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Alba Mineral Resources raises £750,000 as production resumed at Brockham
Oil and gas explorer Alba Mineral Resources confirmed on Thursday that it has successfully raised £750,000 through the issue of 250m new shares at 0.3p each.
The company will use the proceeds to advance its interests across its existing portfolio of UK oil and gas assets at Horse Hill and Brockham, its mining projects in Greenland and Wales, and for working capital purposes.
Following admission of the shares, the total number of shares in issue will be 2,581,948,268.
Meanwhile, Alba Mineral Resources also confirmed that Brockham Oil Field operator Angus Energy has resumed continuous production at the BR-X2Y well at a rate of 21 barrels of oil per day (bopd), with production expected to increase to around 35 bopd over the next seven days.
The operator will resume routine exportation of all production during the current quarter, with all operations set to be performed through conventional production rather than fracking.
Alba holds a 5% interest in the Surrey-based onshore Brockham Oild Field through its holding in production licence 235.
An application for a production plant at fellow Brockham well BR-X4 submitted to Surrey County Council (SCC) in October has not yet been completed, with Alba stressing that "it is in the best interests of all stakeholders to wait for SCC to complete its process".
As of 0941 BST, Alba Mineral Resources' shares were up 8.29% at 0.38p.