Citi appointed as Financial Advisor

RNS Number : 3459P

Oracle Coalfields PLC

03 October 2011

 



03 October 2011

Oracle Coalfields PLC

("Oracle" or "the Company)

Citi appointed as Financial Advisor for the

Development of Block VI of the Thar Coal Project

The Directors of Oracle Coalfields PLC (AIM:ORCP) are pleased to announce the appointment of Citigroup Global Markets Limited ("Citi") to act as the financial advisor for the development of its 1.4 billion tonnes flagship coal resource project in the south-eastern desert of the Sindh Province, Pakistan.

Citi's mandate is to advise Sindh Carbon Energy Limited, a subsidiary of Oracle Coalfields, on a comprehensive funding solution for the development of the Block VI, Thar Coal project and to assist with the review, development and implementation of Oracle Coalfields financing strategies, as the Company enters the development and project financing phase.

Citi was selected for this advisory role based on its significant experience in financing mining projects globally and its country expertise in Pakistan, where it has operated for the last 50 years.  It has a strong leadership position amongst financial institutions operating in Pakistan, offering fully fledged retail, corporate and investment banking services. 

In project finance, Citi was ranked top against its peers as Global Financial Advisor, Global Bookrunner and EMEA Financial Advisor for deals completed between 2000 and 2010.

Commenting on the appointment of Citi, Shahrukh Khan, CEO of Oracle Coalfields said:

"After careful consideration and having looked at a number of international banks, we are delighted to have appointed Citi.  The appointment will add to our financial expertise and market coverage as we evolve to the next stage of development with an excellent team of financial advisors to guide us. 

"The Company remains fully committed to the development of Block VI, Thar Coal Project and continues to receive support from the Pakistani Government at all levels, all of whom recognise the positive economic and infrastructure impact our project will have on the country."

Arif Usmani, Managing Director and Citi Country Officer for Pakistan added: "We are delighted to be selected as the financial advisor to Oracle Coalfields for the development of this important project.  Citi has been operating in Pakistan since 1961 with an on-the-ground team of dedicated corporate and investment bankers.  Citi looks forward to assisting Oracle with the financing for the next stage of its development."

-The End -

For further information please contact:

Oracle Coalfields PLC Shahrukh Khan, CEO	Telephone:[phone] E-mail: [e-mail] Website: www.oraclecoalfields.com
Libertas Corporate Finance Ltd Sandy Jamieson or Neil Pidgeon	Tel: [phone]
Blythe Weigh Communications Tim Blythe, Ana Ribeiro, Matthew Neal	Tel: [phone]

 

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