Announcement PDF RNS Number : 3737N Alba Mineral Resources PLC 24 September 2019 Alba Mineral Resources plc ("Alba" or the "Company") Horse Hill-1 and Horse Hill-2/2z Operational Update Alba Mineral Resources plc (AIM: ALBA), the diversified mineral exploration and development company, announces that it has been informed by UK Oil & Gas Plc ("UKOG"), the majority owner of Horse Hill Developments Limited ("HHDL"), the operator of Horse Hill licences PEDL 137 and PEDL 246 in which Alba has an 11.765% interest, of the following operational update: - - - Operations have commenced for the new Horse Hill-2/2z ("HH-2/2z") Portland horizontal well. The start of physical drilling operations or "spud" is expected following completion of the rig-up process and will be reported in due course. Drilling will commence with the HH-2 vertical pilot programme and will be followed directly by the horizontal well section, HH-2z, with a planned trajectory of around 1000m wholly within the Portland reservoir. Drilling operations are expected to be completed in a total of around 60 days. The HH-2z horizontal will then be tested using a bespoke downhole electric pump, or ESP. Immediately prior to rig arrival, test production from the Kimmeridge oil pool at the Horse Hill-1 oil discovery was temporarily shut-in to permit a safe rig-up process and will be resumed prior to the pilot hole spud. Kimmeridge test production is planned to continue throughout the drilling campaign. Before the current shut-in, Kimmeridge test production totalled 39,205 barrels ("bbl") of dry Brent quality crude, with average daily rates of up to 307 bbl of oil per day recorded following the resumption of production on 12 September. Total aggregate Portland and Kimmeridge test production now stands at over 68,773 bbl. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Forward Looking Statements This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Qualified Person's Statement The technical information contained in this announcement has been reviewed and approved by Feroz Sultan (B.Sc (Hons) Geology, M.Sc, Petroleum and Structural Geology, Karachi and M.Sc Petroleum Geology, Imperial College London), a petroleum geologist with over 45 years' experience in the management, exploration, development and production of oil and gas. Glossary flow test or well test: a flow test or well test involves testing a well by flowing hydrocarbons to surface, typically through a test separator. Key measured parameters are oil and gas flow rates, downhole pressure and surface pressure. The overall objective is to identify the well's capacity to produce hydrocarbons at a commercial flow rate. horizontal well: a well that during drilling is steered so as to follow and remain within a particular geological stratum or reservoir unit having a trajectory that runs approximately parallel to the top and or base of the target horizon oil field: an accumulation, pool or group of pools of oil in the subsurface that produces oil to surface. For further information, please contact: Alba Mineral Resources plc George Frangeskides, Executive Chairman Cairn Financial Advisers LLP (Nomad) James Caithie / Liam Murray First Equity Limited (Broker) Jason Robertson +44 20 3907 4297 +44 20 7213 0880 +44 20 7374 2212 Yellow Jersey PR (Financial PR/ IR) Sarah Hollins/Harriet Jackson/Henry Wilkinson alba@yellowjerseypr.com +44 20 3004 9512 Alba's Project & Investment Portfolio Project (commodity) Location Ownership Amitsoq (graphite) Greenland 90% Clogau (gold) Wales 90% Inglefield (copper, cobalt, gold) Greenland 100% Limerick (zinc-lead) Ireland 100% Melville Bay (iron ore) Greenland 51% TBS (ilmenite) Greenland 100% Mining Projects Oil & Gas Investments Brockham (oil) England 5% Horse Hill (oil) England 11.765% Web: www.albamineralresources.com This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. END UPDSELESDFUSEEU