Oracle Power Share News (ORCP)

(Sharecast News) - Oracle Power updated the market on Friday, reporting that itself and its consortium partners China National Coal Development Company and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum have been invited to meet with Pakistan's Private Power and Infrastructure Board (PPIB) in early September, to present the Thar Block VI project implementation plan with a view to finalising the award of a letter of intent.
The AIM-traded firm said the meeting would be chaired by the special assistant to the Prime Minister on power in Islamabad, along with representatives of the Ministry of Energy, the CPEC Authority and the Planning Commission of Islamabad.

It said the consortium would present plans to the government for the development of Thar Block VI for power, gas for urea and other uses.

The consortium's presentation to the PPIB forms part of its letter of intent application, and is considered by the Oracle board as "one of the final steps" in the award of the letter.

"As we have communicated previously, we have remained in a regular and constructive dialogue with the PPIB," said chief executive officer Naheed Memon.

"Despite the unforeseen delays as a result of the Covid-19 pandemic, all parties have remained committed to developing Thar Block VI.

"Oracle is committed to partnering with the Government of Pakistan to develop a power and coal to gas for urea project under the China-Pakistan Economic Corridor at Block VI, and is fully cognisant of the importance of this project for Pakistan, given the imminent shortage of gas, and the government's strategy of reducing reliance on imported fuels."

Memon said the PPIB request, following a relaxing of the Covid measures in Pakistan, to meet with the consortium in early September to review details of the implementation plan endorsed the importance of the project, and confirmed the government's willingness to work with Oracle for the development of Block VI.

"This invitation is clearly a positive development in the letter of intent process, and Oracle has confirmed with its consortium members their availability to meet with PPIB early next month."

At 1337 BST, shares in Oracle Power were up 22.4% at 0.76p.