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Oracle Power PLC (ORCP)

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Wednesday 14 April, 2021

Oracle Power PLC

Q1 Update and Shareholder Q&A Session

RNS Number : 3567V
Oracle Power PLC
14 April 2021
 

 

 

14 April 2021

Oracle Power PLC

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

 

Q1 Update and

Shareholder Q&A Session

 

 

Oracle Power PLC (AIM: ORCP), the international natural resources and power project developer, is pleased to provide the following statement from CEO, Naheed Memon, with respect to the developments during Q1 2021:

 

"Oracle has made significant strides forward in both its jurisdictions during Q1 2021.  In Pakistan, we have made meaningful progress with our Thar Block VI Project, specifically with the commercialisation framework for our coal-to-gas and coal-to-liquid strategy. These clean coal technologies, if successfully applied, would revolutionise the associated industries in the region.  Alongside this, our exploration campaign in Western Australia has yielded exciting results and have, I believe, highlighted the potential for Oracle to discover gold resources in one of the world's most productive gold regions.

 

"Looking specifically at Pakistan, the past three months have been driven by the increasing importance being attributed to the country's nascent coal-to-gas and coal-to-liquids industries, and the inter-governmental support and recognition for advanced coal technologies. We are delighted to be at the forefront of this important development, together with our Consortium Partners on the Thar Block VI Project, we continue to be leading and active participants, shaping the future of these industries in Pakistan.

 

"In February, Oracle, in conjunction with China National Coal Development Company ("CNCDC"), jointly submitted a policy proposal for coal-to-gas and coal-to-liquid development in Pakistan to the Ministry of Energy.  The policy proposal outlines the commercial framework, through which the development of coal to gas and liquid at Thar Block VI could be fast-tracked, in order to address Pakistan's critical gas shortage and continued reliance on imported liquid fuels.  Shortly thereafter, the Ministry of Energy chose to move forward with a consultative session to mobilise the policy proposal process.

 

"This stakeholder consultative session, hosted by the Ministry of Energy and organised by Oracle, was presided over by the Special Assistant to the Prime Minister for Petroleum and attended by the President of CNCDC and his team of senior officers.  It was a highly constructive full-day session, which demonstrated engagement at the highest levels from public sector companies, regulators, and government departments. It clearly highlighted and substantiated, I believe, the shared vision for Pakistan's industrial growth through the advancement and application of clean coal technologies.

 

"In order to move this agenda forward, CNCDC commenced preliminary feasibility work during this quarter to advance the coal-to-gas and coal-to-liquid commercial and operational contours at Thar Block VI.  CNCDC is guiding these workstreams, which include market analyses, type of product and scale, process technology evaluation, public engineering of auxiliary facilities and financial evaluations. We look forward to sharing these findings in due course.

 

"Looking at our gold interests in Western Australia, the period under review has been extremely active with work programmes underway at both our Northern Zone and Jundee East projects.  Work at the Northern Zone has been focussed predominately on the processing of the recent gravity survey results and induced polarisation (IP). It reaffirmed our confidence in the large prospectivity of this project. It is located 25km east of Kalgoorlie, home of the 'Super Pit' mine, the second largest gold mine in Australia. We have also submitted geochemical samples taken in February to the laboratory and await results.

 

"Importantly, the results obtained so far from processing and IP modelling have provided us with a direct target model for further drilling to be undertaken at Northern Zone following the analysis of detailed modelling of previous drilling results, with the aim of defining a comprehensive geological model.  We expect to provide further news on this work in the near future.

 

"It is perhaps Jundee East that is the standout in our portfolio, with a newly identified substantial greenstone belt on the property being delineated as part of the latest gravity survey and processing undertaken.  Greenstone is the key host rock for gold mineralisation in the Jundee area, and this 'blind' (being previously unidentified and newly discovered) greenstone belt is modelled to occur within 100m of the surface with an interpreted felsic intrusive body covering an extent of 1.2 x 1.5km.  This is a hugely encouraging result and one which provides further evidence for Jundee East to host a gold bearing greenstone belt similar to that at the nearby Jundee Gold Mine, which has produced over 7 million oz of gold.  Upon confirmation of mineralisation evidence from assay results, which is expected shortly, we hope to proceed to further exploration on ground.

 

"Q1 has been a period of increased activity in both of our jurisdictions and has set the pace for a highly productive 2021.  We look forward to providing updates from Pakistan, where we are awaiting clearance from the Ministry of Energy for construction of new power plants, based on a generation plan the government is currently working on, in addition to further developments relating to our CTG and CTL development strategy. We also expect the next three months to deliver high impact news flow from Western Australia as we expand our work programmes and begin drilling as we look to produce multiple high value development opportunities for the benefit of all stakeholders."

 

 

The Board of Oracle would like to advise shareholders that Naheed Memon, CEO of Oracle, will be conducting a shareholder Q&A session which will be made available on the Company's website by close of business on 21 April 2021.

 

Shareholders are invited to submit questions to Ms. Memon by 5pm on 19 April 2021 via email at [email protected]  There is no guarantee that all questions will be discussed on the call given time limitations and/or specific sensitivities with respect to operations.

 

 

*ENDS*

 

For further information:

Oracle Power PLC

Naheed Memon

+44 (0) 203 580 4314

Strand Hanson Limited (Nominated Adviser)

Rory Murphy

Rob Patrick  

 

+44 (0) 20 7409 3494

 

 

 

Brandon Hill Capital Limited (Joint Broker)

Oliver Stansfield

+44 (0) 203 463 5000

Shard Capital (Joint Broker)

Damon Heath

Isabella Pierre

 

St Brides Partners Limited (Financial PR)

Susie Geliher

Catherine Leftley

+44 (0) 20 7186 9952

 

 

 

+44 (0) 20 7236 1177

 

 

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