TIDMALBA
RNS Number : 6798W
Alba Mineral Resources PLC
21 August 2015
21 August 2015
ALBA MINERAL RESOURCES PLC
HALF-YEARLY REPORT
CHAIRMAN'S STATEMENT
The Board of Alba Mineral Resources plc (the "Company" or "Alba"
or collectively with its Subsidiary Companies, the "Group") is
pleased to report the Company's interim results for the six months
ended 31 May 2015. They incorporate the results of its subsidiary
companies Aurum Mineral Resources Limited ("AMR"), Mauritania
Ventures Limited ("MVL") and Alba Mineral Resources Sweden AB
("Alba Sweden") (collectively the "Subsidiary Companies").
INTRODUCTION
Alba is a committed, technically driven explorer. The Group's
overall corporate and exploration strategy will continue to be one
of developing a portfolio of well-researched, promising and
prospective exploration properties within the natural resources
sector that will be pursued further, either in the Group's own
right or in conjunction with other parties.
RESULTS FOR THE PERIOD
The Group made a loss attributable to equity holders of the
parent for the period, after taxation, of GBP232,118. The basic and
diluted loss per share was 0.04 pence.
REVIEW OF ACTIVITIES
Corporate
On 16 February 2015, the Company announced that it had raised
GBP270,000 (before expenses) in an oversubscribed placing, through
the issue of 108,000,000 new ordinary shares at a price of 0.25
pence per ordinary share.
On 16 March 2015, the Company announced that it had raised
GBP500,000 (before expenses) in an oversubscribed placing, through
the issue of 200,000,000 new ordinary shares at a price of 0.25
pence per ordinary share.
On 1 May 2015, the Company announced that it issued 18,000,000
new ordinary shares at a price of 0.50 pence per ordinary share in
settlement of fees for professional services.
Horse Hill
The Horse Hill-1 well ("HH-1") is located within onshore
exploration licence PEDL 137, on the northern side of the Weald
basin near Gatwick Airport. Alba owns a 10% direct interest in
Horse Hill Developments Limited ("HHDL"). HHDL is a special purpose
company that owns a 65% participating interest and operatorship of
Licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald
Basin. The remaining 35% participating interests in the PEDL137 and
PEDL246 licences are held by US-based Magellan Petroleum
Corporation.
On 8 April 2015, the Company completed the acquisition of the 5%
shareholding in HHDL held by Regency Mines Plc ("Regency") for a
total cash consideration of GBP300,000. Additionally, on completion
the Company paid the outstanding cash calls issued to Regency by
HHDL, being a total of GBP60,000. During the period, a further cash
call payment of GBP60,000 to HHDL was made by the Company to HHDL
pursuant to the terms of the HHDL shareholders' agreement.
On 13 May 2015, the Company announced that it had been informed
by HHDL that the exploration stage of the PEDL137 licence had been
extended by the Oil & Gas Authority ("OGA", formerly the
Department of Energy & Climate Change) to 30 September
2016.
The exploration stage of the PEDL246 licence expires on 30 June
2019.
Ireland
As part of a review of our Irish project which is scheduled to
take place prior to the end of the financial year, the Board
intends to have all existing available data reviewed and placed in
a regional context, particularly with respect to Glencore Plc's
Pallas Green project.
Following completion of this review, an action plan will be
drawn up that will have three potential outcomes:
1) Continue investigation by drilling and downhole geophysics;
2) Look for potential JV partners; or
3) Relinquish the licence.
Mauritania
The Group holds one exploration permit, No 1328, in northern
Mauritania for uranium and other radioactive materials. The permit
covers an area of 545 km(2) and lies within the eastern half of a
former permit in relation to which Alba had previously announced
several high-tenor uranium anomalies.
The Board continues to review exploration models on the permit
area and intends to apply to the relevant Mauritanian Authorities
to take out a new permit over the reduced area when compared to the
original permit area which will include the centre of the
previously discovered anomaly. This will be the second time the
Company has reduced the permit area as our knowledge of the ground
increases. The Company will then consider its options with regards
to funding the next stage of exploration, either directly or with
the existing or a new JV partner.
Other Development Projects
Alba continues to review and discuss other project or investment
opportunities, which have been brought to us by the Board,
management, advisers or other contacts that may have
value-enhancing potential.
Post Period End
On 5 June 2015, the Company announced that Schlumberger, one of
the leading suppliers of technology, integrated project management
and information solutions to customers working in the global oil
and gas industry, had independently assessed the petrophysics of
HH-1, located in PEDL137.
On 8 June 2015, the Company announced that Chade van Hatch had
been appointed to the Board as Chief Financial Officer and Company
Secretary with immediate effect.
On 12 June 2015, the Company announced that it had raised
GBP355,000 (before expenses) in a placing through the issue of
71,000,000 new ordinary shares at a price of 0.50 pence per
ordinary share.
On 18 June 2015, the Company announced that Nutech had provided
an independent report of the oil initially in place ("OIP")
contained within 55 square miles covered by the Horse Hill licences
(PEDL137 and PEDL246).
Outlook
The positive developments in relation to Horse Hill over the
past several months - notably the publication of independent
reports by Schlumberger and Nutech and the extension granted in
respect of PEDL 137 - have provided further justification for
Alba's decision to invest further into Horse Hill in April.
Aside from Horse Hill, the Board continues to assess its
projects in Mauritania and Ireland and we are also actively
considering other projects and investment opportunities which may
bolster the Company's portfolio of assets and provide further value
and interest for our shareholders.
George Frangeskides
20 August 2015
Chairman
For further information please visit the Company's website,
www.albamineralresources.com or contact:
Alba Mineral Resources plc George Frangeskides, Chairman Tel: +44 (0) 20 3696 4616
Mike Nott, CEO
Chade van Hatch, CFO & Company Secretary
Cairn Financial Advisers LLP (Nominated Avi Robinson Tel: +44 (0) 20 7148 7900
Advisers) James Caithie
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2015
Unaudited Unaudited Audited
6 months 6 months Year ended
ended 31 ended 31 30 Nov
May 2015 May 2014 2014
Revenue - - -
Cost of sales - - -
Gross loss - - -
------------------------------------ ---------- ---------- ------------
Other administrative expenses (232,594) (65,826) (235,751)
Exceptional items - - -
------------------------------------ ---------- ---------- ------------
Administrative expenses (232,594) (65,826) (235,751)
---------- ---------- ------------
Operating (loss)/profit (232,594) (65,826) (235,751)
Finance costs - (9) -
---------- ---------- ------------
(Loss)/profit before tax (232,594) (65,835) (235,751)
---------- ---------- ------------
Taxation - - -
---------- ---------- ------------
(Loss)/profit for the year (232,594) (65,835) (235,751)
---------- ---------- ------------
Attributable to:
Equity holders of the parent (232,118) (64,648) (234,001)
Non-controlling interests (476) (1,187) (1,750)
---------- ---------- ------------
(232,594) (65,835) (235,751)
---------- ---------- ------------
(Loss)/earnings per ordinary share
Basic and diluted (0.04) (0.02) (0.07)
pence pence pence
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(MORE TO FOLLOW) Dow Jones Newswires
August 21, 2015 02:00 ET (06:00 GMT)
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