir performance data is also expected to provide the necessary data to enable, for the first time, Petroleum Resources Management System compliant Kimmeridge and Portland reserve figures to be estimated at Horse Hill.

Each test sequence will include a short, optimised rate test, together with a sequence of "choked back" (i.e. reduced) steady-state flow periods necessary to obtain the data required to determine the connected oil volume within each zone. A series of associated long pressure build up tests are also planned. Oil produced from the EWT will be sold on the "spot" oil market and any revenues will be utilised to offset overall testing costs.

Qualified Person's Statement

The technical information contained in this announcement has been reviewed and approved by Feroz Sultan (B.Sc (Hons) Geology, M.Sc, Petroleum and Structural Geology, Karachi and M.Sc Petroleum Geology, Imperial), a petroleum geologist with over 45 years' experience in the management, exploration, development and production of oil and gas.

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

For further information please contact:

Alba Mineral Resources plc

George Frangeskides, Executive Chairman +44 20 7264 4366

Cairn Financial Advisers LLP (Nomad)

James Caithie / Liam Murray +44 20 7213 0880

First Equity Limited (Broker)

Jason Robertson +44 20 7374 2212

Alba's Principal Operations & Investments

Oil & Gas

Horse Hill (Oil & Gas, UK): Alba holds an 18.1 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 per cent 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.

Thule 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.

Gold Mines of Wales (Gold, Wales, UK): Alba holds a 49 per cent interest in Gold Mines of Wales, the ultimate owner of the Clogau Gold project situated in the Dolgellau Gold Belt in Wales.

Inglefield Land (Multi-Commodity, Greenland): Alba owns 100 per cent of mineral exploration licences 2017/40 and 2018/15 in 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.

Web: www.albamineralresources.com