19/11/19 RNS13 Dec 2019 17:14
Block VI's inclusion was noted in the minutes of the JCC meeting between representatives of both the Chinese and Pakistan governments, with both sides expressing a desire to undertake a feasibility study for further evaluation, within the CPEC framework. In addition, Oracle has also had subsequent discussions with various State-Owned Enterprises, in both Pakistan and China, which had previously expressed a willingness to provide financial and technical support in the event Block VI was included in a coal gasification to fertiliser initiative. The Company now intends to progress these discussions and anticipates providing an update to the market in due course.
Given the significant size of Oracle's Block VI coal resource, with a JORC resource estimate of 529Mt and significant additional potential, this proposed new initiative runs in parallel to the previously announced coal mine and mine mouth power plant currently being developed by Oracle and its MOU partners.
Naheed Memon, CEO of Oracle, said:
"It gives me great pleasure to advise our shareholders of this latest development. We believe that this demonstrates that our project is one of the Pakistan Government's primary assets with respect to coal gasification into fertiliser. This initiative has the potential to have a transformational impact on food security in Pakistan and the acknowledgement of Block VI in this regard, alongside its existing prominence as an integrated mine-power plant project, is, in the Board's view, a hallmark moment for Oracle.
The potential scale and opportunity of this development is truly significant, especially given the potential synergies with our ongoing development of coal mine and mine mouth power. Indeed, we believe our Block VI is the only project in Thar which is now supported by CPEC for both power generation and gasification.
Extract from 19/11/2019 RNS and imo, this is getting done:
I look forward to updating the market on both these aspects in the near term."
Sign In
Follow the stocks
