REG - Oracle Power PLC - Publication of Information Memorandum

Oracle PowerAnnouncement

08/02/2022 07:00

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RNS Number : 9441A  Oracle Power PLC  08 February 2022

08 February 2022

Oracle Power PLC

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

 

Green Hydrogen Project Update

Publication of Information Memorandum

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to share a short  Information Memorandum in relation
to the  Company's proposed green hydrogen project in Pakistan.

 

The Information Memorandum provides an overview of the project, including
proposed capacity, specifications of the facility, targeted market, expected
costs, pricing goals and a development update. Energy from green hydrogen
production is internationally regarded as a key potential fuel for a carbon
neutral future and hydrogen production projects are increasingly being
adopted internationally.  Oracle is well positioned and plans to be the
first to set up a hydrogen production facility in Pakistan, a targeting a
globally competitive cost of approximately US$2 per kg of Hydrogen.

 

Oracle is confident that the planned facility would produce green
hydrogen at a relatively low price given the decreasing cost of renewable
power and the comparative advantage of low cost production in Pakistan. The
project aims to bring the cost of green hydrogen below US$2 per kg once
operational at full capacity.

 

The Information Memorandum document is available on the Company's website at
the link below and will be shared with potential investors/partners in the
project.

 

http://www.oraclepower.co.uk/investor-relations/presentations/
(http://www.oraclepower.co.uk/investor-relations/presentations/)

 

Dr Naveed Akhtar, Chief of Technology - Hydrogen, commented: "It is
encouraging to see the potential for Oracle's Green Hydrogen Facility and I
see that there is real possibility of producing green hydrogen at competitive
prices for the market in China, South Asia and Europe."

 

Naheed Memon, CEO of Oracle, commented: "We are making good progress in a
short time since signing the Co-Operation Agreement with PowerChina. Green
hydrogen has been dubbed as the 'fuel of the future' and Oracle is in the
exciting position to be a first mover in Pakistan and, at the competitive
price that is being targeted, is set to be in a strong position in the
international market as well."

 

 

*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) 20 3580 4314

 

Strand Hanson Limited (Nominated Adviser)

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

 

Shard Capital (Broker)

Damon Heath, Isabella Pierre
                                  +44 (0) 20 7186 9952

 

St Brides Partners Limited (Financial PR)

Susie Geliher, Catherine Leftley, Selina Lovell
                     +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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