Completion of Acquisition of Further 3.1% Interest in Horse Hill Developments Limited Takes Alba’s Ownership to 18.1%

Source Press Release
Company Alba Mineral Resources plc Regency Mines Plc 
Tags Asset Deals, Deals, Upstream Activities
Date November 29, 2017

Further to the announcement of 18 October 2017, Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has now completed the acquisition of a further 3.1% interest in Horse Hill Developments Limited (“HHDL”) from  Regency Mines plc (“Regency”). This brings Alba’s shareholding in HHDL to 18.1%, consolidating the Company’s position as the second largest shareholder in the HHDL consortium, behind only  UK Oil & Gas Investments plc (“UKOG”).

HHDL has a 65 per cent participating interest and operatorship of the Horse Hill oil & gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin.

The total consideration payable is £630,000 including the assignment to Alba of the benefit of all accrued loans in respect of the 3.1% interest. Of this consideration, £315,000 is being settled by the issue to Regency of 74,733,096 fully paid ordinary Alba shares at a trading 15 day volume weighted average price (“VWAP”), with the balance payable in cash.

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