Oracle Power Regulatory News (ORCP)

21 September 2021

Oracle Power PLC

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

Unaudited Interim Results for the six months to 30 June 2021

Oracle Power PLC (AIM: ORCP), the international natural resources project developer, today announces its unaudited interim results for the six months ended 30 June 2021.

Chairman's Statement for the six months to 30 June 2021

I present the Company's interim results for the six months ended 30 June 2021.

Summary of Results

We are now a multi - project company with two Gold tenements in Western Australia and the Thar coal project for both power and Urea in Pakistan. As is to be expected for a project development company with three projects being delivered, our financial results for the six months to the 30 June 2021 show a loss for the period after taxation for the Group of £301,971 (2020: £364,300). At the period end, the Group had cash and cash equivalents of £975,820 (2020: £688,067 and total assets less current liabilities of £6,009,841 (2020: £5,699,309).

Board and Management Changes

We were delighted to welcome David Hutchins to the Board in March 2021 as a Non-Executive Director. David is a highly experienced corporate mining and commodities professional with more than 30 years in the industry. During his career he has held several executive roles for both listed and private companies and is currently the Chair of the FTSE Gold Mines Index Committee. Oracle is making this appointment now as we look to the development of our two Gold tenements at Jundee East and the Northern Zone Project in Western Australia where we believe his experience will prove a significant asset to the Company and provide genuine technical asset-level understanding, complimenting the expertise already within the Company and amongst its project partners.

Operational Update

Australia

We hold two highly prospective gold assets in a globally significant gold region of Western Australia. The Northern Zone Project is 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, and the Jundee East Gold Project is located around 9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.

Pakistan

The Pakistan authorities continue to work with the Chinese Government through the China-Pakistan Economic Corridor ("CPEC"). We keep closely in touch with the Government of Pakistan at both federal and provincial, levels to ensure the continued support for our Thar Project.

Ms Memon, the Chief Executive Officer, has prepared a separate operational update which you will find below.

Going Concern

The Company raised £215,000 gross in the first half of 2021 pursuant to the exercise of warrants and conversion of a portion of the share subscription advance. Post period end, the Company announced a further £200,000 conversion of the subscription advance. Given this and the period end cash reserves of £975,820, the Board feels comfortable from a financial position standpoint.

Conclusion

The Board extends its appreciation to the Thar Coal and Energy Board and the Energy Department, Government of Sindh, as well as the Ministry of Energy (Power Division) Government of Pakistan for their continued support. The Board also continues to be very grateful for the patience and support of the Company's shareholders.

Mark W. Steed

Chairman of the Board - Oracle Power PLC

Date: 20 September 2021

Chief Executive Officer's statement for the six months ended 30 June 2021

In the first half of 2021, we enhanced our managerial and development capacity, enabling us to progress the on ground exploration activities of our assets, enhance the scope of our existing projects, and also assess other opportunities in the natural resources and power sector.

Review of operations

Pakistan

During this period, we actively began the pursuit of an alternate use for Thar coal at our 66 square km Block VI in Thar. The Company drafted a proposed commercial policy for Coal to Gas/Liquid and submitted it to the Ministry of Energy, Petroleum Division. Subsequently, the Company along with its Block VI development consortium, hosted a stakeholder consultative session on 10 March 2021 in Karachi. This session was presided over by the Special Assistant to the Prime Minister for Petroleum and attended by senior government officials, foreign dignitaries, senior representatives of China National Coal Development Company, including business development and technical staff. China National Coal's Vice President also gave a brief introduction of CTG/L technology and elaborated on necessary commercial support required from the Government of Pakistan and explained the viability of the technology.

Since the admission of our project into the oil and gas group in CPEC in November 2019, our Thar development plan was enlarged to include a coal to gas for urea plant and coal to liquid facilities. This makes our project development at Thar more aligned with the national goals of achieving energy and food security and we have continued to work very closely with government, in order to make progress on the ground.

As part of our diversification in coal usage strategy, we also began to investigate technologies which use lignite to produce urea products for agriculture enhancement. Whilst we continued to very actively pursue coal to power concessions, we also began reviewing renewable power development in Pakistan, in alignment with the Government of Pakistan's objectives of increasing the share of renewable power to more than 30 percent in the energy mix by 2030. The Company also began to investigate the prospects of future energy fuels such as hydrogen in Pakistan. We will continue to investigate and assess opportunities, in order to identify prospects which are aligned with our resource and capacity in Pakistan.

Australia

The acquisition of two gold projects in Western Australia in November 2020, amidst a global downturn, has helped to mitigate single jurisdiction and single project risk and, we believe has also added significant near term value to the Company. In the first half of 2021, we made rapid progress in exploration on both tenements. At the time of acquisition, the exploration license for the Jundee East tenement was under application. The Company was granted the exploration license for Jundee East, in May 2021. During the first half of 2021, a gravity survey and a small sample geochemical survey returned significantly positive results, confirming the presence of anomalies and mineralisation showing evidence of both gold and copper. These results provided the basis for an extended complete tenement geochemical survey, testing 980 samples. Results obtained post period, have returned heat maps positively confirming anomalies picked up earlier and a drilling programme is under development. It is expected that a drilling programme will be deployed at Jundee East in the last quarter of 2021. Excellent progress at the drill ready Northern Zone tenement, just 25 kms away from the processing hub at Kalgoorlie, was also achieved. Detailed processing and interpretation of historical drilling data was done following field based exploration. This digitalised data set was modelled to develop a drilling programme targeting multiple porphyries. Post period end, a programme of works was approved by the Department of Mines, Industry Regulation and Safety, and a contractor was hired. Drilling is expected to start imminently. The Company expects swift progress toward resource estimation at both tenements within this financial year, with both tenements presenting commercial potential in the near term for development organically or through a partnership arrangement.

Outlook

We have also continued to explore interesting project development opportunities in the gold mining sector in South America and Asia during the course of 2021. I can confirm that the Company has deployed appropriate resources to assess various projects and continues to do but also remains cognizant of managerial and operational constraints of a small cap company. Management very much takes a view that leveraging synergy in sector and/or jurisdiction offers the best profitable growth potential. Unfortunately, 2021 has not yet signalled global economic recovery in many parts of the world and travel still remains restricted. However, our management model is conducive for working remotely and outsourcing. Our business operations are strictly goal oriented and the management structure remains lean. Further, whilst global conditions remain uncertain, Oracle's projects in Pakistan and Australia are focused on the development of assets which provide a hedge against economic insecurity. In Pakistan, Oracle has established a recognizable capacity and operational bandwidth, and considers it to be a prime jurisdiction for diversification and expansion, especially in the power and energy sector. I am grateful to our professional partners in the UK, Pakistan and WA for their dedication and support. We would be unable to develop these projects without their commitment to our success. I would also like to express my gratitude to all those who support Oracle in the UK, and help us to manage regulatory affairs, public relations, accounting, compliance and financing. I also extend my greatest thanks to the shareholders for their support and belief in the Company, and for placing their trust in its management.

Naheed Memon

Chief Executive Officer - Oracle Power PLC

Date: 20 September 2021

CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS TO 30 JUNE 2021

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS TO 30 JUNE 2021

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE SIX MONTHS TO 30 JUNE 2021

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2021

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2021

NOTES TO THE CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2020

1. RECONCILIATION OF LOSS BEFORE TAX TO CASH GENERATED FROM OPERATIONS

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of the statement of financial position amounts:

NOTES TO THE FINANCIAL STATEMENTS - UNAUDITED RESULTS

FOR THE 6 MONTHS ENDED 30 JUNE 2021

 1. Basis of preparation

These interim financial statements for the six month period ended 30 June 2021 have been prepared using the historical cost convention, on a going concern basis and in accordance with applicable International Financial Reporting Standards as adopted by the European Union ("IFRS") and with those parts of the UK Companies Act 2006 applicable to companies reporting under IFRS as adopted by the European Union. They have also been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2021, and which are also consistent with the accounting policies applied for the year ended 31 December 2020 except for the adoption of any new standards and interpretations.

These interim results for the six months ended 30 June 2021 are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2020 have been delivered to the Registrar of Companies and filed at Companies House and the auditors' report on those financial statements was unqualified but contained an emphasis of matter in respect of a material uncertainty relating to going concern. The auditors' report did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006.

2. Loss per share

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares of 2,180,298,841 (30 June 2020: 1,847,537,146 and 31 December 2020: 1,954,623,146) outstanding during the period. There is no difference between the basic and diluted loss per share.

3. Restricted bank deposits

In February 2015, US$500,000 was placed on deposit with Habib Bank as security for a performance bond. The deposit is repayable on compliance with the conditions of the bond.

4. Called up share capital

The number of shares in issue was as follows:

5. Trade and Other Payables

6. Post balance sheet events

On 13 August 2021, the Company announced that the Department of Mines, Industry Regulation and Safety - Western Australia, has approved the Company's Programme of Work which allows Oracle to commence drilling in the Northern Zone, located 25km east of Kalgoorlie in Western Australia.

On 13 August 2021, a further £100,000 of the remaining share subscription advance of £600,000 had been converted into a total of 30,242,545 new fully paid ordinary shares.

On 2 September 2021 a further £100,000 of the remaining share subscription advance of £500,000 had been converted into a total of 31,281,281 new fully paid ordinary shares. As at 2 September 2021 £400,000 of the share subscription advance remained outstanding.

There are no other post balance sheet events to report.

*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)

Rory Murphy, James Harris, Rob Patrick +44 (0) 20 7409 3494

Brandon Hill Capital Limited (Joint Broker)

Oliver Stansfield +44 (0) 203 463 5000

Shard Capital (Joint Broker)

Damon Heath, Isabella Pierre +44 (0) 20 7186 9952

St Brides Partners Limited (Financial PR)

Susie Geliher, Catherine Leftley +44 (0) 20 7236 1177