Oracle Power Regulatory News (ORCP)

Oracle Power PLC

("Oracle", the "Company" or the "Group")

Consortium invited to meet with Private Power and Infrastructure Board re LOI

Oracle Power PLC (AIM:ORCP) is pleased to advise that the Company, along with its Consortium partners, China National Coal Development Company Ltd. and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum (together, the'Consortium'), has been invited to meet with the Private Power and Infrastructure Board ('PPIB') in early September 2020 to present the Thar Block VI project implementation plan, with a view to finalising the award of Letter of Intent ('LOI'). 

The meeting will be chaired by the Special Assistant to the Prime Minister on Power in Islamabad, Pakistan, along with representatives of the Ministry of Energy (Power Division), CPEC Authority and the Planning Commission (Islamabad). The Consortium will present plans to the government for the development of Thar Block VI for power, gas for urea and other uses.

The Consortium's presentation to the PPIB forms part of its LOI application and is considered by the Board as one of the final steps in the award of the LOI. Further updates in respect of the timing, and next steps required, with regard to the issuance of the LOI will be made in due course as and when appropriate.

Naheed Memon, CEO of Oracle, commented:

"As we have communicated previously, we have remained in a regular and constructive dialogue with the PPIB. Despite the unforeseen delays as a result of the COVID-19 pandemic, all parties have remained committed to developing Thar Block VI. 

"Oracle is committed to partnering with the Government of Pakistan to develop a power and coal to gas for urea project under the China-Pakistan Economic Corridor at Block VI, and is fully cognisant of the importance of this project for Pakistan, given the imminent shortage of gas, and the government's strategy of reducing reliance on imported fuels.

"The PPIB request, following a relaxing of the COVID measures, to meet with the Consortium in early September to review details of our implementation plan once again endorses the importance of our project and confirms the government's willingness to work with Oracle for the development of Block VI. This invitation is clearly a positive development in the LOI process and Oracle has confirmed with its Consortium members their availability to meet with PPIB early next month.

"I look forward to updating shareholders in due course."

*ENDS*

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