RCS - Oracle Power PLC - Carbon Credit ITMO Alliance Strategy with KOTRA

Oracle PowerAnnouncement

06/09/2022 07:16

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RNS Number : 2926Y  Oracle Power PLC  06 September 2022

Reach - non-regulatory announcement

 

6 September 2022

 

Oracle Power PLC

("Oracle", the "Company" or the "Group")

 

Carbon Credit ITMO Alliance Strategy with Korea Trade-Investment Agency

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to advise shareholders of its nomination by the Korea
Trade-Investment Promotion Agency ("KOTRA") to develop a strategy to register
carbon credits within Pakistan.  The intention of this process is to
eventually trade carbon credits under the Internationally Transferred
Mitigation Outcomes ("ITMO") mechanism in accordance with Article 6 of the
Paris Agreement, as ratified at COP26 in November 2021.

 

Highlights

 

·    Oracle will facilitate the development of Pakistan's first mechanism
for registering carbon credits in parallel with work to develop the country's
first green hydrogen project.

·    The green hydrogen project, which is being advanced by the Oracle
Energy, the Company's joint venture company, is expected to abate a
significant amount of carbon emissions once fully operational.

·    The registering of such carbon credits will allow Oracle to trade
these with Korea under the ITMO mechanism enhancing the trading opportunities
between the two countries as Oracle stands to gain Green Hydrogen
Certification through reduction in carbon emissions.

·    Oracle will work with  stakeholders in Pakistan to develop a
national database and framework to deliver Nationally Determined Contributions
(NDCs), a key component of the Paris Agreement and a critical aspect of the
international community's achievement of long-term climate change goals.

 

Naheed Memon, CEO of Oracle, commented:

 

"Oracle is establishing itself as one of the key architects of energy and
power development and change in Pakistan and in the region. This nomination
by KOTRA not only promotes our position as a leader of green energy in
Pakistan, but rightfully elevates us to the international stage and will
enable us to commercialise our green hydrogen strategy across multiple
channels across Asia and even further afield."

 

"Oracle is a true advocate for the critical need for alternative power sources
and our activities through Oracle Energy are making this a reality."

 

 

*ENDS*

 

For further information please contact:

 

 Oracle Power PLC                           +44 (0) 203 580 4314

 Naheed Memon

 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. The Company's initial project is the Thar
Block VI Project in south-east 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.

 

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.

 

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