REG - Oracle Power PLC - Green Hydrogen Project Update

Oracle PowerAnnouncement

01/12/2021 07:00

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RNS Number : 1077U  Oracle Power PLC  01 December 2021

 

1 December 2021

 

Oracle Power PLC

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

 

Green Hydrogen Project Update

Preliminary study Completed & Review underway for Optimal Manufacturing
Plan

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to announce an update relating to the Company's strategy
to develop a green hydrogen production facility in Pakistan, in partnership
with PowerChina International Group Ltd ("PowerChina"), one of the largest
Chinese state-owned-enterprises (as announced on 11 October 2021).

 

Highlights

 

·    Preliminary technical study completed by PowerChina to establish key
technical and commercial contours for the delivery of a facility to produce
hydrogen with electrolysers powered by photovoltaics and wind energy in
Pakistan

·    Targeting a 400MW capacity hydrogen plant, with planned hydrogen
production of approximately 150,000kg per day

·    Actively pursuing technology suppliers and assessing costs across
Europe, Japan and South Korea to support the advancement of Oracle's green
hydrogen strategy but initial estimates are set out in the Company's recent
presentation
(http://www.oraclepower.co.uk/wp-content/uploads/2021/11/ORCP-Corporate-Presentation-Q4-2021-final.pdf)

·    Negotiations with the provincial government to determine the
requisite infrastructure in the Province of Sindh

·    Invitation by the Government of Sindh to present green hydrogen
production strategy as a "Global Goal" at the Expo 2020 in Dubai on 14
December 2021

 

Naheed Memon, CEO of Oracle, commented:

 

"Green hydrogen has quickly become part of the shared lexicon of the
international community as we collectively look to transition to a carbon
neutral future.  In the relatively short space of time since Oracle signed
its co-operation agreement with PowerChina, there has been a sizeable uptick
in the adoption of green hydrogen projects internationally from Australia,
Egypt, Namibia, the UAE to the UK.  This is clearly a movement which is
gaining momentum and support and Oracle, together with our partners at
PowerChina, are uniquely positioned to bring this technology to Pakistan.

 

"The preliminary technical study, completed by PowerChina, has now established
the key technical and commercial contours for the delivery of a hydrogen
production facility, powered by photovoltaics and wind energy, to provide
domestically generated fuel for Pakistan and neighbouring countries.  We are
now working to refine the various commercial frameworks through which to
advance this project and we will report back on progress over the coming weeks
and months.  Importantly, green hydrogen has already been prioritised as a
'Global Goal' by the Government and Sindh and I feel privileged to be leading
a presentation on the topic at the Expo 2020 in Dubai on 14 December.

 

"Green hydrogen has captured the attention of investors, government agencies
and blue-chip energy suppliers and I am honoured to have a metaphorical seat
at the table as we look to the transform the landscape for clean energy
production with this revolutionary technology."

 

 

*ENDS*

 

For further information:

 Oracle Power PLC                             +44 (0) 203 580 4314

 Naheed Memon
 Strand Hanson Limited (Nominated Adviser)    +44 (0) 20 7409 3494

 Rory Murphy, James Harris, Rob Patrick
 Brandon Hill Capital Limited (Joint Broker)  +44 (0) 203 463 5000

 Oliver Stansfield
 Shard Capital (Joint Broker)                 +44 (0) 20 7186 9952

 Damon Heath

 Isabella Pierre

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

 Susie Geliher

 Catherine Leftley

 

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's initial project is the Thar Block VI Project in the Thar desert
in the south-east of the Sindh province of 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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