logo-loader
viewAlba Mineral Resources PLC

Alba Mineral boss highlights strength of portfolio after Brockham disappointment

In its latest set of accounts, Alba valued Brockham at £0.35mln, a fraction of its total net asset value of £8.5mln

george frangeskides
Alba isn’t reliant on a single project’s success

Alba Mineral Resources plc (LON:ALBA) has highlighted the strength of its portfolio of exploration projects in the wake of the recent disappointment at Brockham oil project.

The AIM company has a 5% stake in Brockham, but on Friday, operator Angus Energy PLC (LON:ANGS) revealed the BR-X4Z borehole was “extremely unlikely” to flow at commercial levels.

Alba’s executive chairman George Frangeskides did not have time to digest and comment on the news before it was made available to investors.

READ: Alba’s Brockham partner mulls exit as well analysis disappoints

Having now assessed the information, he admits his disappointment, although he is quick to point out that Brockham represents “a very small part” of Alba’s asset and investment portfolio – about 4.1% of overall net asset value, to be precise.

“We continue to advance our mining assets apace, as witnessed most recently by the JORC-compliant resource released last month for our Thule Black Sands heavy mineral sands project in Greenland, and our discovery of multiple gold anomalies across the length of the Dolgellau Gold Belt in Wales, which forms part of our Clogau Gold Project,” George Frangeskides said.

“And on the oil and gas front, while the oil at Brockham appears to be reluctant to flow, meanwhile at Horse Hill, which is just a few miles down the road and in which oil field Alba has a much greater stake, the oil continues to flow steadily, and has done so ever since the flow-testing programme commenced some 12 months ago.”

He added: “That is testament, as ever, to the risk-reward nature of the exploration business, but also testament, in my view, to Alba's strategy of accumulating a diversified portfolio of assets and investments such that we are far from reliant upon the success of one single project.”

Alba shares were down 4% to 0.19p in early deals on Monday.

Quick facts: Alba Mineral Resources PLC

Price: 0.1695 GBX

AIM:ALBA
Market: AIM
Market Cap: £6.23 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

6 days, 10 hours ago

Horse Hill Update

1 week, 2 days ago

Issue of Equity

2 weeks ago

Horse Hill Update

2 weeks, 3 days ago

Updated Corporate Presentation

2 weeks, 6 days ago

Amitsoq Update

2 weeks, 6 days ago

Horse Hill Update

4 weeks, 2 days ago

Horse Hill Update

on 15/10/19

2 min read