Discussions with SEPCO continue

RNS Number : 5668A

Oracle Coalfields PLC

23 December 2014

 

23 December 2014

Oracle Coalfields PLC

("Oracle" or "the Company")

Discussions with SEPCO continue

Following the recent announcement of the Company's subsidiary, Sindh Carbon Energy Limited, receipt of a Notification of Cancellation of its Mining Lease for Block VI of the Thar coalfield, now under appeal, the Company advises that it has received reassurance from its major partner and EPC Contractor, Shangdong Electric Power Company ("SEPCO"), of its full and continued support for Oracle and for the project.

Following the signing, on 25 September 2014, of an EPC Framework Agreement with SEPCO, the parties now anticipate some delay in signing the Term Sheets, pending reinstatement of the Lease for which an Appeal as per procedure has already been submitted to the Sindh Government.  However, discussions on the details of the Term Sheets are continuing.

Shahrukh Khan, CEO of Oracle, said:

"The Company is taking all steps to have the cancellation of the lease withdrawn and we are working with SEPCO towards the signing of EPC Term Sheets in the near future."

Ends

For further information:

Oracle Coalfields PLC                                                     [phone]

Shahrukh Khan

Fox-Davies Capital PLC                                                  [phone]

Oliver Stansfield

Peterhouse Corporate Finance                                 [phone]

Charles Goodfellow

Grant Thornton UK LLP                                                  [phone]

Salmaan Khawaja / Jamie Barklem

Blytheweigh                                                                      [phone]

Tim Blythe / Halimah Hussain

Fortbridge Consulting                                                   [phone]

Matt Beale / Bill Kemmery

 

END

 

 

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