Last checked at 23 Dec 2014 09:03
23 December 2014
Oracle Coalfields PLC
("Oracle" or "the Company")
Discussions with SEPCO continue
Following the recent announcement of the Company's subsidiary, Sindh Carbon Energy Limited, receipt of a Notification of Cancellation of its Mining Lease for Block VI of the Thar coalfield, now under appeal, the Company advises that it has received reassurance from its major partner and EPC Contractor, Shangdong Electric Power Company ("SEPCO"), of its full and continued support for Oracle and for the project.
Following the signing, on 25 September 2014, of an EPC Framework Agreement with SEPCO, the parties now anticipate some delay in signing the Term Sheets, pending reinstatement of the Lease for which an Appeal as per procedure has already been submitted to the Sindh Government. However, discussions on the details of the Term Sheets are continuing.
Shahrukh Khan, CEO of Oracle, said:
"The Company is taking all steps to have the cancellation of the lease withdrawn and we are working with SEPCO towards the signing of EPC Term Sheets in the near future."
Ends
For further information:
Oracle Coalfields PLC +44 (0) 203 102 4807
Shahrukh Khan
Fox-Davies Capital PLC +44 (0) 203 463 5061
Oliver Stansfield
Peterhouse Corporate Finance +44 (0) 207 220 9791
Charles Goodfellow
Grant Thornton UK LLP +44 (0) 207 383 5100
Salmaan Khawaja / Jamie Barklem
Blytheweigh +44 (0) 207 138 3204
Tim Blythe / Halimah Hussain
Fortbridge Consulting +44 (0) 7966 389196
Matt Beale / Bill Kemmery