(Alliance News) - Oracle Power PLC on Thursday confirmed talks with the private office of shareholder Sheik Ahmed Dalmook Juma Al Maktoum of Dubai and China Coal Energy Co to jointly develop the company's coal mine and power plant in the Sindh province of Pakistan.
Oracle shares more than doubled to 1.39 pence each in London on Thursday. The stock had closed at 0.46p on Wednesday.
The power plant developer was responding to the movement in its share price and an article published in the Dawn newspaper in Pakistan on Thursday.
"Whilst the company is hopeful that an agreement will be reached in the near future, there can be no guarantee that any such agreement will be entered into or as to the terms of such agreement," Oracle said in a short statement.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Oracle Power (ORCP)