(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
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Oracle Power (ORCP)