REG - Oracle Power PLC - Q4 Update and Shareholder Q&A Session

Oracle PowerAnnouncement

31/01/2023 07:01

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RNS Number : 2888O  Oracle Power PLC  31 January 2023

31 January 2023

 

 

 

Oracle Power PLC

("Oracle" or the "Company")

Q4 Update and Shareholder Q&A Session

Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production
through its subsidiary, Oracle Energy Limited ("Oracle Energy"), is pleased to
provide the following update on developments during Q4 2022.

Q4 Highlights:

·    thyssenkrupp Uhde appoited `to lead technical and commercial
feasibility study for green hydrogen project
(https://www.londonstockexchange.com/news-article/ORCP/thyssenkrupp-appointed-for-green-hydrogen-project/15677756)
: Global industry leaders in green ammonia development, thyssenkrupp Uhde,
were appointed to carry out the technical and feasibility study for Oracle
Energy's flagship Green Hydrogen Project in Pakistan, due be completed in H1
2023, with the mid-study review scheduled for March.

·    Land acquired
(https://www.londonstockexchange.com/news-article/ORCP/land-lease-for-green-hydrogen-project/15732429)
: Oracle Energy acquired 7,000 acres of land by way of a 30-year land lease
agreement with the Government of Sindh on 28 November 2022, on which the
company intends to develop its 1.2 GW of hybrid power plant and its Hydrogen
and Ammonia facilities. The 7,000 acres of land is located in the Thatta
district, Sindh, south-east Pakistan, strategically situated 50 km distance
from the Port of Karachi. The project site is located within the Gharo-Keti
Wind Corridor, which boasts more than 1 GW of installed power from solar and
wind projects within a close radius.

·    Signed Letter of Intent (LOI) with
(https://www.londonstockexchange.com/news-article/ORCP/loi-with-tuv-sud-on-green-hydrogen-certification/15713356)
TÜV SÜD
(https://www.londonstockexchange.com/news-article/ORCP/loi-with-tuv-sud-on-green-hydrogen-certification/15713356)
:
(https://www.londonstockexchange.com/news-article/ORCP/loi-with-tuv-sud-on-green-hydrogen-certification/15713356)
Oracle Energy signed an LOI with TÜV SÜD, experts in the certification of
hydrogen from renewable sources on 14 November 2022 relating to the green
hydrogen project in development. TÜV SÜD will review the project design of
Oracle Energy's proposed 400MW capacity green hydrogen plant with a view to
certifying the green credentials of the proposed production of green hydrogen
and ammonia.

·    Topography survey has commenced on green hydrogen project site: On 19
December 2022, Oracle Energy announced the appointment of consultancy firm
Fugro Pakistan B.V ("Fugro"), to immediately commence a surface level survey
at its Green Hydrogen Project site. The site, covering an area of 28km², will
be surveyed with the use of drones, providing vital mapping data, including
accurate terrain information on roads, streams and buildings in order to
optimise planning, design and construction costs for the planned 1.2 GW of
hybrid wind and solar plants and the 400MW Green Hydrogen facility. The
Company will update the market once the report is available.

·    MoU with Blue Carbon LLC:
(https://www.londonstockexchange.com/news-article/ORCP/mou-with-blue-carbon-llc/15687847)
Oracle Energy signed a non-binding MoU with Blue Carbon, a Dubai-based
company, which is owned by His Highness Shaikh Ahmed Dalmook Al Maktoum, to
collaborate on a decarbonisation roadmap to complement the green hydrogen
project. The two companies intend to also identify suitable opportunities in
low carbon environmental assets related to hydrogen.

·    WA Gold Projects:
(https://www.londonstockexchange.com/news-article/ORCP/mou-with-blue-carbon-llc/15687847)
The Company is in negotiations with potential development partners for a joint
venture to further explore and delineate the resources for Northern Zone in
Western Australia, which has shown promising results in terms of gold
existence and significantly encouraging metallurgical results.

·    Thar Coal Project: The Company continues to work towards the
development of its 1,320 MW mine mouth power plant in Block VI of Thar
Coalfields in Pakistan. Oracle is in continuous dialogue with regulators for
the inclusion in IGCEP (Indicative Generation Capacity Expansion Plan), it is
also working with a regulated distribution and generation company for the
development and off-take from the power plant. Further, it is also considering
the development of alternative energy on the resource land.

Naheed Memon, CEO of Oracle, commented:

"The fourth quarter of 2022 proved to be an extremely busy and fruitful finish
to what was a momentous year for Oracle Power. We not only acquired the land
for Oracle Energy's proposed 400MW Green Hydrogen Project in Sindh - a
renowned wind power corridor in south-east Pakistan - but we also appointed
industry leader, thyssenkrupp Uhde, to lead the technical and commercial
feasibility study for our potentially game changing green energy project. We
also finished off the year on an extremely positive footing - with ongoing
studies and surveys, as well as continuous meaningful engagement with
technical and commercial partners.

I am proud of the rapid progress we have made, to date, and am extremely
energised about the year ahead as we move forward with our ground breaking
Green Hydrogen project and advance the strength of our portfolio. We are also
progressing our other work streams and I look forward to updating the market
further in 2023."

The Board of Oracle would like to advise shareholders that Naheed Memon, CEO
of Oracle, will be conducting a shareholder presentation and Q&A session
via the Investor Meet Company platform on  Thursday, 2 February 2023 at 11.00
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.

 

For further information:

  Oracle Power PLC                                                                  +44 (0) 203 580 4314

 Naheed Memon (Chief Executive Officer)

 Strand Hanson Limited (Nominated Adviser & Broker)                               +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick

 Buchanan                                                                         +44 (0) 20 7466 500

 Oonagh Reidy/ Abigail Gilchrist                                                  oracle@buchanan.uk.com

 

 

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 powerplant 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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