logo-loader
viewAlba Mineral Resources PLC

Alba boosted by latest data from Horse Hill production test

Production stats continue to impress and the latest pressure test data exceeded expectations.

oil and gas operations
Horse Hill's Portland reservoir has now yielded some 20,500 barrels of crude

Alba Mineral Resources plc (LON:ALBA) investors will be pleased to see the latest positive results from the company’s 11.765% owned Horse Hill oil project.

In a separate statement, the project’s largest listed stakeholder UK Oil & Gas PLC (LON:UKOG) – which has a 50.635% majority interest in Horse Hill - provided details from the production testing programme at Horse Hill and told investors that a week-long pressure build up (PBU) test was successful.

UKOG revealed that the PBU results were significantly better than expected, showing little or no apparent pressure depletion compared to prior PBU testing back in April.

READ: Alba reveals maiden resource for Greenland project

Production volumes from the Portland reservoir now exceeds 20,500 barrels of oil, and, the most recent production rate measured 220 barrels of oil per day - with the rate purposely constrained to protect future field performance.

Previously in testing the Portland saw a peak production rate of 362 bopd.

Overall, the full extended well test has produced more than 45,500 barrels of oil. The programme aims to produce a total of 50,000 barrels. Once 25,000 barrels have been produced from the Portland reservoir, testing will revert back to the Kimmeridge zone.

"The Portland test programme continues to exceed our technical expectations with dry oil production now exceeding 20,500 barrels,” said Stephen Sanderson, UKOG chief executive.

“Our overall testing costs have also been significantly offset by the associated sales revenues.”

“The recent extensive pressure build-up also indicates HH-1 is likely connected to a larger oil volume than previously recognised. Further Portland test data will now be collected and analysed before the HH-2 drilling campaign to confirm this important development.”

In the coming months attentions will turn to the drilling of a new horizontal well which is expected to yield two or three times higher production rates that the Portland’s peak rate in the vertical well.

The Horse Hill partners are now finalising contracts for the upcoming drill programme.

Quick facts: Alba Mineral Resources PLC

Price: 0.187 GBX

AIM:ALBA
Market: AIM
Market Cap: £6.59 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Alba Mineral Resources PLC named herein, including the promotion by the Company of Alba Mineral Resources PLC in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Alba Mineral chairman looks forward to definitive Horse Hill flow test results

George Frangeskides talks about the study underway at Horse Hill, where first results today indicated good flows from the conventional Portland section.   Tests start soon on the keenly anticipated deeper Kimmeridge sections and Frangeskides is hopeful results will also be...

on 19/7/18

RNS

Clogau Drilling Mobilisation

2 hours, 36 minutes ago

Horse Hill Update

2 days, 2 hours ago

Issue of Equity

1 week ago

Horse Hill Update

1 week, 3 days ago

Updated Corporate Presentation

1 week, 6 days ago

Amitsoq Update

1 week, 6 days ago

Horse Hill Update

3 weeks, 2 days ago

Horse Hill Update

on 15/10/19

2 min read