JOHANNESBURG (miningweekly.com) – Aim-listed Alba Mineral Resources, on Friday executed a conditional agreement to buy an additional 5% interest in exploration and development company Horse Hill Developments (HHD) from UK oil producer Angus Energy.
Alba would, thereby, increase its interest in HHD from 10% to 15%. HHD was the 65% owner and operator of onshore exploration licences PEDL 137 and PEDL 246, commonly known as Horse Hill, in the UK.
Alba CEO Mike Nott noted that previous exploration at Horse Hill had been successful with a significant and potentially commercial onshore oil discovery previously announced.
He said the drilling of the Horse Hill 1-well not only resulted in an oil discovery in the Jurassic Portland Sandstone but also revealed further opportunities for additional oil potential, particularly in the Kimmeridge limestones.
These discoveries have had the benefit of two independent studies, the conclusions of which have been previously released to the market.
“Alba is now even better placed to benefit from further success at Horse Hill. The option we have to acquire a direct 5% interest in the producing Brockham oil field represents a further opportunity to significantly increase our involvement in the Weald basin,” Nott stated.