Last checked at 17 Jan 2014 12:43
17 January 2014
Oracle Coalfields PLC
("Oracle" or the "Company")
Milestone development of Block VI, Thar Coalfield Project
Oracle Coalfields PLC (AIM:ORCP), the UK coal developer of a 1.4 billion tonne lignite resource located in the south-eastern desert of the Sindh Province, Pakistan, today announcesthat a "No Objection Certificate" has been issued by the Environmental Protection Agency Government of Sindh (SEPA) on the 17th January 2014 for the Environmental and Social Impact Assessment for Block VI of the Thar Coalfield submitted in 2013 concerning its environmental plan. This is a further significant step in the development of the company's energy project in the Thar Desert of the Sindh Province of Pakistan.
Following the Memorandum of Understanding with SEPCO Electric Power Construction Corporation ("SEPCO") which was announced on 21st November, 2013, and as reported in the Pakistani press this morning, Oracle and SEPCO are currently working on a Joint Development Agreement which they hope will be concluded shortly.
Shahrukh Khan, CEO of Oracle, said: "We are delighted to announce this significant development. The issuance of the "No Objection Certificate" represents another major milestone in the development of our Thar Coalfield project.
Your Board continues to advance towards the development of the project, and shareholders should expect to receive further progress updates in due course".
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For further information:
Oracle Coalfields PLC
Shahrukh Khan, CEO +44 (0) 203 102 4807
Fortbridge Consulting
Matt Beale / Bill Kemmery +44 (0)7966 389196
Grant Thornton UK LLP (Nominated Adviser)
Salmaan Khawaja /David Hignell/Jamie Barklem +44 (0) 207 383 5100
Peterhouse Corporate Finance Limited
Charles Goodfellow/Duncan Vasey +44 (0) 207 220 9791