Update on Non-Binding MoU with HH Private Office

RNS Number : 0170H

Oracle Power PLC

01 December 2020

 

1 December 2020

Oracle Power PLC

("Oracle", the "Company")

Update on Non-Binding MoU with HH Private Office

Oracle Power PLC, the AIM listed international natural resource and power project developer (AIM:ORCP), announces that further to the announcement on 29 July 2020, the Board of Oracle and The Office of His Highness Sheikh Ahmed Dalmook Al Maktoum ('HH Private Office') continue to work closely on the evaluation of potential mining opportunities in Africa.

Following the completion of initial assessments on the iron ore asset in Guinea which was referred to in the announcement of 29 July 2020, the Board of Oracle and HH Private Office have together reached the agreement that they will not pursue this project further and instead will jointly focus on additional opportunities within the natural resources sector in Africa.  The Company will provide further updates regarding these opportunities as they arise.

Naheed Memon, CEO of Oracle, commented :

"We continue to work with The Private Office of His Highness Sheikh Ahmed Dalmook Al Maktoum to generate interesting opportunities which merit further evaluation.  The ongoing support of HH Private Office, both in terms of our flagship Thar Block VI Project and this potential collaboration in new mining projects in Africa, strengthens our fundamentals as an international natural resources and power project developer. I am greatly encouraged by the shared motivation and engagement, amongst all parties, as we continue to build Oracle Power PLC."

*ENDS*

For further information visit the Company's website at www.oraclepower.co.uk or contact: 

Oracle Power PLC Naheed Memon	[phone]
Strand Hanson Limited (Nominated Adviser) Rory Murphy, James Harris, Jack Botros	[phone]
Brandon Hill Capital Limited (Joint Broker) Oliver Stansfield	[phone]
Shard Capital (Joint Broker) Damon Heath Isabella Pierre St Brides Partners Limited (Financial PR) Susie Geliher Catherine Leftley	[phone] [phone]

About Oracle Power PLC:

Oracle Power PLC is an international power and natural resource project developer listed on London's AIM market. The Company is focussed on delivering reliable and affordable power in emerging developing markets, unlocking the value of underutilised and undeveloped natural resources to provide energy security and support economic growth and development. Its initial project is the Thar Block VI Project in the Thar desert in the south-east of the Sindh province of Pakistan.  The Thar Project is a 66.1 sq km licence containing 1.4 billion tonnes of coal, where the Company, in tandem with its partners China National Coal Development Company Ltd. (CNCDC) and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum, is advancing a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project. 

 

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