TIDMALBA
RNS Number : 1674J
Alba Mineral Resources PLC
26 June 2017
Alba Mineral Resources plc
("Alba" or the "Company")
Update on Brockham oil field operations
Alba announces that it has been informed by the Operator of the
Brockham oil field, Angus Energy plc ("Angus" or the "Operator"),
that Surrey County Council has now confirmed that the planning
application to regularise the upgraded surface infrastructure at
the Brockham Oil Field (PL235) will not require an Environmental
Impact Assessment.
The Brockham site has undergone extensive modification and
upgrade works (including new site cabins, fencing, concrete bunding
works for high rate production equipment and associated surface
structures) in preparation for the new oil production planned from
the recent Brockham operations. This work is separate to the
subsurface work undertaken by Angus and in this regard, Angus has
advised that its guidance on 10 March 2017, and reiterated since
then, remains unchanged.
Angus has advised that previous guidance provided by the
Operator for oil production to commence from the Kimmeridge at
Brockham in the summer 2017 remains unchanged.
In addition, the Company notes the RNS, "Oil Seeps from
Kimmeridge Limestone Core Samples", which was published last week
by UK Oil & Gas Investments plc. ("UKOG") in relation to the
Broadford Bridge project in the Weald Basin.
In this regard, the Company has been advised by Angus as
follows:
-- The initial coring results at the Broadford Bridge
exploratory site, approximately 30km southwest of the Brockham Oil
Field, reported on Friday are supplementary confirmation of Angus
Energy's RNS of 3 March 2017 outlining the detailed maturity
analysis and fracture analysis of the Brockham-X4Z well's
Kimmeridge reservoir utilising the Weatherford Ultra Wave Acoustic
Borehole Imaging Tool.
-- Results of Angus Energy's published analysis on the
Brockham-X4Z side track confirmed the reservoir consists of
numerous interbedded layers of limestone and shale with abundant
natural fracturing. The gross thickness of the Kimmeridge reservoir
in Brockham-X4Z is calculated to be 385 metres. Further analysis
strengthens our hypothesis that the Kimmeridge reservoir in that
flank of the Weald Basin (covering Brockham, Horse Hill etc.) is a
single reservoir. This Kimmeridge reservoir is naturally fractured
and can be produced via conventional production methods (i.e. no
fracking). The production of the Kimmeridge oil will be realised
via the natural fracture system present in the interbedded
limestone and shale layers in the reservoir.
-- A 200-metre band of the reservoir in Brockham-X4Z is
naturally fractured and will be placed into production following
final consent from the OGA.
Alba further notes the further RNS published this morning by
UKOG in relation to Broadford Bridge, but of relevance to Horse
Hill, which included the following statement:
"The presence of light mobile oil in fractured Kimmeridge shales
is highly significant. At first look, this corroborates the finding
from Horse Hill-1 that oil production was likely derived from a
much larger reservoir "tank" than the two KL3 and KL4 zones alone.
The possibility that we have encountered a single 600-700 feet
thick, naturally fractured oil reservoir section, encompassing all
four Kimmeridge Limestones and underlying a significant proportion
of the wider Weald Basin, will now be rigorously examined during
the flow testing programme."
George Frangeskides, Executive Chairman, commented:
"We are pleased to learn that Angus remain on track for oil
production this summer. Further, the information gained from the
drilling at Broadford Bridge, which is approximately 30 km from
Brockham and Horse Hill, is also very positive for companies such
as Alba which are significantly invested in the Weald Basin. As
Alba has material stakes in both Brockham and Horse Hill, the
Company is well placed to benefit as we move forward at both
projects."
Qualified Person's Statement:
Michael Nott, aged 68, a non-executive director of Alba with
over 45 years' relevant experience in the geological, mining,
minerals, waste disposal, industrial minerals, oil, drilling,
mineral planning and quarrying industries, has approved the
information in this announcement.
He holds a BSc. degree in Geology from Queen Mary, University of
London, a MSc. Degree in Mineral Production Management from the
Royal School of Mines, Imperial College, University of London, The
Diploma of Imperial College in Mineral Production Management and is
a Chartered Engineer.
He is a Fellow of the Institute of Materials, Minerals and
Mining, a Fellow of the Minerals Engineering Society, a Fellow of
the Institute of Quarrying and an Associate of the Royal School of
Mines Association.
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 +44 20 7264 4366
Cairn Financial Advisers
LLP
James Caithie / Liam
Murray +44 20 7213 0880
Dowgate Capital Stockbrokers
Ltd
Jason Robertson / Neil
Badger +44 1293 517744
About Alba
Alba holds a 15 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. Alba also has a
direct 5% interest in Production Licence 235, which comprises the
producing onshore Brockham Oil Field.
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.
In addition, the Company has 100 per cent of the Limerick base
metal project in the Republic of Ireland and has applied for the
reissue of a uranium permit in northern Mauritania, centred on
known uranium-bearing showings.
Alba continues actively to review and discuss 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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