RCS - Oracle Power PLC - MoU with Blue Carbon LLC

Oracle PowerAnnouncement

26/10/2022 07:16

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RNS Number : 0920E  Oracle Power PLC  26 October 2022

REACH - Non-Regulatory

26 October 2022

Oracle Power PLC

("Oracle" or the "Company")

 

MoU with Blue Carbon LLC

 

Oracle Power PLC, the international natural resources project developer, is
pleased to announce that its joint venture company, Oracle Energy Limited
("Oracle Energy") has signed a non-binding Memorandum of Understanding ("MoU")
with Blue Carbon LLC ("Blue Carbon") to collaborate on a decarbonization
roadmap to complement Oracle Energy's green hydrogen project in Pakistan.

 

Based in Dubai, Blue Carbon, a company set up and owned by His Highness Shaikh
Ahmed Dalmook Al Maktoum, was formed to create environmental assets,
nature-based solutions and support carbon removal projects worldwide. Blue
Carbon was formed against the backdrop of growing international efforts to
fight climate change and will work to advance and integrate nature-based
solutions into climate change mitigation initiatives to help countries fulfil
their net-zero emission commitment by 2050 in compliance with Article 6 of the
Paris Agreement.

 

As part of the collaboration, Blue Carbon will develop a decarbonization
roadmap to complement Oracle Energy's energy transition strategy. It will
focus on a monitoring, reporting and verification framework to calculate and
benchmark carbon emission data, suggest suitable methodologies for
registration, and identify opportunities in the space of Carbon Capture and
utilization. Moreover, Oracle Energy and Blue Carbon will identify suitable
opportunities in low carbon environmental assets related to hydrogen. Blue
Carbon will also advise Oracle Energy on the aggregation of data related to
Carbon Emission Reporting. Blue Carbon will be conducting workshops to share
knowledge, relevance and compliance and consolidate a high-level
sustainability vision for future implementation.

 

 

CEO of Oracle, Naheed Memon, commented: "This MoU further builds on our
developments in the hydrogen industry and further complements our JV
partnership supported by His Highness Shaikh Ahmed Dalmook Al Maktoum. With
its expertise in climate change economics, Blue Carbon aims to be at the
forefront of sustainable climate change investment, and I look forward to
collaborating with Blue Carbon on a decarbonization roadmap to complement
Oracle Energy's green hydrogen project in Pakistan."

 

 

*ENDS*

 

For further information on Oracle Power PLC, visit the Company's
website http://www.oraclepower.co.uk (http://www.oraclepower.co.uk/)  or
contact:

 

Oracle Power PLC

Naheed Memon -
CEO
+44 (0) 203 580 4314

 

St Brides Partners Limited (Financial PR)

Susie Geliher, Catherine Leftley
                                    +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 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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