LONDON (ShareCast) - Alba Mineral’s shares more than doubled after it announced it will be acquiring a 5% stake in the Horse Hill Development (HHDL) near Gatwick Airport.

The group has signed an agreement which will see it pay £0.3m to HHDL, the newly-incorporated special purpose vehicle which rights to buy a 65% in the Petroleum Exploration and Development Licence 137 (PEDL 137).

The Horse Hill development, based in Surrey England, is scheduled to be completed by the end of August 2014 with several exploration groups investing in the project.

Other investors in HHDL include Angus Energy, Solo Oil , Doriemus , Stellar Resources and UK Oil & Gas Investments.

Chief Executive Officer Michael Nott said: “Alba also continues to pursue its own exploration activities at its wholly-owned lead-zinc-silver project in Ireland and its uranium joint venture project in Mauritania. In addition we continue to evaluate other project opportunities in a number of countries."

As of 12:19 the share price had risen 154.55% to 0.65p.

WS

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