What it does
Alba Minerals Resources PLC‘s (LON:ALBA) activities are split between minerals exploration which it is carrying out itself and stakes in two onshore oil prospects in the UK’s Weald Basin in the Home Counties.
Oil and gas
Alba holds 11.765% of the Horse Hill project near Gatwick Airport in the UK’s Weald Basin.
The shallower Portland reservoir has been deemed commercially viable but is being rilled horizontally currently.
In October, Alba confirmed that oil well sampling has started at the Horse Hill project’s second well.
A second deep well testing the Kimmeridge Clay is also expected to be drilled later in 2019.
“We know the operator has got plans to get it into production, subject to consents and everything else and obviously we’d be very supportive of that as an objective."
The company owns extensive mining acreage in Greenland.
At Inglefield Land (100%), samples from two targets (Kap Agassiz/Bear Island and Four-Finger) have indicated gold, copper, cobalt, lead.
Alba also owns the Thule Black Sands licence (100%), which adjoins Bluejay Mining’s Dundas minerals sands project and has a 90% stake in Amitsoq graphite project.
In north-west Greenland, Alba is entitled to a 51% interest in the iron ore mineral exploration licence 2017/41 in Melville Bay.
Alba has also started exploration at the Clougau gold project in North Wales, where it has a 90% stake and where it has recently undertaken extensive geochemical, electromagnetic and magnetic geophysical surveys. Welsh gold sells for a substantial premium to the spot price.
Alba owns 100% of the Limerick base metal project.
What the boss says
“Alba has concentrated on acquiring diversified assets in stable jurisdictions with serious production potential.”
- Two Horse Hill wells scheduled in 2019, first of which is underway
- HH-2 will be a horizontal well to target the Portland section, while there will be a sidetrack from the original HH-1 aimed at new sections of the Kimmeridge Clay.
- Operator UKOG is targeting production of 720-1,080 barrels of oil per day from HH-2
- Further, more detailed follow-up exploration will be planned for the 2019 field season at Inglefield Land.
- Soil sampling at specific regional targets at Clogau
Horse Hill proves to be a substantial oil field.
Clogau mine re-opens as a gold producer.
Commercial quantities of base metals and other deposits unearthed in Greenland.