TIDMALBA
RNS Number : 2660U
Alba Mineral Resources PLC
23 October 2017
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUUAKRBUARUAA
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