The projects are at different stages of development. The UK oil and gas project (Horse Hill-1) has been drilled and permitted to allow flow testing to be undertaken (which was completed in March 2016). Horse Hill represents a triple stratigraphic hydrocarbon play in the Weald Basin of south-east England. Alba is earning an interest in a Greenland graphite project which includes Amitsoq, a former graphite mine plus extensive exploration ground. The Mauritania uranium project comprises early phase exploration targets, whereas drilling has been undertaken on the Irish base metals project and a gravity survey is planned for the second half of 2016.

Alba's overall technical and corporate strategy is to identify and acquire natural resource projects it believes to have good potential and to advance them expediently. This will be achieved by the controlled design and execution of a cost-effective generative process utilising data acquisition, GIS data analysis and exploration programme planning, led by our internal technical team and, where appropriate, through the support of external technical consultants. The Board has extensive natural resource experience and a strong corporate development track record.

Alba continues actively to review other project opportunities which have value-enhancing potential for the Company whether by acquisition, farm in or joint venture in a range of jurisdictions around the world.