Q4 Update and Shareholder Q&A Session

RNS Number : 2888O

Oracle Power PLC

31 January 2023

 

31 January 2023

Oracle Power PLC

("Oracle" or the "Company")

Q4 Update and Shareholder Q&A Session

Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production through its subsidiary, Oracle Energy Limited ("Oracle Energy"), is pleased to provide the following update on developments during Q4 2022.

Q4 Highlights:

· thyssenkrupp Uhde appoited `to lead technical and commercial feasibility study for green hydrogen project : Global industry leaders in green ammonia development, thyssenkrupp Uhde, were appointed to carry out the technical and feasibility study for Oracle Energy's flagship Green Hydrogen Project in Pakistan, due be completed in H1 2023, with the mid-study review scheduled for March.

· Land acquired : Oracle Energy acquired 7,000 acres of land by way of a 30-year land lease agreement with the Government of Sindh on 28 November 2022, on which the company intends to develop its 1.2 GW of hybrid power plant and its Hydrogen and Ammonia facilities. The 7,000 acres of land is located in the Thatta district, Sindh, south-east Pakistan, strategically situated 50 km distance from the Port of Karachi. The project site is located within the Gharo-Keti Wind Corridor, which boasts more than 1 GW of installed power from solar and wind projects within a close radius.

· Signed Letter of Intent (LOI) with TÜV SÜD : Oracle Energy signed an LOI with TÜV SÜD, experts in the certification of hydrogen from renewable sources on 14 November 2022 relating to the green hydrogen project in development. TÜV SÜD will review the project design of Oracle Energy's proposed 400MW capacity green hydrogen plant with a view to certifying the green credentials of the proposed production of green hydrogen and ammonia.  

· Topography survey has commenced on green hydrogen project site: On 19 December 2022, Oracle Energy announced the appointment of consultancy firm Fugro Pakistan B.V ("Fugro"), to immediately commence a surface level survey at its Green Hydrogen Project site. The site, covering an area of 28km², will be surveyed with the use of drones, providing vital mapping data, including accurate terrain information on roads, streams and buildings in order to optimise planning, design and construction costs for the planned 1.2 GW of hybrid wind and solar plants and the 400MW Green Hydrogen facility. The Company will update the market once the report is available.

· MoU with Blue Carbon LLC: Oracle Energy signed a non-binding MoU with Blue Carbon, a Dubai-based company, which is owned by His Highness Shaikh Ahmed Dalmook Al Maktoum, to collaborate on a decarbonisation roadmap to complement the green hydrogen project. The two companies intend to also identify suitable opportunities in low carbon environmental assets related to hydrogen.

· WA Gold Projects: The Company is in negotiations with potential development partners for a joint venture to further explore and delineate the resources for Northern Zone in Western Australia, which has shown promising results in terms of gold existence and significantly encouraging metallurgical results.

· Thar Coal Project: The Company continues to work towards the development of its 1,320 MW mine mouth power plant in Block VI of Thar Coalfields in Pakistan. Oracle is in continuous dialogue with regulators for the inclusion in IGCEP (Indicative Generation Capacity Expansion Plan), it is also working with a regulated distribution and generation company for the development and off-take from the power plant. Further, it is also considering the development of alternative energy on the resource land.

Naheed Memon, CEO of Oracle, commented:

"The fourth quarter of 2022 proved to be an extremely busy and fruitful finish to what was a momentous year for Oracle Power. We not only acquired the land for Oracle Energy's proposed 400MW Green Hydrogen Project in Sindh - a renowned wind power corridor in south-east Pakistan - but we also appointed industry leader, thyssenkrupp Uhde, to lead the technical and commercial feasibility study for our potentially game changing green energy project. We also finished off the year on an extremely positive footing - with ongoing studies and surveys, as well as continuous meaningful engagement with technical and commercial partners.

I am proud of the rapid progress we have made, to date, and am extremely energised about the year ahead as we move forward with our ground breaking Green Hydrogen project and advance the strength of our portfolio. We are also progressing our other work streams and I look forward to updating the market further in 2023. "

The Board of Oracle would like to advise shareholders that Naheed Memon, CEO of Oracle, will be conducting a shareholder presentation and Q&A session via the Investor Meet Company platform on  Thursday, 2 February 2023 at 11.00 a.m. GMT.

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. 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:

O racle Power PLC N aheed Memon (Chief Executive Officer)	[phone]
Strand Hanson Limited (Nominated Adviser & Broker) Rory Murphy, Matthew Chandler, Rob Patrick	[phone]
Buchanan Oonagh Reidy/ Abigail Gilchrist	[phone] [e-mail]

About Oracle Power PLC

Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. The Company is active in the energy industry in Pakistan and is working to establish a green hydrogen production facility through Oracle Energy Limited, a joint venture with His Highness Shaikh Ahmed Dalmook Al Maktoum. 

Oracle Energy has been set up as the project development company and is funded on a 70:30 basis by Kaheel Energy (100% owned by His Highness Shaikh Ahmed Dalmook Al Maktoum) and Oracle Power respectively.  The project development company provides a vehicle to support the accelerated development of the green hydrogen project to meet the growing international and domestic demand of green hydrogen and clean energy. 

The Company also continues to advance towards the development of its Thar Block VI Project in south-east Pakistan into a mine, a powerplant and a proposed coal gasification project. 

In Australia, its primary focus is the Northern Zone Gold Project, located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia.  Northern Zone has a current Exploration Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold, with drilling being planned to define a maiden inferred JORC resource. 

 

END

 

 

UPDSDFFDSEDSEDF