Last checked at 27 Oct 2022 07:00
27 October 2022
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Q3 Update and Shareholder Q&A Session
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to provide the following update statement from its CEO, Naheed Memon, with respect to developments during Q3 2022:
"In October 2021 we presented our significant green hydrogen concept to the market with the objective of establishing a hybrid solar/wind, green hydrogen/power project in a rapid timeframe in accordance with the apparent global transition to green energy. Within 12 months we now have a strategic and potentially significant development asset being fast-tracked through a dedicated vehicle by internationally accredited team of experts. This development process accelerated during Q3 2022 and as shareholders will be aware, the pace has subsequently increased again in the current quarter with the recent appointment of thyssenkrupp Uhde to undertake the technical and commercial feasibility study for the green hydrogen and green ammonia plant. This absolute commitment to expediting development of our green hydrogen project, speaks to the recognition that we, our partners and the Government of Sindh have of the significance of this project, given the global demand of this new energy fuel.
"The breakthrough delivery in Q3 was the formal issuance of the Letter of Intent ("LOI") from the Government of Sindh for Oracle Energy's planned 400 MW green hydrogen and 1,200MW hybrid power plant located in the wind corridor in Sindh. Oracle Energy, our joint venture company formed to develop the green hydrogen project, is actively engaged with technology suppliers, engineering firms and off takers to set up the partnerships for the development of the project. We have also been working hard to promote our green hydrogen project on the international stage, including presenting the project at Global Green Hub Korea conference on the invitation of the Korea Trade-Investment Promotion Agency ("KOTRA").
"We are continuing the development of Thar Block VI Project and there is renewed optimism in Pakistan in relation to the development of Thar coal based on recent initiatives taken with respect to using local coal for existing power plants and industry, the commencement of a railway for the transportation of Thar coal and the increased price of coal in the international markets. The government is also reviewing the demand for power from Thar coal and we are in dialogue to mobilise the development of our Block.
"Now turning towards our interests in Australia, following on from the successful metallurgical testwork undertaken at Northern Zone at the end of Q2, Oracle has been working with various potential partners to continue the development of Northern Zone. We are in the process of completing the assessments on Jundee East in relation to other minerals and expect to conclude the process very soon.
"We have begun Q4 with enormous optimism and a focused approach on delivering value for shareholders from our portfolio of assets which sit across the spectrum of energy and commodities. We would like to thank shareholders for their continued support as we look to report further progress in Q4 and into the New Year."
The Board of Oracle would like to advise shareholders that Naheed Memon, CEO, and David Hutchins, Non-Executive Director, will be conducting a shareholder presentation and Q&A session via the Investor Meet Company platform on Thursday 3 November 2022 at 10.30 a.m. GMT.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9.00 a.m. the day before the meeting or at any time during the live presentation. There is no guarantee that all questions will be discussed on the call given time limitations and/or specific sensitivities with respect to operations.
Investors can sign up to Investor Meet Company for free and add to meet Oracle Power PLC via:
https://www.investormeetcompany.com/oracle-power-plc/register-investor
Investors who already follow Oracle Power PLC on the Investor Meet Company platform will automatically be invited.
*ENDS*
For further information:
Oracle Power PLC +44 (0) 203 580 4314
Naheed Memon - CEO
Strand Hanson Limited (Nominated Adviser & Broker) +44 (0) 20 7409 3494
Rory Murphy, James Harris, Rob Patrick
St Brides Partners Limited (Financial PR) +44 (0) 20 7236 1177
Susie Geliher, Catherine Leftley
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.
Oracle Energy has been set up as the project development company and is funded on a 70:30 basis by Kaheel Energy (100% owned by His Highness Shaikh Ahmed Dalmook Al Maktoum) and Oracle Power respectively. The project development company provides a vehicle to support the accelerated development of the green hydrogen project to meet the growing international and domestic demand of green hydrogen and clean energy.
The Company also continues to advance towards the development of its Thar Block VI Project in south-east Pakistan into a mine, a power plant and a proposed coal gasification 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.