Business
Update, Horse Hill-1, Weald Basin UK
Update, Horse Hill-1, Weald Basin UK.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0484S Alba Mineral Resources PLC 18 September 2014 \n \n\nFor Immediate Release\n18 September 2014\n \nAlba Mineral Resources plc\n(\"Alba\" or the \"Company\")\n \nUpdate, Horse Hill-1, Weald Basin UK\n \n \nAlba (AIM: ALBA) is pleased to announce that it has been informed that drilling operations on the Horse Hill-1 well are continuing as planned with the 20-inch surface casing having been set successfully at 84 feet below ground level. Operations are continuing at the site and further news will be issued as appropriate.\n \nThe Company has also been informed that Magellan Petroleum Corporation (\"Magellan\") have now confirmed that they will not proceed with their option to acquire additional logs in the Horse Hill -1 well and that this will assist Horse Hill Developments Ltd (\"HHDL\") to complete the well on schedule in about six weeks.\n \nAdditionally, the original binding agreement previously put in place for Alba to own a 5% interest in HHDL has been converted to a definitive Investment Agreement. David Lenigas, the Chairman of UK Oil & Gas Investments Plc, which has a 20% interest in HHDL, has also been appointed Chairman of HHDL.\n \nHHDL is a special purpose company that owns a 65% participating interest and operatorship of onshore licences PEDL137 and the adjacent licence PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan with a 35% interest.\n \n \nFor further information, please contact:\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 pr...