REG - Oracle Power PLC - Award and Registration of Land Lease

Oracle PowerAnnouncement

20/03/2023 07:00

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RNS Number : 4439T  Oracle Power PLC  20 March 2023

20 March 2023

 

Oracle Power PLC

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

Award and Registration of Land Lease for Green Hydrogen Project

 

Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production through
its joint venture ("JV") Oracle Energy Limited ("Oracle Energy"), confirms the
award of the recently acquired land lease as it has now been registered in the
Government of Sindh's land registry. This completes the acquisition of the
lease by Oracle Energy of the land package of 7,000 acres (approximately 28.3
km²). The land coordinates provided in the lease delineate the land parcel on
which Oracle Energy's planned flagship Green Hydrogen Project (or the
"Project") will be located.

 

Since announcing the Lease Acquisition on 28 November 2022 (see
https://www.londonstockexchange.com/news-article/ORCP/land-lease-for-green-hydrogen-project/15732429
(https://www.londonstockexchange.com/news-article/ORCP/land-lease-for-green-hydrogen-project/15732429)
), Oracle Energy has paid stamp duty and registration fees, as per Government
policy in Sindh to complete the process. The following developments can be
confirmed:

·    Oracle Energy has received the full lease, stamped and confirmed by
the Government of Sindh

·    The precise location and coordinates of the land have been provided
and confirmed in the lease document

 

 

The parcel of land as shown in Figure 1 and 2, is very close to existing
infrastructure, including Karachi's largest port, Port Qasim; mainline
railway, Jungshai Station; Dhabeji grid station, and the N-5 national highway.
Furthermore, more than 350 MW of renewable energy power projects which have
been commissioned and are linked up to the grid are within 15 km radius.

 

Figure 1

 

 

 

 

 

Figure 2

Naheed Memon, CEO of Oracle, commented:

"The award of the Land Lease document and its notification in the government
records allows Oracle Energy to   proceed towards firm agreements with
financiers, off takers and technology providers. The land awarded for the
proposed development of our project is very well located, and the availability
of critical infrastructure in close proximity to our land package makes for
easier connectivity and transport. It is expected that the suitability of the
location, will greatly increase commercial and technical viability of the
Green Hydrogen production plant."

 

About Oracle Power PLC

Oracle Power PLC is an international natural resource and power project
developer quoted on London's AIM market. 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
Sheikh Ahmed Dalmook Al Maktoum.

Oracle Energy has been set up as the project development company and is funded
on a 70:30 basis by Kaheel Energy (100% owned by His Highness Sheikh Ahmed
Dalmook Al Maktoum) and Oracle Power respectively.  The project development
company provides a vehicle to support the accelerated development of the green
hydrogen project to meet the growing international and domestic demand of
green hydrogen and clean energy.

 

 

-ENDS-

For further information:

 Oracle Power                                                                     +44 (0) 203 580 4314

 Naheed Memon (Chief Executive Officer)
 Strand Hanson Limited (Nominated Adviser & Broker)                              +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick

 Buchanan                                                                        +44 (0) 203 7466 500

 Bobby Morse / Oonagh Reidy/ Abigail Gilchrist                                   oracle@buchanan.uk.com

 

 

 

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