REG - Oracle Power PLC - Q3 Update and Shareholder Q&A

Oracle PowerAnnouncement

20/10/2023 07:00

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RNS Number : 7358Q  Oracle Power PLC  20 October 2023

20 October 2023

Oracle Power PLC

("Oracle" or the "Company")

 

Q3 Update and Shareholder Q&A

 

Oracle Power PLC, the international project developer, is pleased to provide
the following update on activities during Q3 2023, as it advances the
development of a portfolio of projects.

 

Highlights

 

·    Significant progress made towards demonstrating the commercial
viability of the green hydrogen project in Pakistan:

o  Completion of 28km(2) topography survey report utilising advanced drone
technology to gather vital mapping data which revealed no significant
obstructions to the development of the green hydrogen project.

o  The survey's findings will play a crucial role in optimising the planning,
design and construction costs for the proposed future 1.2 GW hybrid wind and
solar plants, along with the intended 400 MW green hydrogen facility.

o  Successful conclusion of the technical and commercial feasibility study
for the green hydrogen and green ammonia project.

·    Activities relating to the green hydrogen project are now centred on
negotiations for firm offtake agreements with selected partners and front-end
engineering and design ("FEED") work for the planned plant.

·    Encouraging drill results released following diamond drilling
campaign at Northern Zone by Riversgold Limited ("Riversgold") which
substantiated the exploration target of 200Mt - 250Mt at a grade of 0.4 g/t Au
- 0.6 g/t Au for 2.5Moz - 4.8Moz of contained gold calculated from historical
drilling.

 

Naheed Memon, CEO of Oracle Power, commented:

"Our focus during the period has been on the continued demonstration of our
green hydrogen project as a strategically important and commercially
attractive new project of internationally significant proportions.  The
successful completion of both the topography study, and most importantly, the
green hydrogen and green ammonia feasibility study by renowned construction
engineering group thyssenkrupp Uhde, provides significant encouragement as we
look to now conclude firm offtake agreements and develop FEED work for the
plant.

 

"Equally pleasing was the successful progress made by Riversgold at Northern
Zone, which I see as an endorsement of our project developer strategy. Our
strategy is intended to provide investors with the opportunity to benefit from
the upside associated with project completion whilst limiting investor risk
and exposure, through timely divestments and partnerships."

A shareholder Q&A session will be published on the Company's website on 30
October 2023.  To submit questions to be addressed at this session, please
email oracle@st (mailto:oracle@stridespartners.co.uk) bridespartners.co.uk
with "Q3 Shareholder Q&A" in the subject line.  The deadline for
questions is midday (noon) on 26 October 2023.

 

*ENDS*

 

For further information visit www.oraclepower.co.uk
(http://www.oraclepower.co.uk) or contact:

 

 Oracle Power PLC                                              +44 (0) 203 580 4314

 Naheed Memon - CEO
 Strand Hanson Limited (Nominated Adviser & Joint Broker)      +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick
 Global Investment Strategy UK Limited (Joint Broker)            +44 (0) 20 7048 9432

 Samantha Esqulant
 St Brides Partners Limited (Financial PR)                     oracle@stbridespartners.co.uk

 Susie Geliher, Isabel de Salis

 

 

 

 

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