rns out29 Jul 2020 08:07
("Oracle", the "Company" or the "Group")
Non- Binding MoU signed with HH Private Office
Oracle Power PLC (AIM:ORCP) is pleased to announce that it has signed a non-binding Memorandum of Understanding ('MoU') with The Office of His Highness Sheikh Ahmed Dalmook Al Maktoum ('HH Private Office'), which will see Oracle and HH Private Office (together the 'Parties') potentially partner and collaborate to explore potential mining opportunities in Africa.
HH Private Office currently develops and owns various projects across the natural resources sector in Africa. Under the MoU the Parties will initially focus on the Republic of Guinea, where HH Private Office holds an exploration licence and has established a positive working relationship with the Government. The Parties will focus on the further advancement of this exploration licence, which is in the south east of the country for an iron ore project (the "Guinea Project").
In due course and subject to agreement, it is envisaged that the Parties will collaborate on additional opportunities as they arise. It is expected that HH Private Office will identify available projects and potential financiers through its network. Oracle would expect the opportunity to earn an interest in these projects as they are advanced.
HH Private Office is the largest shareholder in Oracle with 15.1% and is highly supportive of its efforts in progressing Thar Block VI Project in Pakistan. The collaborative relationship and progress being made in respect of the Company's flagship project in Pakistan has made the signing of the MoU a logical next step. The Parties remain resolute in achieving the previously announced project milestones in Block VI in as short a timeframe as practicable. This is now to be complemented by the potential for a further partnership to build shareholder value.
Naheed Memon, CEO of Oracle, commented: "It brings me great pleasure to announce that we have reached an agreement on a MoU with the Office of His Highness Sheikh Ahmed Dalmook Al Maktoum, our supportive strategic shareholder. The agreement further solidifies Oracle's relationship with HH Private Office and reaffirms the belief it has in Oracle's abilities to deliver on the development of power and natural resources projects.
"Our priority remains the Thar Block VI Project in Pakistan, which continues to move forward as previously outlined. However, the Company's broader strategy is to become an international power and natural resource project developer focussed on incubating natural resource assets to turn them into commercially viable production ventures. While we will continue to evaluate additional interesting projects of our own, it is logical to formally cooperate with HH Private Office, given its significant interests on the African Continent and far-reaching financial network.
"The Guinea Project, the first under the MoU, is, in the Company's view, potentially an asset o
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