Alba Mineral Resources plc has noted an announcement made by UK Oil & Gas Plc (UKOG) regarding the Horse Hill Oil Project. Alba owns an 11.765% effective interest in the project. UKOG announced that its relevant subsidiaries and Pennpetro Energy Plc have agreed to extend the conditional binding Horse Hill farm-in term sheet until June 30, 2024. The extension involves PPP farming into the Horse Hill Oil Field on an incremental production basis by funding a 3D seismic survey and a new production well. The transaction is subject to the approval of all shareholders of Horse Hill Developments Ltd, including Alba. Further updates will be provided as they become available.