Progress Towards Reinstatement of Mining Lease

RNS Number : 3465B

Oracle Coalfields PLC

06 January 2015

 



6 January 2015

Oracle Coalfields PLC

("Oracle" or the "Company")

Progress Towards Reinstatement of Mining Lease

The Company advises that representatives of its subsidiary, Sindh Carbon Energy Limited ("SCEL"), met with senior officials of the Energy Department of the Sindh Government on 30 December 2014 in Karachi for a hearing in relation to its appeal against the Notification of Cancellation of its Mining Lease for Block VI of the Thar coalfield (the "Hearing"). 

Following the Hearing, the Secretary of the Energy Department has conveyed his decision by letter dated 2 January 2015 (the "Letter"), advising that the lease cancellation order will be deemed to be rescinded ab initio on the submission by SCEL of the performance guarantee in compliance by SCEL with the terms of its mining lease and SCEL establishing an office in Karachi.  This will be in addition to the existing camp office in Islamakot, Tharparkar, Sindh Province.

Shahrukh Khan, CEO of Oracle, said:

"We shall be submitting the performance guarantee and also be setting up an office in Karachi and I am confident that this will lead to the reinstatement of the lease in due course."

A further announcement will be made on satisfaction of the above.

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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