Last checked at 29 Sep 2022 07:00
29 September 2022
Oracle Power PLC
("Oracle" or the "Company")
Directors Elect to Continue Share Purchase Plan
Oracle Power PLC (AIM: ORCP), the international natural resources project developer, is pleased to announce that, each of the Directors of the Company has elected to enter a second MAR compliant Director Share Purchase Plan ("Director Purchase Plan"), for 12 months, commencing in October 2022.
Pursuant to the Director Purchase Plan, each Director has irrevocably instructed the Company to direct 10% of net monthly salary/fees to an appointed broker to automatically make market purchases of shares in Oracle on a monthly basis on behalf of each Director.
The appointed broker will purchase shares from the market on or around the fifth trading day of each calendar month for a period of 12 months, ending September 2023. Accordingly, the first purchases under the Director Purchase Plan are expected to occur on or around 7 October 2022.
As a result of entering into the Director Purchase Plan, each Director will be committed to make the monthly purchase of shares under the Director Purchase Plan in what otherwise may be a closed period. Entering into the Director Purchase Plan will not preclude the director from buying additional shares in the Company during open periods.
The market will be notified of the share purchases under the Director Purchase Plan on the next trading day via a PDMR: Director's dealing notification.
CEO of Oracle, Naheed Memon, commented: "I am very pleased to see that all of Oracle's Directors, including myself, have elected to continue to take part in the Director Purchase Plan for another year. Over the last 12 months we as a Company have seen significant progress across our portfolio of energy and natural resources projects, particularly with the rapid advancement of our new green hydrogen project and continued development of our assets in Australia and at Thar. It is therefore encouraging to see this vote of confidence in Oracle's future from the Directors as our projects continue to advance."
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
*ENDS*
For further information on Oracle Power PLC, visit the Company's website http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser and Broker)
Rory Murphy, James Harris, Rob Patrick +44 (0) 20 7409 3494
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley +44 (0) 20 7236 1177
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. The Company is active in the energy industry in Pakistan and is working to establish a green hydrogen production facility through Oracle Energy Limited, a joint venture with His Highness Shaikh Ahmed Dalmook Al Maktoum. The Company's initial project is the Thar Block VI Project in south-east Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.
In Australia, its primary focus is the Northern Zone Gold Project, located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia. Northern Zone has a current Exploration Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold, with drilling being planned to define a maiden inferred JORC resource.