Last checked at 26 Feb 2021 07:00
26 February 2021
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Update on Coal-to-Gas & Coal-to-Liquid Development Strategy
Oracle Power PLC (AIM:ORCP), the international natural resources and power project developer, is pleased to advise that, following the submission of the policy proposal for coal-to-gas and coal-to-liquid development in Pakistan to the Ministry of Energy ("Ministry") as announced on 2 February 2021, the Ministry has elected to move forward with a consultative session in early March to mobilise the policy proposal process. The stakeholder consultative session, hosted by the Ministry and organised by Oracle, will be presided over by the Special Assistant to the Prime Minister for Petroleum. Senior representatives from Oracle's Consortium Partner, China National Coal Development Company ("CNCDC"), including business development and technical personnel, will also be in attendance.
The purpose of the consultative session will be to organise and coordinate a proposed commercial framework through which development of coal to gas and liquid at Thar Block VI could be fast-tracked in order to help address Pakistan's critical gas shortage and continued reliance on imported liquid fuels.
Naheed Memon, CEO of Oracle, commented:
"Momentum is clearly building within Pakistan as key decision makers look to domestic coal reserves as a viable and attractive source of natural gas for the production of urea for agriculture and energy. I am delighted that Oracle Power is at the forefront of this emerging industry in Pakistan, and together with our Consortium Partners, including clean coal pioneer CNCDC, I believe that we have a compelling opportunity to address the critical natural gas supply gap in Pakistan.
"It is estimated that through the application of coal gasification, our Thar Block VI Project could produce and supply approximately 1,000 million standard cubic feet per day (MMcfd). When reflecting on the current price for line gas, a composite of natural gas and imported Regasified LNG, which is available at approximately US$6 per thousand cubic feet (Mcf), the strategic importance of a domestic source of energy through coal to gas and liquid is underscored.
"I look forward to providing further updates in due course as our commercial framework discussions with the Ministry of Energy continue."
*ENDS*
For further information:
Oracle Power PLC Naheed Memon | +44 (0) 203 580 4314 |
Strand Hanson Limited (Nominated Adviser) Rory Murphy, James Harris, Jack Botros | +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 |