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(Alliance News) - Oracle Power PLC on Monday said that it is nearing and "extending" its goal to build a portfolio of project development opportunities, as a study in Pakistan neared completion.
The natural resources project developer, which also operates in Australia, said the power feasibility study in Pakistan is nearing completion and is being integrated with the green hydrogen and green ammonia feasibility study received in the third quarter of 2023.
Further, a grid interconnectivity study in the country is expected in the first quarter of 2024.
Oracle Power added that "constructive discussions" regarding offtake and financing were undertaken at the COP28 summit in Dubai as it eyed further progress as the project progresses.
In Western Australia, the company noted "very encouraging results" from its drilling campaign at the Northern Zone project by its farm-in partner Riversgold Ltd, finding 0.6 gramme of gold per tonne. "A new programme of works is expected to be submitted imminently, targeting the delivery of a maiden mineral resource estimate in 2024," Oracle Power said.
Chief Executive Officer Naheed Memon said: "Oracle is rapidly pursuing and extending its objective to build a portfolio of project development opportunities, with both our green hydrogen and Western Australian gold interests being key pillars of this strategy. I am encouraged by the work and results that have been demonstrated at our Northern Zone project, and we hope that this will become a model for us to replicate in the future."
Oracle Power shares were up 15% to 0.030 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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