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Oracle Power looks to secure funding after study gives green light

Thu, 11th Apr 2024 12:22

(Alliance News) - Oracle Power PLC on Thursday said it had received positive results from a study at one of its renewable power production facilities.

The Western Australia and Pakistan-focused energy projects developer initiated a geotechnical and electrical resistivity study at a project in Jhimpir, Pakistan to determine the feasibility of the site.

F&M Pvt Ltd a provider of engineering, testing, and verification services, were employed to complete the study. Their findings confirmed the favourable conditions of the site and provided guidance for construction and water management.

Chief Executive Officer Naheed Memon said: "The studies have confirmed the favourable attributes for development of the site, and generated valuable data and insights, positioning us to...proceed to securing potential financial arrangements for on ground construction and development."

Oracle Power shares were up 28% to 0.034 pence each in London on Thursday afternoon.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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23 Sep 2022 10:55

Oracle Power half-year loss widens as pivots to green hydrogen

(Alliance News) - Oracle Power PLC on Friday reported a widened pretax loss as its variety of different projects progresses.

15 Sep 2022 11:29

IN BRIEF: Oracle Power receives letter of intent for green power plant

Oracle Power PLC - Cambridge, England-based power and natural resource project developer with focus on Pakistan - Oracle Power's joint venture company, Oracle Energy, has been issued with a letter of intent from the Directorate of Alternative Energy in Sindh province in Pakistan. The letter of intent relates to the establishment of a 1,200 megawatt hybrid solar, wind and green hydrogen power project. The issuance of the letter of intent follows confirmation of the receipt of a USD600,000 bank guarantee on behalf of Oracle Energy.

6 Sep 2022 14:20

Oracle Power to develop carbon credit registration in Pakistan

(Alliance News) - Oracle Power PLC on Tuesday announced its nomination to develop a strategy to register carbon credits within Pakistan.

1 Sep 2022 19:17

IN BRIEF: Oracle Power gains formal approval for power project

Oracle Power PLC - Cambridge, England-based power and natural resource project developer with projects focused on Pakistan - Receives formal approval from the Directorate of Alternative Energy in Sindh, Pakistan for a letter of intent to establish a 1,200 megawatt hybrid solar, wind and green hydrogen power project.

16 Aug 2022 14:35

IN BRIEF: Oracle Power invests further in green hydrogen project

Oracle Power PLC - Cambridge, England-based power and natural resource project developer with projects focused on Pakistan - Says it has advanced further funds with Kaheel Energy FZE for their joint venture company Oracle Energy Ltd, to be used on the green hydrogen project in Pakistan. On August 15, Oracle and Kaheel Energy subscribed for further equity in the joint venture at a price of 10 Pakistani Rupees per share for a total of about GBP1.5 million. Says the JV is being funded on a 70:30 basis by Kaheel Energy and Oracle respectively. HH Private Office's contribution was about GBP1.0 million and Oracle Power's GBP450,000.

5 Aug 2022 10:44

Oracle Power raises GBP500,000 in discounted placing; shares drop

(Alliance News) - Oracle Power PLC announced on Friday that it raised GBP500,000 through a placing of 181.8 million shares at a price of 0.275 pence per share.

3 Aug 2022 14:05

IN BRIEF: Oracle Power shares rise on letter of intent for project

Oracle Power PLC- Cambridge, England-based power and natural resource project developer with projects focused on Pakistan - Confirms a Letter of Intent will be issued from the Directorate of Alternative Energy of the Government of Sindh regarding a hydrogen power project in Pakistan.

11 Jul 2022 15:28

IN BRIEF: Oracle Power continues to progress with several projects

Oracle Power PLC - Cambridge, England-based power and natural resource project developer with projects focused on Pakistan - Says the second quarter of 2022 has "built on and consolidated" the developments made in the first quarter. Notes further excellent results at the Northern Zone Gold Project in Western Australia, with gold recoveries of up to 95% after 24 hours. Continues to advance projects in Pakistan with the signing of two memoranda of understanding, representing an "important step" towards realising its 400 megawatt green hydrogen project.

11 Jul 2022 11:49

IN BRIEF: Oracle Power to advance funds to progress hydrogen project

Oracle Power PLC - Cambridge-based power and natural resource project developer with projects focused on Pakistan - Alongside Kaheel Energy FZE, advances a further GBP390,000 to progress the development of its green hydrogen project in Pakistan, run by joint venture company Oracle Energy Ltd.

27 Jun 2022 12:26

IN BRIEF: Oracle Power signs deal for hydrogen development in Pakistan

Oracle Power PLC - Cambridge-based power and natural resource project developer with projects focused on Pakistan - Signs non-binding memorandum of understanding with Nuvera Fuel Cells LLC to bring green hydrogen fuel cells to the industrial vehicle market in Pakistan.

24 Jun 2022 10:14

IN BRIEF: Oracle Power annual loss narrows on lower costs

Oracle Power PLC - Cambridge-based power and natural resource project developer with projects focused on Pakistan - Pretax loss in 2021 narrows to GBP881,879 from GBP1.0 million in 2020, as administrative expenses fall 13% to GBP881,973 from GBP1.0 million. Generates no revenue, unchanged from the year before. Remains "committed" to all its projects. Expects to add value through achieving key milestones.

15 Jun 2022 12:49

IN BRIEF: Oracle Power JV signs deal to support green hydrogen project

Oracle Power PLC - London-based power and natural resource project developer with projects focused on Pakistan - Reports that its joint venture, Oracle Energy Ltd, has signed a non-binding memorandum of understanding with Jiangsu Guofu Hydrogen Energy Equipment Co Ltd. The deal seeks to explore hydrogen storage and hydrogen refuelling infrastructure opportunities. These opportunities will then support the commercialisation of Oracle Energy's 400 megawatt green hydrogen project in Pakistan.

13 Jun 2022 21:22

IN BRIEF: Oracle Power designs Northern Zone exploration target

Oracle Power PLC - London-based power and natural resource project developer with projects focused on Pakistan - From three samples from its Northern Zone Gold project in Australia, metallurgy results indicate an average gold recovery of 88% over 12 hours and 93% over 24 hours, alongside low copper content of 2.0 parts per million.

9 Jun 2022 17:37

IN BRIEF: Oracle Power makes Northern Zone gold project a priority

Oracle Power PLC - London-based power and natural resource project developer with projects focused on Pakistan - Reports positive metallurgical results from the first three samples from its 100% owned Northern Zone Gold Project in Western Australia. Results indicate gold recoveries can be achieved within six hours of 83.3% gold and up to 90.4% gold recovery over 72 hours.

14 Apr 2022 21:36

TRADING UPDATES: Polar Capital assets up; Brooks Macdonald funds fall

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and Wednesday and not separately reported by Alliance News:

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