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Oracle Power PLC - coal resource developer with assets in Australia and Pakistan - Says activity has intensified over the past three months at its Northern Zone and Jundee East gold projects in Western Australia. Continues geochemical testing programme at Jundee East in second quarter after receiving "extremely encouraging results" to date. Anticipates the start of drilling in the at Northern Zone within weeks.
The shift in attention to Australia comes as Oracle notes a "frustrating delay" at Thar Block VI project in Pakistan. The company awaits receipt of the Private Power & Infrastructure Board's letter of intent, which was expected a year ago. Says the delay is partially due to Covid-19 and the changing energy "landscape" in Pakistan regarding coal. Adds, that there is a "great deal of political sensitivity" around its Pakistan power project.
"We continue to evaluate a number of other opportunities globally to enhance our asset portfolio but in the near-term, we are looking forward to a highly active second half of the year with our maiden drilling campaign at Northern Zone due to commence in late July or August, and then drilling expected at Jundee East thereafter...Similarly, we will continue to keep shareholders abreast of major developments in Pakistan as we work with the authorities in the rationalisation of the power generation plan for the country, promoting Thar Block VI as an exceptionally large and attractive source of domestic power for decades to come," says Chief Executive Naheed Memon.
Current stock price: 0.45 pence, down 6.0% on Tuesday afternoon
Year-to-date change: down 16%
By Scarlett Butler; scarlettbutler@alliancenews.com
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