CORRECTION: AUDITED RESULTS FOR THE TWELVE MONT...

13/05/2009
                                                                      GB00B23JN426/GBP/PLUS-exn

                          Oracle Coalfields PLC

         AUDITED RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2008

Oracle Coalfields PLC (PLUS: ORCP) ("Oracle" or "the Company"), the UK developer of the 1.4 billion tonne Block VI coal
deposit in southern Pakistan, is pleased to announce its results for the period ended 31 December 2008, a period of
sustained progress that has continued into 2009.

HIGHLIGHTS

- Drilling has defined a JORC Compliant Measured Resource of 1.4 billion tonnes and a Proven Reserve of 371 million tonnes
at the Block VI licence, Thar Coalfield, Tharparkar, Province of Sindh, Pakistan

- Coal is of lignite quality and suitable for combustion in power generation stations

- Private placing completed in June 2008 with Orbis Equity Partners Limited raising £453,750

- Chairman, Shahrukh Khan, presented at a World Bank and International Finance Corporation Investor Roundtable on Pakistan's
Power Sector in Washington D.C. during July 2008

POST-PERIOD HIGHLIGHTS

- In-depth commissioned research report published on Oracle Coalfields by Edison Investment Research

- Placing raising £249,400

- Work programme for a Bankable Feasibility Study (BFS) on the Block VI licence to commence in second quarter 2009. 
The Environmental & Social Impact Assessment (ESIA) is already underway.

Shahrukh Khan, Chairman, Oracle Coalfields PLC commented:

"I am pleased to be able to report good progress by the company in 2008 and that this has continued into 2009.
In particular, our Block VI project in Pakistan's Thar coalfield has been progressed to JORC-compliant status and
we have recently raised additional funds to enable the Bankable Feasibility Study (BFS) to be initiated. 
Wardell Armstrong International, the environmental and engineering consultants, have been appointed to carry out
the ESIA and commenced the first stage of the study in April.

"Over the coming months we anticipate a strong flow of news being generated as the BFS and ESIA progresses, and
will also be looking to progress the planned power station component of the project. The project is a very important
component in the development of Pakistan's economy and therefore has full support from both the provincial and central
Governments.

I look forward to updating shareholders as these programmes advance".

CHAIRMAN'S STATEMENT

The past 12 months have seen Oracle Coalfields achieve a number of important milestones from which we can develop
into a leading coal producer in Pakistan. Unquestionably, the most significant milestone was the completion of the
exploration work programme at Block VI of the Thar Coalfield, which enabled the deposit to be taken to the internationally
recognised JORC ("Joint Ore Reserve Committee") status, as announced in May 2008. Other highlights include being given the
opportunity to present at a World Bank and International Finance Corporation Investor Roundtable on Pakistan's Power Sector
in Washington D.C, USA, in July. We also completed a private placing in June that raised £453,750 and we have
raised further monies to fund the Bankable Feasibility Study since the end of the reporting period.

Despite the current perception regarding Pakistan, the Company continues to make significant progress towards delivering a
cost-effective coal mine combined with electricity power generation. The Company has full support from both the provincial
and central governments of Pakistan.

Block VI, Thar Coalfield, Sindh Province

Our 80% owned Pakistan subsidiary, Sindh Carbon Energy Limited, was granted the 66.1 square kilometre Block VI licence of
the Thar Coalfield by the Mines and Mineral Development, Government of Sindh, in November 2007 for an initial period of
three years. The Geological Survey of Pakistan had compiled a substantial amount of information on the geology of the Thar
Coalfield since its discovery in the 1980s, and our Block VI licence was no exception.

In 2005 the China North East Geological Survey Bureau ("CNGB") completed a 35-borehole programme on Block VI, as commissioned
by the Sindh Coal Authority, drilling 9,852 metres, of which 5,986 metres was cored. Access to this data, provided by the
Sindh Coal Authority, enabled Oracle Coalfields to fast-track the project to the internationally recognised JORC standard
through a seven borehole verification programme, which were drilled to depths of 200-240 metres, four of which were open-holed
to 100 metres, the other three being fully-cored. The drilling was carried out by Deep Rock Drilling (Pvt) Ltd. of Karachi and
the geophysical logging was performed by Geoscience Associates of Lahore. These boreholes were logged using calliper, density,
resistivity and radioactivity sondes. The results of the drilling programme confirmed the results of the previous drilling
done by CNGB that Block VI contains a number of lignite coal horizons, of these, the main seam having cumulative thickness of
between 20-28 metres at a depth of approximately 150 metres. The above drilling programme was overseen by the UK-based
international coal consultancy, Dargo Associates Ltd.

The results of the validation programme were announced last May, and Dargo Associates defined a JORC-compliant 1.423 billion
tonnes measured resource, with a proven reserve of 371 million tonnes at phase I and phase II of the delineated mine areas at
Block VI. The results and analyses from the drilling programmes by CNGB and Sindh Carbon Energy have shown the geology at
Block VI to be simple, with no known dislocations, and confirmed the quality of the coal to be lignite. This is ranked between
peat and bituminous coal and is therefore suitable for combustion in power generation as well as other industrial uses
(e.g. cement industry). Meanwhile, the stripping ratio of phase I is estimated at 6.91:1, rising to an estimated 6.94:1 in
phase II.

The coal at Block VI has an average calorific value of 3,537 kcal/kg, a moisture content of 40%, which can be reduced to
14% by drying, a sulphur level of 1.2%, and an ash content of 7.5%, which is low when compared with typical lignite coals.
Coal tests were carried out by TES Bretby Ltd in the UK, and the Fuel Research Centre, part of Pakistan Council of Scientific
and Industrial Research (PCSIR), Karachi and Rock samples were tested by Strata Surveys Ltd of the UK.

Work in recent months has focussed on the mine plan, and it has been concluded that the southern part of Block VI is the most
suitable for open pit mining, to be carried out in two phases. There is sufficient coal resource to support a 1,100 MWe power
plant in the concentrated mine area but we intend to initially develop a 300 MWe mine-mouth power plant. Block VI can support
a 2.5 million tonnes per annum open pit capable of supplying 1.75 million tonnes of lignite coal to a 300 MWe mine-mouth power
plant and a further 0.75 million tonnes to local industry. The next stage of development at Block VI is completion of a Bankable
Feasibility Study, the first stage of which commenced in April 2009. We anticipate a strong flow of news whilst the Bankable
Feasibility Study is progressed toward completion, and look forward to keeping the market informed of the results from the
work programme.

Since the quality of coal at Block VI means that its principal use is as feedstock for a power plant, we are therefore focussed
on examining our options for such development. The construction and operation of a mine-mouth power plant is key to the success
of the project, and we will be keeping the market informed of our progress on this front during the year.

During the second half of 2008, we set out a programme for a listing on the Alternative Investment Market (AIM) of the London
Stock Exchange.  The intention was to list on AIM in the 4th Quarter of 2008.  We appointed a highly regarded Nominated Adviser
and a well-known Broker, who both visited the Block VI project in Pakistan and intended to take the Company to AIM. Extensive due
diligence was performed on the Company as part of which respected Pakistan lawyers, Hafeez Pirzada Law Associates, were appointed
under instruction from our UK lawyers, Trowers & Hamlins, to provide a Legal Opinion on the Company and specifically on our
joint-venture company, Sindh Carbon Energy Limited (SCEL).  The Legal Opinion is extensive and highlights four keys aspects that
are: (a) the Company and SCEL, (b) the promoters of SCEL, (c) the status of the exploration licences and (d) repatriation of the
capital and remittance of dividends from Pakistan. As a result of this Legal Opinion and the actions taken by SCEL and the Company
on the advice of our lawyers, SCEL and the Company have sound legal status in Pakistan. The shareholding of Oracle Coalfields PLC
in SCEL has been registered with State Bank of Pakistan as Foreign Equity Investment on Repatriable Basis with permission of
remittance of dividend/capital to Oracle Coalfields PLC as and when due. Furthermore, a Competent Person's Report was undertaken
by Dargo Associates Limited and an AIM listing document prepared which is near complete for future use.

The purpose of the AIM listing was to raise funds to proceed with the Bankable Feasibility Study. However, in the light of
deteriorating international financial markets, the Board decided to defer the AIM listing to a more appropriate time. Our intention
to move up to AIM remains as this would allow the Company to raise the necessary funds to bring the Block VI, Thar Coal Project into
production as well as developing a larger institutional investor base. The Board will keep shareholders updated on our progress
towards achieving this AIM listing.

Despite deferral of the AIM listing, we decided to proceed with the work programme by raising interim funds on the London-based
PLUS Market in order to commence the Bankable Feasibility Study, including the Environmental & Social Impact Assessment. With these
funds, we are endeavouring to complete the Bankable Feasibility Study by early 2010.

KhoreWah, Indus East, Sindh Province

In early February 2007 our subsidiary, Sindh Carbon Energy Limited, was granted an exploration licence over 100 square kilometres of
the KhoreWah coalfield in the Indus East region of the Sindh Province of Pakistan. Boreholes KHW-1 and KHW-2, drilled by the
Geological Survey of Pakistan in 1992, served as the basis for estimating an inferred coal resource for the area, in line with the
JORC Code, of 365 million tonnes, with an indicated resource of around 24 million tonnes. The depth of the coal seam is such that
underground mining would be necessary in order to make the project economic.

The granting of the more advanced and geologically attractive Block VI project in the Thar Coalfield has seen the development of the
KhoreWah licence deferred in recent months in order to utilise available funds in the Thar Coalfield. However, whilst available
resources have been focussed on the development of Block VI, it remains our intention to further develop our KhoreWah licence at a
suitable point in the future.

The Pakistan Power Market

Increasing the capacity of the national grid is of essential importance to Pakistan and to the country's future development. Currently,
the country has a total installed generating capacity of around 20 GWe. Plants fuelled by gas and oil, account for 37% and 29% of
capacity respectively, whilst hydroelectric power is the other major power source, representing roughly one-third of capacity. Nuclear
power represents only 2% and coal a mere 1% of capacity. The Government has estimated that by 2010, the country would have to increase
its generating capacity by over 50% in order to meet the increasing demand for electricity.

There remain many rural areas in Pakistan that do not have access to electricity, whilst roughly half of the population is not connected
to the national grid. Rotating blackouts are too frequently necessary in all serviced areas of the country. In recent years, foreign
investment has increased significantly for power projects in the country, but this has largely been directed at hydroelectric, nuclear,
and renewable energy projects. The development of the Thar Coalfield is of national importance, and the lead time from construction to
commissioning for both mine and power plant is short in comparison to that of nuclear reactors. Hence, coal offers both a near-term and
long-term solution to increasing the country's generating capacity.

Electricity consumption in Pakistan has been growing at a higher pace than the country's economic growth rate in recent decades due to
increasing urbanisation and industrialisation. From 1970 to the early 1990s, the supply of electricity was unable to keep pace with demand
that was growing consistently at 9-10% per annum. In the early 1990s, peak demand exceeded supply capability by about 15-25%, necessitating
load shedding of about 1,500-2,000MW in this period.

In the 1990s a decline in Pakistan's rate of economic growth, coupled with real increases in the price of electricity and changes in
legislation, resulted in a large increase in the self-generating capacity installed in the industrial sector, contributing to a reduction
in electricity demand on the Pakistan national grid.

But, as a result of economic reforms by the previous Government, economic growth in Pakistan rose resulting in an increase in electricity
demand on the Pakistan national grid. The Government of Pakistan has estimated 6-8% per annum economic growth over the next two decades. 
At this rate, the demand for electricity would outstrip supply with a shortfall in power generation projected from 2008 to 2020.
The aggregate projected shortfall in power generation between 2008 to 2020 is 51,796MW.

From a supply perspective, assuming maximum exploitation of Pakistan's hydroelectric resources, optimistic development of coal resources,
limited imports of gas and an indigenous moderate nuclear power programme, predictions are that by 2025, coal's contribution is to rise
to 17% (2006-2007: less than 1%) This significant increase compares favourably with oil and gas, which would see a fall in their 
respective market shares.

While oil and gas currently account for the majority power source, rising global fuel prices make coal a potentially cost-effective long
term solution against a backdrop of wide spread power shortages across the country.

The International Coal Market

Coal, like the majority of all hard and soft rock commodities, has suffered from falling prices. The first round of annual contract
negotiations that were completed in Japan in April, saw Xstrata and Rio Tinto seal thermal coal contracts with Japan's Chubu Electric
for the 2009/10 fiscal year at prices around 44% lower than a year ago of $70-$72 a tonne. The spot price for thermal coal is down 70% 
on the record-highs of $201 per tonne reached in July 2008, a result of lower demand from the industrial sector, as the steel mill
slumps have seen, coal production diverted to the power market instead.

The price of hard coking coal, meanwhile, is also down. It is understood that in April, Nippon Steel Corp, Japan's largest mill, agreed
to pay around 67% less for its supply of coking coal than 12 months previous. In 2008 Nippon struck a deal to buy coal at $240 a tonne,
but last month agreed a price for this year of $80 a tonne.

As we have discussed before, the Company will not be dependent upon the international market spot price for coal, but rather will be
reliant upon the electricity tariff agreed with Pakistan's National Electric Power Regulatory Authority ("NEPRA"), and a supply price
agreed with the mine-mouth power plant division at Block VI. Work is on-going with regard to the electricity tariff and the planned
development of the mine-mouth power plant. Initial discussions regarding the funding of the power plant and major partner selection will
commence shortly.

Principal risks and uncertainties facing the Group

Following completion of the exploration work programme at Block VI in the Thar Coalfield and commencement of the technical studies
and related Environmental & Social Impact Assessment leading to the planned completion of the Bankable Feasibility Study by early 2010,
the principal risks and uncertainties include those summarised below:

- the ability to raise sufficient funds to continue to develop Block VI

- the conclusion of production off-take agreements at requisite commercial rates to justify the project investment

- the prompt sourcing of specialist mining equipment to ensure earliest project realization

- the stabilisation of the on-going political situation so as to ensure the vital interest and support of major financial lenders for
the project

- the maintenance of current government legislation and regulations that have so far favoured the development of the project as a flagship
foreign investment necessary to strengthen the country's economy

- infrastructure development plans for the Thar region being funded and completed by the relevant federal and/or provincial government
authorities.

- the satisfaction of environmental and social concerns and the provision of viable remedies

Financials

The financial results for the twelve months to 31 December 2008 show a loss for Oracle Coalfields Plc Group of Companies after taxation 
of £452,018 (2007: £225,960) (Company: £445,819). At the period end, the Group had cash at bank 
and in hand of £143,154 (Company: £140,807) and total assets less current liabilities of £530,359 
(Company: £510,673). The basic loss per share was 0.41p (2007: loss 0.33p) . The loss is attributable to the development of
the Company's coal licences in Pakistan and administrative expenses.

Dividends

No dividends will be distributed for the year ended 31 December 2008.

Post Period

On 23rd March 2009 the Company announced the placing of 5,000,000 ordinary shares with investors, raising proceeds of £150,000,
which will enable the Company to commence work on the Bankable Feasibility Study for Block VI of the Thar Coalfield. On 5th May 2009, 
the Company announced a further placing of 3,313,334 ordinary shares with investors, raising proceeds of £99,400 for working
capital needs and for the Bankable Feasibility Study. These placings have essentially enabled the Company to proceed with the development
of Block VI.

The Company has appointed Wardell Armstrong International Limited, a major environmental and engineering consultancy, to do the Environmental
& Social Impact Assessment which is an integral part of the Bankable Feasibility Study for the Block VI Thar project.  On a recent visit 
to Pakistan, Wardell Armstrong met relevant provincial government officials and ministries, non-governmental organisations and the local 
Thar community. Wardell Armstrong is proceeding with the completion of the scoping study leading to the baseline and impact study. Additional 
international consultants have been identified to do the various technical studies, including hydrogeology, geotechnical and mine design. 
The Company expects the technical studies as well as the initial environmental report to be produced in 4th Quarter of 2009.

Outlook

The Board is pleased with the progress made to date in its objective to take the Company towards being a leading coal producer in Pakistan. 
We look forward to the coming 12 months, and believe that our confidence and enthusiasm about Block VI, Thar Coalfield will be further 
confirmed as the Bankable Feasibility Study progresses. We also believe that we will be in a position to inform the market on the progress 
of the planned mine-mouth power plant in the coming months.

In spite of the recent financial market turbulence, the share price has remained steady. After reaching a previous high of 10.5p, the share 
price is now trading at a mid-price of 5p, at the time of writing, still up 66% on our original listing price.

Finally, I would like to take this opportunity to thank all those connected with the Company for their hard work over the past year and the 
shareholders for their ongoing support. The Board also extends its thanks to the Mines and Mineral Development, Government of Sindh, and the 
Sindh Coal Authority for their continued assistance as well as the support from our local partners, Sindh Koela Limited.

We will present an update of our progress and the planned work programme for this year in our next Annual General Meeting.

Shahrukh Khan
Chairman
May 11, 2009

ORACLE COALFIELDS PLC GROUP OF COMPANIES

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008

                                                                   Period
                                                                   5/7/06
                                              Year Ended               to
                                                31/12/08         31/12/07
                                                       £                £

CONTINUING OPERATIONS
Revenue                                                -                -

Administrative expenses                         (228,944)        (237,911)

OPERATING LOSS BEFORE EXCEPTIONAL ITEMS         (228,944)        (237,911)

Exceptional items                               (235,669)               -

OPERATING LOSS                                  (464,613)        (237,911)

Finance income                                    12,595           11,951

LOSS BEFORE TAX                                 (452,018)        (225,960)

Tax                                                    -                -

LOSS FOR THE YEAR                               (452,018)        (225,960)

Attributable to:
Equity holders of the parent                    (452,018)        (225,960)

Earnings per share expressed
in pence per share:
Basic                                              -0.41            -0.33
Diluted                                            -0.34            -0.28

ORACLE COALFIELDS PLC GROUP OF COMPANIES

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE YEAR ENDED 31 DECEMBER 2008

                                                                      Period
                                                                      5/7/06
                                                 Year Ended               to
                                                   31/12/08         31/12/07
                                                          £                £

Exchange difference on consolidation                  8,112            1,744

NET INCOME RECOGNISED DIRECTLY IN EQUITY              8,112            1,744

LOSS FOR THE FINANCIAL YEAR                        (452,018)        (225,960)

TOTAL RECOGNISED INCOME AND EXPENSE FOR THE
YEAR                                               (443,906)        (224,216)

Attributable to:
Equity holders of the parent                       (443,906)        (224,216)

ORACLE COALFIELDS PLC GROUP OF COMPANIES

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2008
                                                                   Period
                                                                   5/7/06
                                              Year Ended               to
                                                31/12/08         31/12/07
                                                       £                £

NON-CURRENT ASSETS
Intangible assets                                409,722          120,391
Property, plant and equipment                      4,678            5,170
Investments                                            -                -
Loans and other financial assets                  68,029           65,596

                                                 482,429          191,157

CURRENT ASSETS
Trade and other receivables                       25,844            3,981
Cash and cash equivalents                        143,154          357,654

                                                 168,998          361,635

CURRENT LIABILITIES
Trade and other payables                         121,068            9,589

NET CURRENT ASSETS                                47,930          352,046

NET ASSETS                                       530,359          543,203

SHAREHOLDERS' EQUITY
Called up share capital                          114,046          108,546
Share premium                                  1,068,406          642,844
Retained earnings                               (668,122)        (224,216)

                                                 514,330          527,174

Minority interests                                16,029           16,029

TOTAL EQUITY                                     530,359          543,203

The financial statements were approved and authorised for issue by the Board of Directors on 11 May 2009 and were 
signed on its behalf by

S Khan - Director

ORACLE COALFIELDS PLC GROUP OF COMPANIES

COMPANY BALANCE SHEET
31 DECEMBER 2008

                                                                   Period
                                                                   5/7/06
                                              Year Ended               to
                                                31/12/08         31/12/07
                                                              as restated
                                                       £                £

NON-CURRENT ASSETS
Intangible assets                                181,006           68,129
Property, plant and equipment                          -                -
Investments                                       64,115           64,115
Loans and other financial assets                 213,385           47,385

                                                 458,506          179,629

CURRENT ASSETS
Trade and other receivables                       31,978            3,932
Cash and cash equivalents                        140,807          350,533

                                                 172,785          354,465

CURRENT LIABILITIES
Trade and other payables                         120,618            8,664

NET CURRENT ASSETS                                52,167          345,801

NET ASSETS                                       510,673          525,430

SHAREHOLDERS' EQUITY
Called up share capital                          114,046          108,546
Share premium                                  1,068,406          642,844
Retained earnings                               (671,779)        (225,960)

TOTAL EQUITY                                     510,673          525,430

The financial statements were approved and authorised for issue by the Board of Directors on 11 May 2009 and were 
signed on its behalf by:

S Khan - Director

The above is an extract from the full financial statements. A full version of the Report and Accounts are available 
on the PLUS website.

The Directors of the Issuer accept responsibility for this announcement.

ENQUIRIES:

Oracle Coalfields PLC 
Shahrukh Khan, Chairman
Telephone: [phone] 
Email: [e-mail]

St Helen's Capital plc 
Barry Hocken 
Telephone: [phone]
Email: [e-mail]

Lothbury Financial
Michael Padley, Ron Marshman 
Telephone: [phone] 
[e-mail] 
[e-mail]

WEBSITE: www.oraclecoalfields.com

About Oracle:

Oracle Coalfields plc is a London-based resource exploration and development company with an 80 per cent owned 
subsidiary (Sindh Carbon Energy Limited) operating in Pakistan.  The Company's shares are quoted on the 
PLUS markets (symbol: ORCP).

Oracle's flagship project is the Block VI coal project located on the Thar coalfield in the eastern Sindh province,
Pakistan. Block VI hosts a JORC-compliant resource of 1.4 billion tonnes of which 371 million tonnes are in the
proven category.

The Company also owns the Indus East coal project in Pakistan where a pre-feasibility study carried out by Dargo 
Associates has confirmed a JORC-compliant inferred resource of 365 million tonnes.

Oracle Coalfields plc

Oracle Coalfields plc