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You see what we got for it? We practically gave it away to Naheeds mate, Lenigas, for a steal. Forget the pittance we have kept, it’s a shocker of a deal and the only willing partner was her mates.
James can you give a bit more detail about how/why Australia was a disaster? thanks
How can you say its the only thing keeping the SP low? What about Naheed's inability to ever close out a project? What about starting projects in terrible jurisdictions (Aus aside, which was a complete disaster)? What about the constant dilution of the SP? I could go on...
The thing is funding uncertainty is the only thing keeping this low - one sniff of a strategic investor in the Green Hydrogen project, or Thar Block VI go ahead or a green finance grant and this is a nailed on ten bagger IMO
JFI - I've logged a call with IT......ORCP price gone blue :)
this is a great article, extensive quote from naheed, really steps up the pressure on the government to act
"the need for alternative sources of economically viable gas in ****stan is clearly evident, and the government has sanctioned the conversion of coal-to-gas with this in mind. with the ongoing support of our consortium partners, including our technical partner and clean coal pioneer, cncdc, we expect to be the front-runner in this burgeoning industry,” oracle ****stan chief executive officer, naheed memon, was reported to have said at that time. “it is estimated that through the application of coal gasification, our thar block vi project could produce and supply approximately 1,000m standard cubic feet per day.”
I
Good write up in leadin English language daily on pk energy policy or lack of, plus good mentions of ORCP
https://www.dawn.com/news/1822265/stalled-energy-solution
"I just wish Naheed would give us some clue that discussions are moving forward or indeed any regular engagement".......she could be too busy, perhaps she's still frantically looking for a cheaper replacement share purchase plan? or maybe she's searching high and low for any spare cash to hoover up some shares for herself at this all time low?
We're all expecting something to happen - Gov has few good choices when it comes to energy costs with IMF bailout conditions imposing a lot of limits - today they are demanding end to fertilizer industry subsidies for gas - Thar coal conversion to gas and chemicals is the obvious solution - they should launch Thar Block VI as a mega project - I just wish Naheed would give us some clue that discussions are moving forward or indeed any regular engagement
That's exactly what I had been thinking. Or, something which will make the SP rise, making it easier to do the raise without destorying the price.
She's clearly been holding off from going to the market again - we must hope that there's some other source of funding coming through that makes a placing unnecessary until the SP has recovered somewhat
"We're in a holding pattern right now waiting for news from the new government"
I'd argue we're in a holding pattern pending further updates of funding (or lack of)
She said in a recent interview they won't be providing a running commentary of discussions behind the scenes but there needs to be some continuous engagement! We're in a holding pattern right now waiting for news from the new government, we know they're about to release a green hydrogen strategy and industry is pushing hard for a coal to gas strategy with the current gas crisis - we just need to know something is happening
Hopefully some kind of funding package to throw everyone who has doubted Naheed :)
- Fundraise. Can't see it being too far off now unless they've secured near term funding in another way
- After yesterdays GCM RNS with Power China, could something materialise with THAR?
- Gold news/drilling from NZ?
- Funding for Green Hydrogen
Coming up to the end of Q1 now and it just feels like we're floating through 2024 with dilution feeling imminent. Hoping Naheed can soon ease those concerns and give us some guidance, or is that asking too much?
Yeah and looking back on GCM RNS reports, it all started with MoU's, followed by an MoU extension with Power China, which obviously is the first kicker and sign of something progressing.
https://www.lse.co.uk/rns/ORCP/mou-for-132-gw-coal-power-plant-8211-thar-block-vi-x4zw3vntwjbds3r.html
This was our MoU for an initial 12 months which will be up in May so I guess we'll soon find out if an extension is on the cards, any developments or it all amounts to absolutely nothing
It is the same company - Power China - that is involved in both projects.
I agree, though, that the main stumbling block is the 'green' CEO but even she might be forced to change her stance or risk losing her job and any value to her large holding in ORCP shares.
Let's hope so. But MOU's and LOI's are not generating cash for ORCP. If powerchina are really committed then lets see some $
if power china are serious and looks like they are with the $1b commitment with gcm in bangladesh, let's hope they follow suit with us in ****stan
"tuesday 16 may 2023
oracle power plc
("oracle power" or the "company")
thar block vi - mou to develop 1.32 gw coal power plant
oracle power plc (aim: orcp), a developer of energy projects, has signed a memorandum of understanding ("mou") for the off-take and development of its 1.32 gw thar coal fired power plant in the sindh province, ****stan, with the following consortium parties (together, the "parties"):
· energy department, government of sindh ("sindh government" or "sem")
· thar electricity (private) limited ("tepl"), a 100% owned subsidiary of oracle power
· k-electric limited ("ke"), the largest privately owned vertically integrated power utility in ****stan
· powerchina international group limited ("powerchina international"), a leading hydropower, electricity, and infrastructure construction company "
"The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".
I think the problem is that our CEO has no interest in coal. Her pet project is green energy.
A commercially minded CEO would provide a clear pathway to monetisation or divestment of the non core projects.
I see that GCM are finally making some progress with their coal-to-power project in Bangladesh. The 2 projects - ORCP and GCM - are pretty much the same so maybe this one will come back to life too. Imagine that. This would be an easy 10 or 20 bagger.
islamabad: the government is all set to prepare a comprehensive action plan and policy for developing/ producing green hydrogen in ****stan in consultation with all the stakeholders as the united nations industrial development organisation (unido) has shown willingness to extend $14 million funding for clean hydrogen,
https://www.brecorder.com/news/40292881/developing-green-hydrogen-action-plan-policy-on-the-cards
hybrid project seeks igcep inclusion and ntdc data access
oracle energy limited (oel) has reached out to ****stan’s power division, seeking support for the inclusion of its hybrid energy project in the indicative generation capacity expansion plan (igcep) and the issuance of a no objection certificate (noc) for the use of national transmission despatch company (ntdc) data. this move marks a significant step forward for the oel in its endeavor to contribute to ****stan’s energy landscape.
https://technologytimes.pk/2024/03/08/hybrid-energy-project-seeks-igcep-inclusion-ntdc-data-access/
nuclear and thar coal-based plants stand as the most viable options for baseload power, necessitating concerted efforts towards further developing thar coal mines and associated infrastructure such as railways.
this situation calls for increasing dependency and exploiting local coal resources,” said yousuf m farooq, director research at chase securities, adding that thar power plants are the most cost-efficient power producers in the country due to the indigenous thar coal.
“thar coal’s per-unit cost comes around rs5-7/kwh compared to rs15 to 25/kwh of imported coal,” he said.
“****stan is 50 years late in the sector. what is needed to exploit thar’s potential is that the government of ****stan creates some kind of sovereign fund or instruments with the central bank to facilitate investment in thar coal,” he said.
he said that coal mining is a capital-intensive and high-cost industry. global financing is almost extinct now, so public-private partnership is the way to go to get financing locally.
“to unlock thar coal’s full potential, the establishment of a sovereign fund and the promotion of public-private partnerships are proposed, emphasising the urgency of strategic investments to propel ****stan towards energy self-sufficiency and mitigate the adverse impacts of the ongoing energy crisis,”
https://tribune.com.pk/story/2458599/soaring-energy-costs-stall-growth-at-029