Alba is pleased to announce that it has been informed by Angus Energy plc, the Operator of the Brockham Oil Field in which Alba has a 5 per cent interest, that it will recommence conventional production at Brockham in March from the Portland Reservoir via the currently temporarily suspended BR-X2Y well. The Company notes that this means that production is now planned to commence at Brockham in Q1 2018 from two wells, BR-X2Y and BR-X4Z.
This proposed increase in operations reflects improved market conditions and an increase in oil pricing. Prior to its temporary closure, the BR-X2Y well had normative operations of circa 30bbl/day.
In respect of the BR-X4Z well, further to the Company’s announcement of 23 October 2017 Alba has been informed by the Operator that the installation of a connection to the National Grid for selling on-site power generated from associated gas production is in progress, that contracts have been executed with a scheduled completion in March 2018 and that prior guidance for the beginning of production from BR-X4Z is unchanged. The Operator has further reiterated that all the aforementioned operations will be performed through conventional production (with no hydraulic fracturing or “fracking”).
George Frangeskides, Alba’s Executive Chairman, commented:
“We are pleased to report this proposed doubling in the number of wells that Angus Energy now wish to bring into production at Brockham this quarter. We know that shareholders have been eagerly awaiting updates at Brockham and Horse Hill. Alba is now poised to benefit from the significant activities planned to commence at both projects in the near term.”
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