This all means that Oracle’s shares don’t deserve more than a 1p price right now, although that might change. For Sheikh Mahtoum, who doesn’t have to borrow to raise funds, the returns from investing in a power project can be much better than available to stock-exchange investors, who have to pay loan interest and satisfy institutional investors’ demand for an extra-high risk return. This probably explains his interest and that he might, at some stage, offer to buy out the whole power project.
David Bramhill, Executive Chairman of Union Jack commented: "All the results to date continue to support our belief that West Newton is a large-scale, conventional, onshore oil and gas development asset.
"We remain on track in our pursuit to obtain final regulatory approval for the recommencement of the EWT at West Newton A-2. Comfort can be gained by the fact that no objections were raised by the HSE during its review. Union Jack expects that the EA determination will require 4 - 6 weeks to facilitate.
Thank you to those who joined the call today. We have had feedback that the line was not very clear so we are getting a transcript of the call put together and will strive to have this on the #ORCP website tomorrow.
Application has been made for 6,334,275,841 New Ordinary Shares of 0.001 pence each to be admitted to trading on AIM and AQSE in place of the Existing Ordinary Shares. It is expected that Admission will become effective on 3 April 2020.
april was touted as next Joint Coordination Committee
"Following the signing of the Consortium Agreement in February 2020 ; in the third week of March Oracle and its partners submitted the Letter of Intent (" LOI ") application to the Private Power and Infrastructure Board. The LOI approval, being the intent to purchase power granted by the Pakistani Government , is the next major step required in developing Thar Block VI . It will then provide Oracle and its partners with the ability to proceed to financial close . In the context of the COVID-19 pandemic, it is prudent to expect possible delays. However, we are hopeful that the process will be completed before the next Joint Coordination Committee meeting which is expected by the middle of this year or earlier. In the meantime, Oracle and its partners are continuing to work towards finalising the Joint Investment Agreement and Shareholders Agreement .