RCS - Oracle Power PLC - Thar Block VI Project - Update

Oracle PowerAnnouncement

14/12/2020 14:10

RNS Number : 5950I
  
Oracle Power PLC
  
14 December 2020
  
 

14 December 2020
Oracle Power PLC
("Oracle", the "Company")
 
Thar Block VI Project - Update 
 
Oracle Power PLC, the London listed international natural resources and power developer (AIM:ORCP), is pleased to note the comments made by the Prime Minister of Pakistan, the Honourable Mr Imran Kahn, as he addressed the Climate Ambition Summit 2020 on Saturday 12 December 2020.
 
Co-convened by the United Nations, the UK and France, in partnership with Italy and Chile, the Climate Ambition Summit 2020 brought together 75 leaders from around the world to galvanise international action towards a resilient, net zero emissions future.
 
Mr Khan outlined the Pakistan Government's strong support for developing its coal reserves for coal to liquids and coal to gas projects, and promoting these technologies over conventional coal to power projects.  These clean coal processes, which form an integral component of Oracle's development initiative at its Thar Block VI Project in the Sindh Province of Pakistan, will produce urea for use in fertiliser and liquid fuel to be used domestically thereby reducing Pakistan's reliance on imported fuel sources.
 
Naheed Memon, CEO of Oracle, commented:
 
"Coal to liquids and coal to gas technologies have become major technical and commercial drivers for the Company's 1.4 billion tonne Thar Block VI Project. Block VI was included in China Pakistan Economic Corridor (CPEC) for the development of CTG and CTL in November 2019 and since then we have been working in close collaboration with our technical and financial sponsors China National Coal Development Company (CNCDC), a world leader in coal development and integrated industries, to progress these critical projects.             



"We see this news from the Pakistan's Prime Minister as an endorsement of our diversification and project enhancement initiative taken a year ago. We look forward to developing Block VI as a significant project in alignment with Pakistan's developmental strategy."
 
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For further information on Oracle Power Plc, visit the Company's website http://www.oraclepower.co.uk or contact:
 



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



About Oracle Power PLC:
 
Oracle Power PLC is an international natural resource and power project developer listed on London's AIM market. The Company is focussed on delivering reliable and affordable power in emerging developing markets, unlocking the value of underutilised and undeveloped natural resources to provide energy security and support economic growth and development. Its initial project is the Thar Block VI Project in the Thar desert in the south-east of the Sindh province of Pakistan.  The Thar Project is a 66.1 sq km licence containing 1.4 billion tonnes of coal, where the Company, in tandem with its partners China National Coal Development Company Ltd. (CNCDC) and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum, is advancing a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.
 
The Company also 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. 
 

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