REG - Oracle Power PLC - LOI to be Issued for Green Hydrogen Project

Oracle PowerAnnouncement

03/08/2022 07:15

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RNS Number : 6920U  Oracle Power PLC  03 August 2022

 

3 August 2022

 

Oracle Power PLC

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

 

LOI to be Issued for Green Hydrogen Project:

Approval an Important Step in Development of 1,200MW Power/Green Hydrogen
Project

 

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to announce that the Company has received a letter from
the Directorate of Alternative Energy of the Government of Sindh confirming
that it will issue a Letter of Intent ("LOI") to Oracle regarding the
establishment of a 1,200MW hybrid solar/wind, green hydrogen/power project
(the "Project") in Pakistan, being advanced by the Company's joint venture
company, Oracle Energy Limited ("Oracle Energy"), subject to the provision of
a US$600,000 performance guarantee by Oracle Energy.

 

The LOI is expected to provide that the developer of the Project can produce
green hydrogen from a 400MW capacity electrolyser facility and renewable power
for business-to-business usage, for possible sale to utilities and for other
uses. Oracle Energy plans to progress the other aspects of project development
including the technical, financial and investment parameters of the Project
and the Company will make further announcements in due course.

 

Naheed Memon, CEO of Oracle, commented:

 

"I am delighted to report that our green hydrogen initiative in Pakistan has
received confirmation that it will receive the consent of the Government of
Sindh through the issuance of an LOI, subject to the provision of a bank
guarantee.  This is a defining moment for Oracle and our joint venture
company, which also has the potential to transform the landscape of the energy
industry in Pakistan through the setting up of a 400 MW green hydrogen
production facility powered by a 1200 MW hybrid power plant. Such a green
hydrogen plant would be able to produce up to 55,000 tonnes of green hydrogen
pa at full capacity.

 

"I have been clear in my conviction that green hydrogen has the ability to
revolutionise the energy, industrial and power sector, and Oracle has been
working hard to secure the necessary relationships over recent months to
support the development of our project, and also to commercialise it on a
large scale.  We will embark on detailed technical and financial
feasibilities, and are in advanced dialogue with technology providers,
equipment suppliers and consultants. We are also now going to move ahead with
further discussions with buyers and users of green hydrogen and green ammonia
in the region and in Europe.

 

"I would like to take this opportunity to thank both the Government of Sindh
for its vision and recognition of the strategic importance of this project,
and also His Highness Shaikh Ahmed Dalmook Al Maktoum for

his support and determination to make Pakistan a green hydrogen production hub
by setting up one of the largest green hydrogen production facilities in the
region."

 

 

 

*ENDS*

 

For further information please contact:

 

 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

 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 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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