REG - Alba Mineral Resrcs. - Horse Hill Update

Alba Mineral ResourcesAnnouncement

11/12/2023 10:45

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RNS Number : 3481W  Alba Mineral Resources PLC  11 December 2023

Alba Mineral Resources plc

("Alba" or the "Company")

 

Horse Hill Update

 

Alba Mineral Resources plc (AIM: ALBA) notes the announcement today by UK Oil
& Gas Plc ("UKOG"), in relation to the Horse Hill Oil Project in which
Alba owns an 11.765% effective interest.

 

The UKOG announcement, of which the Company was not given prior notice, states
that: "…further to its announcement of 28th March 2023,  UKOG's  relevant
subsidiaries and Pennpetro Energy Plc ("PPP")  have agreed to extend the
conditional binding Horse Hill farm-in term sheet until 30 June 2024, whereby
PPP will farm-in to the Horse Hill Oil Field on an incremental production only
basis by paying 100% of both a 12 km² 3D seismic survey and a new crestal
production well, Horse Hill-3 ("HH-3"). The farmin remains subject to the
completion of the formal farmin agreement and necessary regulatory consents."

 

Alba notes, as previously stated in the Company's announcement of 28 March
2023, that the proposed transaction remains subject to the approval of all
shareholders of Horse Hill Developments Ltd, including Alba.

 

Further material updates will be provided as and when they become available to
the Company.

 

ENDS

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

For further information, please visit www.albamineralresources.com
(http://www.albamineralresources.com/)  or contact:

 Alba Mineral Resources plc                 +44 (0) 20 3950 0725

 George Frangeskides, Executive Chairman
 SPARK Advisory Partners Limited (Nomad)    +44 (0) 20 3368 3555

 Andrew Emmott
 CMC Markets plc (Broker)                   +44 (0) 20 3003 8632

 Thomas Smith / Douglas Crippen

 

 Alba's Projects & Investments
 Projects Operated by Alba          Location   Ownership
 Clogau (gold)                      Wales      100%
 Dolgellau Gold Exploration (gold)  Wales      100%
 Gwynfynydd (gold)                  Wales      100%
 Investments Held by Alba           Location   Ownership
 GreenRoc Mining Plc (mining)       Greenland  37.49%
 Horse Hill (oil)                   England    11.765%

 

 

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