Shares of Alba Mineral Resources (LON: ALBA) are trading higher after the company said it has completed the disposal of its 5% interest in the Brockham Oil Field to the Operator, Angus Energy.
The total consideration, which includes payments related to certain back costs and a contribution toward eventual abandonment costs, has seen Alba pay Angus £32,000 plus VAT. £6,400 was paid in cash, with £32,000 paid via the issue of 12.4 million shares in Alba.
The shares were valued at the 10-day VWAP of 0.2579p per share.
“The Alba Board is pleased to have completed this disposal, which is part of Alba's drive to rationalise its non-core assets,” stated the company.
Alba Mineral Resources share price is currently trading at 0.26p, up 7.44%. In 2021, it is down 55%.
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