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Alba Mineral Resources ‘pleased’ with rapid progress at Horse Hill

Horizontal drilling aims to open up more of the Portland reservoir, to in turn boost oil production volumes.

Alba Mineral Resources plc - Alba Mineral Resources ‘pleased’ with rapid progress at Horse Hill
A total of 66,127 barrels of crude have been produced in testing.

Alba Mineral Resources plc (LON:ALBA) is pleased with the ‘rapid progress’ being made at the Horse Hill oil project.

At Horse Hill, now 85.635% owned by UKOG, final site work is complete ahead of the arrival of a drill rig for the project’s first horizontal well. First a vertical pilot hole will be drilled, taking around 30 days, followed by the drilling of a horizontal section.

The horizontal well is targeting the conventional Portland oil zone and is designed to maximise production from the reservoir.

Horse Hill’s extended production testing in the deeper Kimmeridge oil zone is paused for the new well operations. Prior to the pause, the production rate was marked at 313 barrels of oil per day.

A total of 36,559 barrels of crude have now been produced from the Kimmeridge during testing, and, including Portland the overall test production volumes amount to some 66,127 barrels.

Alba owns 11.765% of Horse Hill.

"We are pleased to report on the rapid operational progress that is being made at Horse Hill, which follows hot on the heels of yesterday's announcement of the grant of planning permission for long-term production, running for some 25 years,” said George Frangeskides, Alba executive chairman.

“This puts the long-term future of the Horse Hill oil field on a very sure footing."

In a separate statement, UKOG chief executive highlighted: “Our attention is now firmly refocused upon the Portland oil pool and the drilling of the much anticipated HH-2/2z Portland horizontal well, a key step towards establishing significant long-term production and cash flow from Horse Hill by the end of the year,” said Stephen Sanderson, UKOG chief executive.

“Meanwhile, the Kimmeridge continues to produce solidly and beyond our technical expectations, which bodes extremely well for the future Kimmeridge development at Horse Hill and elsewhere in our licences in the Weald Basin."

Quick facts: Alba Mineral Resources PLC

Price: 0.325 GBX

Market: AIM
Market Cap: £20.24 m

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