REG - Oracle Power PLC - Extension Granted for LOI Validity Period

Oracle PowerAnnouncement

21/05/2024 07:15

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RNS Number : 1867P  Oracle Power PLC  21 May 2024

21 May 2024

 

Oracle Power PLC

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

 

Extension Granted for LOI Validity Period for Renewable Power Plant

 

Oracle Power PLC (AIM:ORCP), the international  project developer, is pleased
to announce that the Company's joint venture company, Oracle Energy Limited
("Oracle Energy" or the "Joint Venture"), has been has granted an extension in
the validity period of the Letter of Intent ("LOI") by the Directorate of
Alternative Energy of the Government of Sindh for the development of its
proposed 1.3 GW renewable energy power plant in Jhimpir, Sindh Province in
Pakistan. The LOI, originally issued on 13 September 2022, expired on 13 March
2023. It has now been extended up until 23 January 2025.

 

The extension approval was granted after the Department of Energy, Government
of Sindh considered Oracle Energy's request dated 20 March 2024, and were
satisfied with the significant progress achieved on the project to date. Key
milestones accomplished include the completion of bankable technical and
commercial hydrogen and ammonia studies by Thyssenkrupp Udhe, a commercial and
technical renewable power study by State Grid, a topographic survey by FUGRO,
an environmental and social impact assessment by SGS, and geotechnical study
and electrical resistivity survey by F&M. The grid interconnection and
transmission study is ongoing and is expected to be completed in a few weeks.

 

The extension is subject to the submission of an extended bank guarantee of
$600,000 ("Bank Guarantee"), to be provided within 15 days from the issuance
of the extension letter. The Company has applied for the Bank Guarantee
extension.

 

Naheed Memon, CEO of Oracle, commented:

"The extension of the LOI provides for further accelerated development, as we
continue to achieve milestones leading to potential completion of financing
and investment decision for the project.  We appreciate the continued support
from the Department of Energy, Government of Sindh, and hope to provide
further updates as we progress."

 

*ENDS*

 

For further information visit www.oraclepower.co.uk or contact:

 

 Oracle Power PLC                                              +44 (0) 203 580 4314

 Naheed Memon - CEO
 Strand Hanson Limited (Nominated Adviser & Joint Broker)      +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick
 Global Investment Strategy UK Limited (Joint Broker)           +44 (0) 20 7048 9432

 Samantha Esqulant
 St Brides Partners Limited (Financial PR)                     oracle@stbridespartners.co.uk

 Susie Geliher, Isabel de Salis, Isabelle Morris

 

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