REG - Oracle Power PLC - Further Advance to the Green Hydrogen Project JV

Oracle PowerAnnouncement

11/07/2022 11:15

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RNS Number : 0155S  Oracle Power PLC  11 July 2022

11 July 2022

Oracle Power PLC

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

Further Advance to the Green Hydrogen Project JV

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, announces that, further to its announcements of 30 March 2022 and 1
April 2022, Oracle and Kaheel Energy FZE ("Kaheel Energy") (a wholly owned
company of the Private Office of His Highness Shaikh Ahmed Dalmook Al Maktoum
("HH Private Office")) advanced to their joint venture company, Oracle Energy
Limited ("Oracle Energy" or the "JV")), on 6 July 2022, in aggregate,
approximately a further £390,000, at a price of 10 Pakistani Rupees per
share, to further capitalise Oracle Energy and to progress the development of
its green hydrogen project in Pakistan. The JV is being funded on a 70:30
basis by Kaheel Energy and Oracle, respectively.

 

The Joint Venture

 

The JV agreement (the "JV Agreement"), entered into on 29 March 2022 by Kaheel
Energy, Oracle and Oracle Energy provides that Kaheel Energy and Oracle
provide funding to the JV on a 70:30 basis (respectively) to develop the green
hydrogen project in Pakistan. Refer to the Company's announcement of 30 March
2022 for further information on the JV Agreement.

 

Related Party Transaction

 

HH Private Office is a substantial shareholder of the Company, as defined by
the AIM Rules for Companies ("AIM Rules"). Accordingly, Kaheel Energy's
advance to the JV of approximately £273,000 (its 70% share of the c.
£390,000 total advance to the JV), aggregated with its initial contributions
to the JV, constitutes a related party transaction pursuant to AIM Rule 13.
The Directors of the Company, having consulted with the Company's Nominated
Adviser, Strand Hanson Limited, consider this advance and the terms of the JV
Agreement to be fair and reasonable insofar as the Company's shareholders are
concerned.

 

 

*ENDS*

 

For further information:

 

Oracle Power PLC
 
+44 (0) 203 580 4314

Naheed Memon - CEO

 

Strand Hanson Limited (Broker & Nominated
Adviser)                                  +44
(0) 20 7409 3494

Rory Murphy, James Harris, Rob Patrick

 

St Brides Partners Limited (Financial PR)
 
+44 (0) 20 7236 1177

Susie Geliher, Selina Lovell

 

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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