Last checked at 20 Oct 2023 07:00
20 October 2023
Oracle Power PLC
("Oracle" or the "Company")
Q3 Update and Shareholder Q&A
Oracle Power PLC, the international project developer, is pleased to provide the following update on activities during Q3 2023, as it advances the development of a portfolio of projects.
Highlights
· Significant progress made towards demonstrating the commercial viability of the green hydrogen project in Pakistan:
o Completion of 28km2 topography survey report utilising advanced drone technology to gather vital mapping data which revealed no significant obstructions to the development of the green hydrogen project.
o The survey's findings will play a crucial role in optimising the planning, design and construction costs for the proposed future 1.2 GW hybrid wind and solar plants, along with the intended 400 MW green hydrogen facility.
o Successful conclusion of the technical and commercial feasibility study for the green hydrogen and green ammonia project.
· Activities relating to the green hydrogen project are now centred on negotiations for firm offtake agreements with selected partners and front-end engineering and design ("FEED") work for the planned plant.
· Encouraging drill results released following diamond drilling campaign at Northern Zone by Riversgold Limited ("Riversgold") which substantiated the exploration target of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of contained gold calculated from historical drilling.
Naheed Memon, CEO of Oracle Power, commented:
"Our focus during the period has been on the continued demonstration of our green hydrogen project as a strategically important and commercially attractive new project of internationally significant proportions. The successful completion of both the topography study, and most importantly, the green hydrogen and green ammonia feasibility study by renowned construction engineering group thyssenkrupp Uhde, provides significant encouragement as we look to now conclude firm offtake agreements and develop FEED work for the plant.
"Equally pleasing was the successful progress made by Riversgold at Northern Zone, which I see as an endorsement of our project developer strategy. Our strategy is intended to provide investors with the opportunity to benefit from the upside associated with project completion whilst limiting investor risk and exposure, through timely divestments and partnerships."
A shareholder Q&A session will be published on the Company's website on 30 October 2023. To submit questions to be addressed at this session, please email oracle@stbridespartners.co.uk with "Q3 Shareholder Q&A" in the subject line. The deadline for questions is midday (noon) on 26 October 2023.
*ENDS*
For further information visit www.oraclepower.co.uk or contact:
Oracle Power PLC Naheed Memon - CEO | +44 (0) 203 580 4314 |
Strand Hanson Limited (Nominated Adviser & Joint Broker) Rory Murphy, Matthew Chandler, Rob Patrick | +44 (0) 20 7409 3494 |
Global Investment Strategy UK Limited (Joint Broker) Samantha Esqulant | +44 (0) 20 7048 9432 |
St Brides Partners Limited (Financial PR) Susie Geliher, Isabel de Salis | oracle@stbridespartners.co.uk |