REG - Oracle Power PLC - Q2 Update and Shareholder Q&A Session

Oracle PowerAnnouncement

28/07/2023 07:00

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RNS Number : 4862H  Oracle Power PLC  28 July 2023

28 July 2023

 

Oracle Power PLC

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

Q2 Update and Shareholder Q&A Session

 

Oracle Power PLC (AIM: ORCP), an international project developer, is pleased
to provide the following update on activities during Q2 2023, as it advances
the development of a portfolio of projects.

 

 

Highlights

·    Announced a co-operation agreement with PowerChina International
Group Limited ("PowerChina") in April to collaborate on the potential joint
development of a 1-Gigawatt solar-based independent power production plant at
Oracle's Thar Block VI in the Sindh Province, Pakistan.

·    Signed a binding Heads of Agreement with ASX-listed Riversgold
Limited in May for Oracle to farm-out the licence at Oracle's Northern Zone
Gold Project in Western Australia.

·    Successfully signed an MoU for the off-take and development of the
1.32GW Thar coal fired power plant in May with the Government of Sindh, Thar
Electricity Limited, K-Electric Limited and PowerChina. Potential development
activities will include the investment, development, financing, construction,
and operation of the Project.

·    The nomination of a joint Steering Committee for Oracle's 400MW Green
Hydrogen Project in May, comprising of members from Oracle Energy and State
Grid Corporation of China.

·    Signed an MoU with PetroChina International (Middle East) Company
Limited in June, for the potential offtake for the green hydrogen output and
carbon credits from the Green Hydrogen Project.

·    Successfully raised £363,000 gross in June by way of a placing and a
subscription at a price of 0.1p. The net proceeds from the fundraise will be
primarily utilised to support the advancement of the Green Hydrogen Project
and for general working capital purposes. Oracle also appointed Global
Investment Strategy UK Limited as joint broker.

·    Signed an MoU with Ban Ki Moon led Global Green Growth Institute
("GGGI") in June. GGGI will provide platforms and forums for Oracle to engage
with industry stakeholders, with the aim of facilitating development and
financing opportunities for its green energy projects.

 

Topography Survey and Feasibility Study Updates

Post-period end on 18 July 2023, the Company announced the completion of the
surface level survey at the Green Hydrogen Project site in Sindh, Pakistan by
Fugro Pakistan B.V. The survey of the 28km² site, completed with the use of
drone for vital mapping data, revealed no significant obstructions regarding
the project site for the development of the Green Hydrogen Project. The
findings will also help set the stage for the next phase of the project,
including planning, design and construction costs for development of the
plant.

 

The Company expects to receive the completed technical and commercial
feasibility study for green hydrogen and green ammonia soon from thyssenkrupp
Uhde ("thyssenkrupp").

 

Naheed Memon, CEO of Oracle Power, commented: "The second quarter of 2023 has
been an extremely productive period for the Company, with the signing of a
number of significant agreements with energy leaders including PowerChina,
K-Electric and PetroChina for the joint development of our energy projects
including our flagship Green Hydrogen Project, which signals the rapidly
expanding appetite for green hydrogen as an alternative source of renewable
energy.

 

We look forward to advancing the next phase of flagship hydrogen Project as we
await the findings of the feasibility study by thyssenkrupp, which will guide
the next stage of our flagship project's development and bring this exciting
project closer to fruition.

 

We also look forward to updating the market on a potential  solar powered
plant at Thar Block VI as well as progress at Northern Zone Gold Project, with
drilling set to commence soon."

 

 

Naheed Memon, CEO of Oracle, will be conducting a shareholder presentation and
Q&A session via the Investor Meet Company platform on Tuesday 1 August
2023 at 11 a.m. BST.

 

The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
9.00 a.m. BST the day before the meeting or at any time during the live
presentation.  There is no guarantee that all questions will be discussed on
the call given time limitations and/or specific sensitivities with respect to
operations.

 

Investors can sign up to Investor Meet Company for free and add to meet Oracle
Power PLC via:

 

https://www.investormeetcompany.com/oracle-power-plc/register-investor
(https://www.investormeetcompany.com/oracle-power-plc/register-investor)

 

Investors who already follow Oracle Power PLC on the Investor Meet Company
platform will automatically be invited.

 

 

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                                                                        +44 (0) 20 7466 5000

 Bobby Morse, Oonagh Reidy, Abigail Gilchrist                                    oracle@buchanan.uk.com (mailto:oracle@buchanan.uk.com)

 

 

 

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