Q2 Update and Shareholder Q&A Session

Oracle Power PLC

28 July 2023

 

28 July 2023

Oracle Power PLC

("Oracle", the "Company" or the "Group")

Q2 Update and Shareholder Q&A Session

Oracle Power PLC (AIM: ORCP), an international project developer, is pleased to provide the following update on activities during Q2 2023, as it advances the development of a portfolio of projects.

Highlights

·    Announced a co-operation agreement with PowerChina International Group Limited ("PowerChina") in April to collaborate on the potential joint development of a 1-Gigawatt solar-based independent power production plant at Oracle's Thar Block VI in the Sindh Province, Pakistan.

·    Signed a binding Heads of Agreement with ASX-listed Riversgold Limited in May for Oracle to farm-out the licence at Oracle's Northern Zone Gold Project in Western Australia.

·    Successfully signed an MoU for the off-take and development of the 1.32GW Thar coal fired power plant in May with the Government of Sindh, Thar Electricity Limited, K-Electric Limited and PowerChina. Potential development activities will include the investment, development, financing, construction, and operation of the Project.

·    The nomination of a joint Steering Committee for Oracle's 400MW Green Hydrogen Project in May, comprising of members from Oracle Energy and State Grid Corporation of China.

·    Signed an MoU with PetroChina International (Middle East) Company Limited in June, for the potential offtake for the green hydrogen output and carbon credits from the Green Hydrogen Project.

·    Successfully raised £363,000 gross in June by way of a placing and a subscription at a price of 0.1p. The net proceeds from the fundraise will be primarily utilised to support the advancement of the Green Hydrogen Project and for general working capital purposes. Oracle also appointed Global Investment Strategy UK Limited as joint broker.

·    Signed an MoU with Ban Ki Moon led Global Green Growth Institute ("GGGI") in June. GGGI will provide platforms and forums for Oracle to engage with industry stakeholders, with the aim of facilitating development and financing opportunities for its green energy projects.

Topography Survey and Feasibility Study Updates

Post-period end on 18 July 2023, the Company announced the completion of the surface level survey at the Green Hydrogen Project site in Sindh, Pakistan by Fugro Pakistan B.V. The survey of the 28km² site, completed with the use of drone for vital mapping data, revealed no significant obstructions regarding the project site for the development of the Green Hydrogen Project. The findings will also help set the stage for the next phase of the project, including planning, design and construction costs for development of the plant. 

The Company expects to receive the completed technical and commercial feasibility study for green hydrogen and green ammonia soon from thyssenkrupp Uhde ("thyssenkrupp").

Naheed Memon, CEO of Oracle Power, commented: "The second quarter of 2023 has been an extremely productive period for the Company, with the signing of a number of significant agreements with energy leaders including PowerChina, K-Electric and PetroChina for the joint development of our energy projects including our flagship Green Hydrogen Project, which signals the rapidly expanding appetite for green hydrogen as an alternative source of renewable energy.

We look forward to advancing the next phase of flagship hydrogen Project as we await the findings of the feasibility study by thyssenkrupp, which will guide the next stage of our flagship project's development and bring this exciting project closer to fruition.

We also look forward to updating the market on a potential  solar powered plant at Thar Block VI as well as progress at Northern Zone Gold Project, with drilling set to commence soon."

Naheed Memon, CEO of Oracle, will be conducting a shareholder presentation and Q&A session via the Investor Meet Company platform on Tuesday 1 August 2023 at 11 a.m. BST.

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. BST 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:

Oracle Power PLC Naheed Memon (Chief Executive Officer)	[phone]
Strand Hanson Limited (Nominated Adviser & Joint Broker) Rory Murphy / Matthew Chandler / Rob Patrick	[phone]
Global Investment Strategy UK Limited (Joint Broker) Samantha Esqulant	[phone]
Buchanan Bobby Morse, Oonagh Reidy, Abigail Gilchrist	[phone] [e-mail]

 

END