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

Oracle PowerAnnouncement

27/10/2022 07:01

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RNS Number : 2363E  Oracle Power PLC  27 October 2022

27 October 2022

Oracle Power PLC

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

 

Q3 Update and Shareholder Q&A Session

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to provide the following update statement from its CEO,
Naheed Memon, with respect to developments during Q3 2022:

 

"In October 2021 we presented our significant green hydrogen concept to the
market with the objective of establishing a hybrid solar/wind, green
hydrogen/power project in a rapid timeframe in accordance with the apparent
global transition to green energy. Within 12 months we now have a strategic
and potentially significant development asset being fast-tracked through a
dedicated vehicle by internationally accredited team of experts.
 This development process accelerated during Q3 2022 and as shareholders
will be aware, the pace has subsequently increased again in the current
quarter with the recent appointment
of thyssenkrupp Uhde to undertake the technical and
commercial feasibility study for the green hydrogen
and green ammonia plant.  This absolute commitment to expediting
development of our green hydrogen project, speaks to the recognition that we,
our partners and the Government of Sindh have of the significance of this
project, given the global demand of this new energy fuel.

 

"The breakthrough delivery in Q3 was the formal issuance of the Letter of
Intent ("LOI") from the Government of Sindh for Oracle Energy's planned 400
MW green hydrogen and 1,200MW hybrid power plant located in the wind corridor
in Sindh.  Oracle Energy, our joint venture company formed to develop the
green hydrogen project, is actively engaged with technology suppliers,
engineering firms and off takers to set up the partnerships for the
development of the project. We have also been working hard to promote our
green hydrogen project on the international stage, including presenting the
project at Global Green Hub Korea conference on the invitation of the Korea
Trade-Investment Promotion Agency ("KOTRA").

 

"We are continuing the development of Thar Block VI Project and there is
renewed optimism in Pakistan in relation to the development of Thar coal based
on recent initiatives taken with respect to using local coal for existing
power plants and industry, the commencement of a railway for the
transportation of Thar coal and the increased price of coal in the
international markets. The government is also reviewing the demand for power
from Thar coal and we are in dialogue to mobilise the development of our
Block.

 

"Now turning towards our interests in Australia, following on
from the successful metallurgical testwork undertaken at Northern Zone at
the end of Q2, Oracle has been working with various potential partners to
continue the development of Northern Zone. We are in the process of completing
the assessments on Jundee East in relation to other minerals and expect to
conclude the process very soon.

 

"We have begun Q4 with enormous optimism and a focused approach on delivering
value for shareholders from our portfolio of assets which sit across the
spectrum of energy and commodities. We would like to thank shareholders for
their continued support as we look to report further progress in Q4 and
into the New Year."

 

 

 

The Board of Oracle would like to advise shareholders that Naheed Memon, CEO,
and David Hutchins, Non-Executive Director, will be conducting a shareholder
presentation and Q&A session via the Investor Meet Company platform on
Thursday 3 November 2022 at 10.30 a.m. GMT.

 

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. 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

 

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

 

 

*ENDS*

 

For further information:

 

Oracle Power PLC
 
         +44 (0) 203 580 4314

Naheed Memon - CEO

 

Strand Hanson Limited (Nominated Adviser &
Broker)                                  +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.

 

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.

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