REG - Oracle Power PLC - Land Survey Commences on Green Hydrogen Project

Oracle PowerAnnouncement

19/12/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221219:nRSS0632Ka&default-theme=true

RNS Number : 0632K  Oracle Power PLC  19 December 2022

19 December 2022

 

Oracle Power PLC

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

Topography Survey Commences on Green Hydrogen Project Site

 

 

Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production
through its joint venture Oracle Energy Limited ("Oracle Energy"), is pleased
to announce that Oracle Energy has appointed consultancy firm Fugro Pakistan
B.V ("Fugro"), to immediately commence a surface level survey at its Green
Hydrogen Project site (or the "Project site") in Sindh, south-east Pakistan

The topographic survey of the 28km² site, is being completed by Fugro through
the use of drones, providing vital mapping data about the newly leased Project
site (see RNS Nov 28), including accurate terrain information on roads,
streams and buildings in order to optimise planning, design and construction
costs for the planned 1.2 GW of hybrid wind and solar plants and the 400MW
Green Hydrogen facility.

Additional data, including ground control points and field verification will
be attained using a manned GPS survey team. The topographic survey, which is
due to be completed in Q1 2023, is an important next step in the development
of this flagship Green Hydrogen Project ("Project") ahead of the commercial
and technical feasibility study, due to be released in H1 2023.

The Project is planned to have an initial capacity to produce 55,000 tonnes of
hydrogen annually and be one of the largest hydrogen projects in the Middle
East and Asia.

Fugro, which is part of the Euronext-listed Dutch-based Fugro NV group,
specialises in surveys and mapping supporting oil and gas development and
civil engineering projects and has been operating in Pakistan since 1979.

The Project includes plans to develop solar and wind power facilities with a
combined output capacity of 1.2 GW  (700MW solar and 500MW wind), along with
a battery storage park of up to 450 MW, to ensure the continuous production
of hydrogen throughout the year. Oracle Energy, a 30:70 joint venture with
Oracle Power and His Highness Shaikh Ahmed Dalmook Al Maktoum through Kaheel
Energy FZE, aims to start production in Q4 2026 - supplying domestic
industries manufacturing, fertiliser production, transport and power
generation plus international markets.

 

 

Naheed Memon, CEO, Oracle Power commented:

"The commencement of the topography survey is another major step towards
setting up this important project as it will lead to clearing the project site
for suitability and will feed into design and planning of the large facility
encompassing 1.2 GW of hybrid power plants and hydrogen and ammonia production
units.

 

We are committed to becoming one of the largest producers of Green Hydrogen in
the region to meet the domestic demand for green fuel as well as a growing
overseas requirement, as the world transitions to clean energy and a zero
carbon future.  We look forward to updating the market as this exciting
project advances."

 

 

-ENDS-

For further information:

 Oracle Power                                                                     +44 (0) 203 580 4314

 Naheed Memon (Chief Executive Officer)
 Strand Hanson Limited (Nominated Adviser & Broker)                              +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick

 Buchanan                                                                        +44 (0) 203 7466 500

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

 

 

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.

 

Oracle Energy has been set up as the project development company and is funded
on a 70:30 basis by Kaheel Energy (100% owned by His Highness Shaikh 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.

 

The Company also continues to advance towards the development of its Thar
Block VI Project in south-east Pakistan into a mine, a power plant and a
proposed coal gasification 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.

 

 

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.

In the recent years, Pakistan has proved itself as an emerging economy with a
number of development projects in both public and private sectors. Steadily
increasing investment from China in the Country with various projects in
connection with developing CPEC project, Fugro aims to facilitate engineering
sector in Pakistan and to invest in growing opportunities.

In Pakistan, Fugro's office is located in Karachi, while setting up of another
office in Lahore is underway.

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
specialized engineers and earth scientists, who use the most advanced
technologies to provide unique technical studies and professional consultancy
in the area of Earth Sciences, with an objective "Unlocking insights from
Geo-data, for a safe and livable world."

Fugro, founded back in 1962 in Amsterdam-The Netherlands, now operates around
the globe, with over 275 offices in over 65 countries, and more than 14,600
employees. Fugro is listed on Euronext NV in Amsterdam, since 1992 and in
Amsterdam Midkap index since 2002.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFFIFWMEESESE