TIDMORCP
RNS Number : 0632K
Oracle Power PLC
19 December 2022
19 December 2022
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Topography Survey Commences on Green Hydrogen Project Site
Oracle Power PLC (AIM: ORCP), a developer of green hydrogen
production through its joint venture Oracle Energy Limited ("Oracle
Energy"), is pleased to announce that Oracle Energy has appointed
consultancy firm Fugro Pakistan B.V ("Fugro"), to immediately
commence a surface level survey at its Green Hydrogen Project site
(or the "Project site") in Sindh, south-east Pakistan
The topographic survey of the 28km(2) site, is being completed
by Fugro through the use of drones, providing vital mapping data
about the newly leased Project site (see RNS Nov 28), 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.
Additional data, including ground control points and field
verification will be attained using a manned GPS survey team. The
topographic survey, which is due to be completed in Q1 2023, is an
important next step in the development of this flagship Green
Hydrogen Project ("Project") ahead of the commercial and technical
feasibility study, due to be released in H1 2023.
The Project is planned to have an initial capacity to produce
55,000 tonnes of hydrogen annually and be one of the largest
hydrogen projects in the Middle East and Asia.
Fugro, which is part of the Euronext-listed Dutch-based Fugro NV
group, specialises in surveys and mapping supporting oil and gas
development and civil engineering projects and has been operating
in Pakistan since 1979.
The Project includes plans to develop solar and wind power
facilities with a combined output capacity of 1.2 GW (700MW solar
and 500MW wind), along with a battery storage park of up to 450 MW,
to ensure the continuous production of hydrogen throughout the
year. Oracle Energy, a 30:70 joint venture with Oracle Power and
His Highness Shaikh Ahmed Dalmook Al Maktoum through Kaheel Energy
FZE, aims to start production in Q4 2026 - supplying domestic
industries manufacturing, fertiliser production, transport and
power generation plus international markets.
Naheed Memon, CEO, Oracle Power commented:
" The commencement of the topography survey is another major
step towards setting up this important project as it will lead to
clearing the project site for suitability and will feed into design
and planning of the large facility encompassing 1.2 GW of hybrid
power plants and hydrogen and ammonia production units.
We are committed to becoming one of the largest producers of
Green Hydrogen in the region to meet the domestic demand for green
fuel as well as a growing overseas requirement, as the world
transitions to clean energy and a zero carbon future. We look
forward to updating the market as this exciting project
advances."
-ENDS-
For further information:
O racle Power
N aheed Memon (Chief Executive Officer) +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser & Broker)
Rory Murphy, Matthew Chandler, Rob Patrick +44 (0) 20 7409 3494
Buchanan +44 (0) 203 7466 500
Bobby Morse / 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
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.
About Fugro Pakistan B.V:
Fugro Pakistan B.V has been operating throughout Pakistan since
1979. The company specialises in Surveys and Mapping in support of
Oil & Gas development and Civil Engineering projects, Geotech
and construction material testing.
In the recent years, Pakistan has proved itself as an emerging
economy with a number of development projects in both public and
private sectors. Steadily increasing investment from China in the
Country with various projects in connection with developing CPEC
project, Fugro aims to facilitate engineering sector in Pakistan
and to invest in growing opportunities.
In Pakistan, Fugro's office is located in Karachi, while setting
up of another office in Lahore is underway.
Fugro Pakistan B.V is included in the Middle East and Asia
Region (MEI) of Dutch-based Fugro NV, an international group of
professional, highly specialized engineers and earth scientists,
who use the most advanced technologies to provide unique technical
studies and professional consultancy in the area of Earth Sciences,
with an objective "Unlocking insights from Geo-data, for a safe and
livable world."
Fugro, founded back in 1962 in Amsterdam-The Netherlands, now
operates around the globe, with over 275 offices in over 65
countries, and more than 14,600 employees. Fugro is listed on
Euronext NV in Amsterdam, since 1992 and in Amsterdam Midkap index
since 2002.
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December 19, 2022 02:00 ET (07:00 GMT)
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