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40,000,000 shares bought since 2 PM, when the RNS came out. Market seems to like it
Terrible decision making on ORCP's part to sell this project dirt cheap. The amount of money that ORCP have wasted on its other projects is far more than what Rivergold are spending now to drill this project. ORCP could really have developed this resource by now and benefitted from this bull run in gold, instead of being the minority junior partner to another junior. If anything comes of this project, it will go down as one of the most terrible and short sighted JVs in AIM history, but no doubt the CEO will claim it as a great success. All imo
Good News, next step hopefully a Resource Estimation, maybe over 1Moz, maybe below but good to put a number on it all finally to keep it growing
Wow, an RNS that says we (OK, Riversgold) are actually doing something, let's hope it goes well.
https://x.com/plancom****stan/status/1793921619166900593
"🇵🇰🇨🇳#13thjcc: ****stan looks forward to transforming huge coal deposits into green energy through coal gasification
planning minister prof ahsan iqbal highlights that mining in #thar has significantly contributed to ****stan's #energy_security and economic growth. he said ****stan now looks forward to transforming huge coal deposits into #green_energy through coal gasification.
the development highlights the commitment of both nations to sustainable and mutually beneficial development.
#cpecphase2 #pakchinafriendship"
the 13th jcc today
it's just been extremely vague from the companies perspective, i understand they're governed by regulations, so whilst there are external issues (ie nepra approval), there's limited to what can be reported to the market. but there does look like some movement in the background. how remotely vague or progressive this is, we're yet to see?
in the initial mou, it talks about the power plant being relocated to k electrics land at port qasim, karachi. the thar coal fields to port qasim, karachi is around a 5 hour drive for my initial thoughts were is it too far? would k electric just get a seperate supply, closer to the port?
but this article seems to insinuate the coal would still be coming from thar and our block, with the relocation 5 hours away
https://www.brecorder.com/news/40245581
"according to the letter, this is the last cpec coal to power project, and considering the increased restrictions imposed by the global financial institutions to develop coal power plants, this cooperation arrangement to develop the project presents the best opportunity for ****stan, to further develop and utilize thar coal to generate inexpensive power.
both companies are of the view that the inexpensive base load power generated from the indigenous coal power plants is a pivotal requirement to curtail the burgeoning electricity price and stem the outward flow of foreign currency from the country. ke stands to be the largest power buyer in province of sindh, as well as the most favourable off-taker for chinese financiers, for supporting new power projects.
ke is currently in the process of finalizing its long-term business plan to cater for the ever-increasing demand in its system. in order to meet this rising power need of the city of karachi, ke plans to optimize its fuel mix through inducting a combination of renewables and base load plants, based on indigenous resources including local coal. it is projected that the requirement for new base load power will arise from the financial year of 2028-29."
and when you consider the level they currently import from other countries, transporting it from thar i don't see as an issue.
Good work AG, interesting. 33% wow, that would be massive.
Definitely LTH. The NEPRA approval for KE, would tie in with other pretty significant projects for them, but if a deal for Block 6 could be inclusive within that (PAP), it would be pretty ground breaking for Oracle Power, and it’s shareholders.
If so, you’d imagine to see some kind of MoU extension in the near future, otherwise it would amount to nothing. Interestingly, Power China (also involved with the MoU), were executed in an MoU extension at GCM resources recently, prior to them committing $1Billion for a coal mine
(https://www.lse.co.uk/rns/ORCP/mou-for-132-gw-coal-power-plant-8211-thar-block-vi-x4zw3vntwjbds3r.html)
I remember how well that RNS read and got the juices flowing, it has been disappointing to not hear any more about the project since.. Especially as the Mou has or is due to expire any minute.. Hopefully the NEPRA approval for K-electric acquisition program brings Thar funding a step closer. Do we think the ownership %'s are accurate? Last i heard i thought we were going to have 12% of it, 33% sounds incredibly good, if accurate.
just been having a discussion on the twitter group
since may last year, when we signed the mou for thar block 6 with: gos, k-electric, power china
it really has been quiet and nothing reported since (from oracle)
https://www.lse.co.uk/rns/orcp/mou-for-132-gw-coal-power-plant-8211-thar-block-vi-x4zw3vntwjbds3r.html
but going down something of a rabbit hole, i found the following links for the last couple of months
https://www.power-technology.com/data-insights/power-plant-profile-thar-block-vi-power-plant-****stan/
https://www.gem.wiki/thar_block_vi_power_station
“in july 2023, the thar block vi coal plant was listed as an "upcoming ipp" by the private power & infrastructure board (ppib) of the government of ****stan's ministry of energy. the proposal was labeled as an indicative generation capacity expansion plan "candidate project" through 2032.[34]
in november 2023, the ppib's "upcoming ipps" listings indicated that the proposed power station was "under review" and the expected completion date was now december 2028.[35]“
two entirely separate articles, both alluding to further developments, and that the project has an equal equity holding of (33.4%,33.3%,33.3%) - k electric| oracle power| power china respectively.
now it’s either very lazy journalism, or there’s actual meat on the bones to this. alludes to project construction 2027, with completion date 2028, which admittedly seems a very short turn around but that’s that.
then moving onto k electric, rummaging through their latest news events on their website. an enormous company with plenty of work ongoing. they submitted a pap (planned acquisition programme) to nepra (national electric power regulatory authority) in 2023. this plan outlined their intentions to invest 484 billion ****stani rupees (ÂŁ1.36b) into these different projects, with a big aim to invest in renewables.
nepra officially approved k electrics plans only 2 days ago which could be significant
https://www.ke.com.pk/nepra-approves-k-electrics-power-acquisition-program-for-fy-2024-2028/
also adding
“additionally, the pap includes capacity addition on local coal which will diversify the energy mix and reduce reliance on imported fuels.”
which could potentially tie into block 6. still nothing official from oracle but cards being played by powers far above oracles station currently. could there actually be developments finally for block 6, is it a saga destined to continue into nothingness. following k electric very closely for further announcements
Https://www.lse.co.uk/rns/ORCP/option-to-acquire-copper-silver-project-j6bpjpgo3zmuqqy.html
Would be when the 45 day option expires ?
ÂŁ200,000 payable in shares.
Challenging myself how many times I can say the word “see”
I see the Loi has been extended too, good news but a necessity in continuing the process
I see this MoU is now out of date, regarding THAR BLOCK 6. 16th may - Hoping to see a delayed extension in the near future, something GCM did not long ago before receiving a $1 Billion commitment
https://www.lse.co.uk/rns/ORCP/mou-for-132-gw-coal-power-plant-8211-thar-block-vi-x4zw3vntwjbds3r.html
They'll flip them at first opportunity.
Am I reading this correctly Peel Hunt own 23% of the company , if so , someone is confident , or am I missing something?
It used to be weeks, but post covid you were talking 3-6 months in some cases with such a high backlog
Probably would have eased off a little since
Any knowledge/idea how long it usually takes to drill and get the results with 2 rigs in operation?
Read the SP Angel note: "MKTS SPOOKED", "Chinese going for the SAFEST OF SAFE HAVENS" etc. In line with news last night of the M.E situation etc. Tues, 20.5.24.
Safe haven? GOLD, hence why up to record price etc.
Https://twitter.com/DavidLenigas/status/1792493835441889432 Tues, 20.5.24
ORCP Mkt Cap : ÂŁ1.31m @0.02p.
Last gold boom in 2010 saw prices of juniors rise, hence good time to drill and get our a resource statement given few juniors on AIM in Tier 1 jurisdiction ie Australia.
Gold has broken the high of $2,442 [Link: https://uk.advfn.com dated Tues, 20 May 2024. THE NORTHERN ZONE DRILL is to start this mid week in Kalgoorie, Western Australia. 2 rigs will be deployed to fast track. The drillers are DDH who are big time drillers who drilled Havieron for GGP. I recall that Newcrest also uses the same drillers? The SIZE of the resource definition is significant and the PREVIOUS round of drilling showed 100m thickness. So, this drilling is to GET OUT A MAIDEN RESOURCE STATEMENT per RNS? Nothing to do with Naheed who is not in charge of the Northern Zone drilling.
As the ORCP mkt cap is so low, the Northern Zone asset can provide a uplift to ORCP. Moi? Tues, 20.5.24.
I think the trouble here is that nobody has any confidence in Naheed to deliver or complete on anything, regardless of the potential of any one of the projects.
RGL on the ASX is drilling the NORTHERN ZONE, Kalgoorie, W.Australia next week fast track with 2 drill rigs.
I am watching RGL as they are the JV partners to ORCP.
Tweet sent to @Naheed_Memon [CEO of Oracle Power], @ZaksTraderCafe @zakmir. Fri, 17 May 2024.
[Screenshot of ORCP RNS shown of NORTHERN ZONE drilling next wk starting.]
Riversgold Ltd, ASX is the JV partner to ORCP in next week's start of drilling at the NORTHERN ZONE, Kalgoorie, W.Australia.
Riversgold went up the 2nd day since the drilling news announcement +11%. The top post on the Riversgold forum in Oz is about the NORTHERN ZONE vs SATURN METALS, ASX AT APOLLO.
"Comp Sheet passed by brokers in Australia to each other: Riversgold $9m Mkt Cap, RESOURCE TARGET: 200-250MT ===@0.40-.06 g/t au === for 2.5-4.8 MOZ GOLD. ==
STN [Saturn Metals, ASX] $54m mkt cap , 93.9Mt ==for 0.54g/t au == 1.64 MOZ of gold with $388m NPV.
This is SIGNIFICANTLY LARGER RESOURCE POTENTIAL===WITH 2-3X MORE GOLD AT A SIGNIFICANT DISCOUNT."
Pdf of Apollo Hill comp [Saturn Metals] given in the post on RGL [Riversgold, ASX] on Hotcopper."
https://hotcopper.com.au/threads/rgl-comps.80077178/ dated Fri, 17 May 2024 by baybull, Australia.
My comment: 2 drill rigs will be utilised to fast track drilling. From reading the RGL announcements etc, the driller appears to be DDH, the same driller for GGP's Havieron, Paterson. W.Australia. Nice. By the way, Apollo Hill @Saturn Metals, Oz has been the comparative as it is closer to Riversgold's NORTHERN ZONE and mentioned on Twitter etc.
So two positive RNS’s follow the placing two days in a row… like I said, this drop was engineered to get someone cheap shares. The warrants attached at the price the share price was at the time to take the edge off it abit.