REG - Oracle Power PLC - Director Share Purchase Plan Update

Oracle PowerAnnouncement

17/04/2023 15:45

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RNS Number : 4776W  Oracle Power PLC  17 April 2023

 

17 April 2023

Oracle Power PLC

("Oracle" or the "Company")

 

Director Share Purchase Plan Update

 

Oracle Power PLC (AIM: ORCP), a developer of green hydrogen, is pleased to
provide an update with regard to its MAR compliant Director Share Purchase
Plan ("Director Purchase Plan").

 

Since September 2021, the Directors have been purchasing shares under the
Director Purchase Plan on a monthly basis.  This plan was originally put in
place for a 12-month period and then renewed in September 2022 for a further
12 months.  However, whilst the Directors continue to be committed to
acquiring shares in the Company, the Director Purchase Plan has become
increasingly expensive and is administratively cumbersome to operate.  It has
therefore been decided to terminate this plan and, instead, the Directors will
continue to purchase shares as and when this is permissible under the Market
Abuse Regulation.  The Directors consider that this will provide more
flexibility and potentially result in a greater proportion of available funds
being deployed in the purchase of shares.

 

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018 (as amended).

 

*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

 

Strand Hanson Limited (Nominated Adviser and Broker)

Rory Murphy/ Matthew Chandler/ Rob
Patrick                                  +44
(0) 20 7409 3494

 

Buchanan (Financial PR)

Bobby Morse/ Oonagh Reidy/ Abigail
Gilchrist
+44 (0) 20 7466 5000

 

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
Sheikh Ahmed Dalmook Al Maktoum.

 

Oracle Energy Limited 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 PLC 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.

 

The Company also continues to advance towards the development of its Thar
Block VI Project in south-east Pakistan into a mine, a power plant and a
proposed coal gasification 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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