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

Oracle PowerAnnouncement

16/08/2022 09:45

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RNS Number : 1652W  Oracle Power PLC  16 August 2022

 

16 August 2022

Oracle Power PLC

("Oracle" or the "Company")

 

Further Advances 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, 1 April
and 11 July 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")) have advanced further funds to their joint
venture company, Oracle Energy Limited ("Oracle Energy" or the "JV")).  On 15
August 2022 Oracle and Kaheel Energy subscribed for further equity in the JV ,
at a price of 10 Pakistani Rupees per share, for in aggregate approximately
£1,497,000.  The funds will  further capitalise Oracle Energy and be used
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 and
in this instance, HH Private Office's contribution was approximately
£1,047,000 and Oracle Power's £450,000.

 

Naheed Memon, CEO of Oracle, commented:

 

"Further capitalisation of the green hydrogen project company is a clear
demonstration of our commitment to expedite the development of this project,
and this determination is mirrored by His Highness's continued support of one
of Oracle Power's most important projects.  Indeed, both parties recognise
the urgent need for a shift in global energy sources and will continue to
press forward with our plans to commercialise this commodity.

 

"Specifically, these funds will provide funds to progress the bank guarantee
for the previously announced Letter of Intent and will also support land lease
payments and other development expenditure.  I look forward to reporting
further news during what I believe will be a very active period for our most
important and strategic project."

 

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.

 

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, James Harris, Rob
Patrick
                +44 (0) 20 7409 3494

 

St Brides Partners Limited (Financial PR)

Susie Geliher, Catherine Leftley
 
+44 (0) 20 7236 1177

 

About Oracle Power PLC:

Oracle Power PLC is an international natural resource and power project
developer quoted on London's AIM market.  The Company 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.

 

The Company is also active in the power industry in Pakistan and is working to
establish a green hydrogen production facility in association with
PowerChina.  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.

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