viewAlba Mineral Resources PLC

UK Oil & Gas, Alba Mineral Resources advance in early deals after Horse Hill update

In November last year, HHDL was given the green light to carry out extended flow tests at HH-1

HHDL equipment and staff
In November last year, HHDL was given the green light to carry out extended flow tests at HH-1

UK Oil & Gas (LON:UKOG) shares advanced over 6% in early deals as it updated on the planning progress at the closely followed Horse Hill oil project in southern UK.

Alba Mineral Resources PLC (LON:ALBA) was up 1.37%, also after the update.

Both are members of the consortium behind Horse Hill Developments Ltd (HHDL), which has a 65% participating interest in the project.

WATCH: Alba Minerals' boss delighted Horse Hill pre-conditions have been met

Alba owns 18.1% interest in Horse Hill Developments Ltd, while UKOG has a 48% stake.

HHDL has now received final decision notices from Surrey County Council, saying all pre-commencement planning conditions had been met.

In November last year, HHDL was  given the green light to carry out extended flow tests at HH-1, as well as to drill and test both a sidetrack from the existing HH-1 well and the new well Horse Hill-2.

HHDL has already received the go-ahead from the Environment Agency and is now awaiting approval from the Oil and Gas Authority.

Alba is also the operator of the Horse Hill oil and gas project, which consists of licences PEDL 137 and PEDL 246.

HHDL is a consortium of eight resource companies of which the largest shareholder is UK Oil & Gas Investments PLC (LON: UKOG).

Earlier this year, Solo Oil (LON:SOLO) lifted its stake in HHDL to 15%, giving the company an effective 9.75% interest in the underlying oil project.

UKOG shares added 6.25% to 1.275p.  Alba Minerals added 1.37% to 0.37p.

Quick facts: Alba Mineral Resources PLC

Price: 0.0535 GBX

Market: AIM
Market Cap: £2.03 m

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