Last checked at 27 Sep 2021 13:15
27 September 2021
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Thar Block VI Update
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to report an update regarding its Thar Block VI Project in the Sindh Province of Pakistan ('Thar Block VI') following the recent approval of the Indicative Generation Capacity Expansion Plan 2021-2030 ('IGCEP'), prepared by the National Transmission Dispatch Company ('NTDC') in Pakistan.
The objective of the IGCEP, which is an annual plan prepared by NTDC, is to deliver an indicative optimum route through which energy supply should be undertaken over the current decade. The Board can confirm that the National Electric Power Regulatory Authority ('NEPRA') has approved a plan to expand electricity generation capacity from the existing 34,776MW to 61,112MW by 2030. In addition, NEPRA has directed the NTDC to consider the Company's Thar Block VI Project for inclusion in the next IGCEP annual review.
Oracle's focus within Pakistan is centred on becoming a leading integrated power company focussed on delivering affordable and reliable energy, and additional strategic downstream products. The first phase of this strategy is to finalise all permissions and licences relating to its Thar Block VI project to meet the conditional precedents for securing and arranging financing under the China-Pakistan Economic Corridor ('CPEC') and to take the Thar Project to commercial operation in mining and power supply.
In parallel, Oracle is actively evaluating a coal-to-gas (for urea) project, and coal-to-liquids project, further utilising the 1.4 billion tonnes of coal at the Thar Block VI project which will further advance the inherent value of the Company and its assets and provide further contribution to the economy of Pakistan.
The Board believe that NEPRA's directive to NTDC relating to the Thar Block VI Project is a positive development for Oracle and the Company will make further updates in due course.
*ENDS*
For further information:
Oracle Power PLC Naheed Memon | +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
St Brides Partners Limited (Financial PR) Susie Geliher Catherine Leftley | +44 (0) 20 7186 9952
+44 (0) 20 7236 1177 |
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company holds two highly prospective gold assets in two globally significant gold regions 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 ~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.
The Company's initial project is the Thar Block VI Project in the Thar desert in the south-east of the Sindh province of Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.