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Independent Assessment of Horse Hill-1 Well
Independent Assessment of Horse Hill-1 Well.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3078P Alba Mineral Resources PLC 05 June 2015 \n\n 5 June 2015\nAlba Mineral Resources plc\n(\"ALBA\" or the \"Company\")\n \nIndependent Assessment of Horse Hill-1 Well\n \nAlba Mineral Resources plc (LSE AIM: ALBA) announces 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, has independently assessed the petrophysics of Horse Hill-1 well (\"HH-1\"), located in PEDL137 in the Weald basin near to London Gatwick Airport. ALBA has a net attributable interest of 6.5% in PEDL137. \n \nThe report, entitled Petrophysical Evaluation of the Horse Hill-1 Well, estimates an overall Oil in Place (\"OIP\") for the Jurassic section of the well to be 271.4 million barrels of oil (\"MMBO\") per square mile. The total OIP comprises 16.2 MMBO per square mile for the conventional Upper Portland Sand reservoir discovery and 255.2 MMBO per square mile solely for the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias. The OIP hydrocarbon volumes estimated should not be construed as recoverable resources or reserves.\n \nThe report, which is addressed to UK Oil & Gas Investments PLC (\"UKOG\"), is available on UKOG's website www.ukogplc.com. \n \nMichael Nott, ALBA's CEO, commented: \n\"This independent technical viewpoint adds further weight to the potential significance of the HH-1 well and the potential of the Horse Hill licences.\"\n \nALBA's interest in Horse Hill:\nThe Horse Hill-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. ALBA owns a 10% direct interest in Horse Hill Developments Ltd (\"HHDL\"). HHDL is a special purpose company that owns a 65% participating interest and is the operator 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 Magellan Petroleum Corporation.\n \nQualified Person's Statement:\nStephen Sanderson, UKOG's CEO, who has over 30 years of relevant experience in the oil industry, has approved the information contained in this announcement on behalf of Alba. Mr Sanderson is a Fellow of the Geological Societ...