Business
Increase in Horse Hill Area Acreage Holding
Increase in Horse Hill Area Acreage Holding.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8671Q Alba Mineral Resources PLC 04 September 2014 \n \n\n4 September 2014\n \nAlba Mineral Resources PLC\n(\"Alba\" or the \"Company\")\n \nIncrease in Horse Hill Area Acreage Holding\n \nAlba (AIM: ALBA) has been advised by Horse Hill Developments Ltd. (\"HHDL\") that as a direct result of the commencement of drilling operations at Horse Hill on 2 September 2014, HHDL now additionally owns a 65% participating interest in the adjacent United Kingdom Petroleum Exploration and Production Licence (PEDL) 246.\n \nThe 43.58 km2 (10,769 acre) PEDL 246 is immediately east of and adjacent to the 99.29 km2 (24,525 acre) Horse Hill PEDL 137, located in Surrey, where the Horse Hill-1 well is currently being drilled.\n \nThe transfer of the 65% interest in PEDL 246 to HHDL from Magellan Petroleum (UK) Limited, a subsidiary of Magellan Petroleum Corporation, is conditional only on final approval from the UK Secretary of State for Energy and Climate Change.\n \nHHDL, is a special purpose company with a 65% operating interest in PEDLs 137 and 246 in the Weald Basin to the north of Gatwick Airport in Surrey. Alba has binding agreements in place to own a direct 5% interest in HHDL.\n \nThe participants in PEDLs 137 and 246 are HHDL (65%) and Magellan Petroleum Corporation (35%).\n \n \n \nFor further information, please contact:\n \n \n\n\n\n\nAlba Mineral Resources plc\nMichael Nott, CEO\n \n\n\n \n+44 20 3696 4616\n\n\n\n\nCairn Financial Advisers LLP\nAvi Robinson / James Caithie\n\n\n \n+44 20 7148 7900\n \n\n\n\n\nDowgate Capital Stockbrokers Limited\nJason Robertson / Neil Badger\n\n\n \n+44 1293 517 744\n \n\n\n\n\n \nNotes to Editors:\n \nAlba holds interests in Mauritania (uranium: JV with FOSSE Investments Limited) and Ireland (base metals) and the right to acquire a 5 per cent. interest in Horse Hill Developments Limited, the company which has the right to earn a 65 per cent. participating interest and operatorship of the Horse Hill oil and gas project. The projects are at different stages of development. The Mauritania uranium project comprises early phase exploration targets, whereas drilling has been undertaken on the Irish base metals project. The Horse Hill-1 well has now spudded and the o...