TIDMORCP
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 : 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 : 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 TÜV SÜD : 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 28km(2), 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: 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: 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:
O racle Power PLC
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) 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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END
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