REG - Oracle Power PLC - Green Hydrogen Project Topography Survey Completed

Oracle PowerAnnouncement

18/07/2023 07:00

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RNS Number : 2928G  Oracle Power PLC  18 July 2023

 

18 July 2023

Oracle Power PLC

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

 

Topography Survey Report Completed on the Green Hydrogen Project's Site

 

Oracle Power PLC (AIM: ORCP), a developer of energy and natural resource
projects, is pleased to announce receipt of a topography survey report on its
Green Hydrogen Project site in south-east Pakistan. Further to the Company's
announcement of 19 December 2022, the survey was commissioned by its
subsidiary, Oracle Energy Limited ("Oracle Energy"), from, and conducted by,
Fugro Pakistan B.V. ("Fugro"), part of a world renowned global consultancy
group, and represents a further step forward in the development of this
flagship project.

Spanning an area of approximately 28 square kilometres, the topographic survey
utilised advanced drone technology to gather vital mapping data, including
accurate terrain information on roads, streams and buildings. The survey's
findings will play a crucial role in optimising the planning, design and
construction costs for the proposed future 1.2 GW hybrid wind and solar
plants, along with the intended 400 MW Green Hydrogen facility.

Fugro, with its extensive experience in surveys and mapping, established,
inter alia, survey control stations, staked and marked plot boundaries and
captured ground elevations on a 25-metre grid. The comprehensive survey report
and its associated maps, drawings and WGS84 coordinates (World Geodetic System
1984) in respect of the project site, will serve to provide valuable insights
for project design activities.

The topography survey revealed no significant obstructions regarding the
Project. The SSGC (Sui Southern Gas Company) pipeline traverses part of the
project's site and may become useful at a future commerciality stage. The
project's site mainly consists of expansive bushes and barren land, alongside
select rain-fed cultivated areas. Ongoing construction of the K-IV pipeline
(Karachi's water supply project) has facilitated the establishment of a
well-maintained gravel track, thereby ensuring convenient transportation of
heavy equipment. The presence of existing high tension power lines, a main
railway track, and nearby surface road further enhances accessibility. These
positive survey findings reinforce the Company's unwavering commitment to
pursuing sustainable energy development.

The completion of this survey sets the stage for the next phase of our Green
Hydrogen Project, which includes site design and project planning. With an
initial planned production capacity of 55,000 tonnes of hydrogen per annum,
the project aims to become one of the largest hydrogen initiatives in the
Middle East and Asian region. Oracle's joint venture, Oracle Energy, in
partnership with His Highness Sheikh Ahmed Dalmook Al Maktoum via Kaheel
Energy FZE, envisions supplying regional markets with Green Hydrogen and Green
Ammonia.

 

Naheed Memon, Chief Executive Officer of Oracle, today commented:

"The successful conclusion of the topography survey for our Green Hydrogen
Project marks a further significant step forward. We are now able to proceed
with site clearance and can incorporate the survey data into project design
and planning activities. It also sets the stage for the next phase of our
Green Hydrogen Project, which includes the expected near term completion of
the Green Hydrogen and Green Ammonia commercial and technical feasibility
study. Oracle Energy's goal is to become a future leading producer of Green
Hydrogen, meeting regional demand as the world transitions to clean energy. We
are excited about the progress made to date and will continue to provide
regular updates as the project advances further."

 

 

- ENDS -

For further information:

 Oracle Power PLC                                                                  +44 (0) 203 580 4314

 Naheed Memon (Chief Executive Officer)
 Strand Hanson Limited (Nominated Adviser & Joint Broker)                         +44 (0) 207 409 3494

 Rory Murphy / Matthew Chandler / Rob Patrick

 Global Investment Strategy UK Limited (Joint Broker)                             +44 (0) 207 048 9432

 Samantha Esqulant
 Buchanan (Financial PR)                                                          +44 (0) 207 466 5000

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

 

 

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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 has been established as the project development company and is
funded on a 70:30 basis by Kaheel Energy FZE (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.

 

 

 

About Fugro Pakistan B.V.:

Fugro Pakistan B.V. has been operating throughout Pakistan since 1979. The
company specialises in surveys and mapping in support of Oil & Gas
development and Civil Engineering projects, Geotech and construction material
testing.

Fugro Pakistan B.V. is included in the Middle East and Asia Region (MEI) of
Dutch-based Fugro NV, an international group of professional, highly
specialised engineers and earth scientists, who utilise the most advanced
technologies to provide unique technical studies and professional consultancy
in the area of Earth Sciences, with a stated objective to "create a safer and
more liveable world."

Fugro NV, founded in 1962 in Amsterdam-The Netherlands, now operates around
the globe, with a presence in 57 countries, and more than 11,000 employees. It
has been listed on Euronext Amsterdam since 1992 and been part of the
Amsterdam Midcap index since 2002.

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