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

Oracle PowerAnnouncement

15/01/2024 07:00

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RNS Number : 6064Z  Oracle Power PLC  15 January 2024

15 January 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Q4 Update and Shareholder Q&A

 

Oracle Power PLC, the international project developer, is pleased to provide
the following update on activities during Q4 2023, as it advances the
development of a portfolio of projects.

 

Highlights

 

·    Continued advancement of Oracle's strategy to deliver a pipeline of
development opportunities.

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

o  Power Feasibility Study near completion and in parallel is being
integrated with the green hydrogen and green ammonia feasibility study
received in Q3 2023.

o  Grid Interconnectivity Study is ongoing and is expected in Q1 2024.

o  Completed registration of the green hydrogen project under the Verified
Carbon Standard programme with Verra, an organisation that manages the world's
leading Verified Carbon Standards. This association and listing with Verra
will enable the project to be issued Verified Carbon Units for trading, in
order to supplement project financing.

o  Presentation of the green hydrogen project at Dii Desert Energy Leadership
Summit in Dubai, to senior international energy project developers and
lenders.

o  Constructive discussions in relation to offtake and financing undertaken
at COP28 by Naheed Memon, with further updates expected as project progresses.

·    Very encouraging exploration results received from drilling campaign
at the Northern Zone Project by farm-in partner, Riversgold Limited
("Riversgold"):

o  Drill results support the previously announced 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.

o  +100m wide gold intercepts identified with latest drilling confirming the
gold mineralisation style, widths and grades and structural orientation.

o  A new programme of works ("POW") is expected to be submitted imminently,
targeting the delivery of a maiden Mineral Resource Estimate in 2024.

 

Naheed Memon, CEO of Oracle Power, commented:

"Oracle is rapidly pursuing and extending its objective to build a portfolio
of project development opportunities, with both our green hydrogen and Western
Australian gold interests being key pillars of this strategy.   I am
encouraged by the work and results that have been demonstrated at our Northern
Zone Project, and we hope that this will become a model for us to replicate in
the future.  Similarly, our green hydrogen interests, which are being
advanced in joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum,
continue to move forward promisingly, including the recent registration of the
project under the Verified Carbon Standard programme with Verra.  His
Highness and I were also extremely active during the Dii and COP28 Conferences
and we continue to work towards finalising off-takes.  One of our prospective
off takers, EGA, was expected to finalise its off-take commitments at COP28,
but since its decarbonisation programme has yet not been finalised, this will
be addressed after their internal strategy is firm.  COP28 was an important
trigger for a quicker global energy transition, given the commitment made to
move away from oil and gas.  We expect that this shift will translate into
greater financial support, more conducive government policy and firm
decarbonisation commitments by industry across the globe."

 

A shareholder Q&A session will be published on the Company's website on 24
January 2024.  To submit questions to be addressed at this session, please
email oracle@stridespartners.co.uk (mailto:oracle@stridespartners.co.uk) with
"Q4 Shareholder Q&A" in the subject line.  The deadline for questions is
midday (noon) on 19 January 2024.

 

*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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