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Alba Mineral Resources highlights continuing success in Horse Hill test production

"We are pleased to receive this update regarding the successful resumption of Kimmeridge oil flow,” said George Frangeskides, Alba executive chairman.

oil and gas
More than 60,000 barrels of crude have now been produced during testing

Alba Mineral Resources plc (LON:ALBA) has, in a statement, highlighted that test production at the Horse Hill project has switched back to the deeper Kimmeridge oil zones.

The move out of the shallower Portland reservoir comes as the operator is making preparations for its next programme of drilling - which will see the Horse Hill-2/2z well drilled into the Portland.

It noted that production rates in the Kimmeridge was between 200 and 266 barrels of oil per day, and that the cumulative production from the zones now exceeds 30,618 barrels. Overall, the total cumulative production from the Horse Hill test production amounts to 60,168 barrels of oil.

Significantly, the operator has now upgraded its view of the Portland reservoir at Horse Hill with latest pressure test data leading to a new estimate of 11-14mln barrels of oil, up from 7-11mln.

"We are pleased to receive this update regarding the successful resumption of Kimmeridge oil flow,” said George Frangeskides, Alba executive chairman.

“This is very welcome news for Alba and its shareholders, and indicates that, as regards Horse Hill at least, the Weald Basin story continues to unfold very positively."

Alba owns an 18.1% interest in the HHDL vehicle which itself holds 65% of Horse Hill – giving the AIM-quoted firm a 11.765% stake in the project.

Quick facts: Alba Mineral Resources PLC

Price: 0.0825 GBX

AIM:ALBA
Market: AIM
Market Cap: £3.42 m
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