TIDMORCP
RNS Number : 1587L
Oracle Power PLC
11 January 2021
11 January 2021
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Q4 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
update statement from its CEO, Naheed Memon, with respect to
developments during Q4 2020:
"The final quarter of the year was a significant period for the
Company, presenting considerable opportunities despite frustrations
relating to certain delays in Pakistan. Despite the prolonged
process which we have experienced over the past nine months with
the Ministry of Energy, I can say unequivocally that our Thar Block
VI Project has never featured more prominently in the minds of key
decision makers and government agencies in Pakistan, as the country
looks to unlock the exceptional value of this strategic national
asset.
"We have witnessed a concerted enhancement in the role which
coal can play in the context of both energy and food security and
plans for the holistic development of Thar Block VI for power, gas
and potentially liquid fuel, now feature as an integral component
for sustainable development in the country.
"Last month, the Prime Minister of Pakistan, the Honourable Mr
Imran Kahn, addressed the Climate Ambition Summit 2020 on the
country's commitment and strategy to work towards lower carbon
emissions. As part of this statement, he declared that Pakistan
would rationalise the usage of coal for power, as evident in its
decision to abort two coal fired power plants, both of which were
scheduled to use predominantly imported coal as feedstock.
"Mr Khan also outlined the Pakistan Government's strong support
for developing its indigenous coal reserves, prioritising and
initiating the development of coal to liquids and coal to gas
projects. These clean coal processes form an integral component of
our development programme at Thar Block VI and will produce urea
for use in fertiliser and liquid fuel to be used domestically,
thereby reducing Pakistan's reliance on imported fuel sources.
"The appetite within government ministries for developing a
large-scale coal-to-liquids and coal-to-gas industry in Thar is
gaining momentum. I enjoyed a very productive meeting with the
Minister of Energy within the Government of Sindh in mid-December.
During this meeting we discussed items including the commencement
of pre-feasibility work for coal-to-gas at Thar in collaboration
with stakeholders, including engineering and research academia and
the fertiliser industry. Other initiatives, including building a
prototype coal to gas plant and holding various technical workshops
led by our Consortium Partner, China National Coal Development
Company (CNCDC), which is a world leader in coal development and
integrated industries, have also been tabled.
"I also met the Federal Minister for Planning in Islamabad, and
we discussed the formulation of a policy framework for the
development of coal-to-gas and coal-to-liquid, similar to what
currently exists for coal to power. I am pleased to report that I
have begun engagements for the commencement of coal-to-gas
feasibility work in addition to advocacy for policy in
collaboration with our technical partner, CNCDC.
"Our objective to establish a mine mouth power plant at Thar
remains an important aspect of our all-encompassing development
strategy and in this vein, the process with the PPIB continues to
move forward. However, a government review of national power
planning and transmission systems, and some delays in CPEC
government-to-government meetings, has created a backlog in
applications. Working towards achieving progress on our power
project in as short timeframe as possible remains our focus and I
look forward to sharing more news with you as soon the government
finalises its power production plans.
"Outside of Pakistan, Oracle has made great strides forward in
realising the Company's broader strategy, to become an
international natural resource and power project developer. It is
with this in mind that I was delighted to announce, in November
2020, the acquisition of two highly prospective gold assets in
Western Australia. Oracle has brought itself into the realm of
international mining project development and I aim to continue to
grow this dimension aggressively.
"From a strategic perspective, providing investors with exposure
to the gold industry - particularly in a country which is widely
recognised as one of the optimum mining jurisdictions globally -
provides Oracle with a highly compelling new growth driver and
project development in WA stands to move at a quick pace.
"Our acquisition of the Australian gold assets was not, and is
not, a signal that our commitment or participation in Thar Block VI
is in any way waning but rather, that we are planning now for a
time when Oracle becomes a relatively small participant in what
should become a project of internationally significant
proportions.
"Our aim to translate exploration potential into tangible
resource value has progressed over recent weeks with the
accelerated field-based exploration programme at the Northern Zone
Gold Project, located 25km east of the major gold mining centre of
Kalgoorlie, the home of Super Pit, the second largest gold mine in
Australia. The purpose of the field-based exploration programme was
to gain a further understanding of the potential and extent of
mineralisation present. Geological modelling has commenced, which
aims to provide a detailed understanding of the geology extent and
potential exploration upside of the defined mineralisation, which
will support a maiden drilling campaign in the coming weeks.
Similarly, work at Jundee East, which is located about 9km east of
Northern Star's Jundee Gold Mine, one of Australia's largest gold
mines, is expected to commence this year. The mineralisation of
Jundee East based on gravity modelling has demonstrated distinct
similarities with the Jundee Gold mine, and we are very excited
about the prospects here.
"Looking now to corporate matters, we were sorry to lose
Non-Executive Director Glen Lewis in December but would like to
thank him for his contributions to the Company. We also said
farewell to Ashley Warden, who had worked as our Company Secretary
and was replaced by Nicholas Lee as of the beginning of the year.
Nicholas has extensive capital markets experience and is actively
involved with AIM quoted companies. He has advised a range of
companies across a number of different sectors both as a director
and, in his previous capacity, as a corporate financier.
"Finally, I would like to extend my thanks to shareholders for
their continued support and belief during what has been such a
difficult year for many. 2020 was certainly challenging but with
the support of my board, our partners, and shareholders, we
progressed fast in Western Australia and enhanced our project
significantly via alignment with government goals in Pakistan.
"I believe that in terms of both our interests in Pakistan and
Australia, we are in a strong position to now move forward and
reward valuable support and patience with meaningful progress. As I
am sure all can appreciate, I receive a great deal of
correspondence from shareholders seeking updates or requesting
information and it is my hope that I can address these questions in
the forthcoming Q&A session, the details of which can be found
below.
"I wish all of our shareholders, stakeholders, employees and
partners a very happy and healthy 2021 and I look forward to
reporting on our progress in Pakistan and Australia in the near
future."
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 19 January 2021.
Shareholders are invited to submit questions to Ms. Memon by 5pm
on 14 January 2021 via email at
shareholderenquiries@stbridespartners.co.uk. 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 +44 (0) 203 580
Naheed Memon 4314
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
Rory Murphy, James Harris, Jack Botros 3494
Brandon Hill Capital Limited (Joint Broker) +44 (0) 203 463
Oliver Stansfield 5000
Shard Capital (Joint Broker)
Damon Heath
Isabella Pierre
St Brides Partners Limited (Financial +44 (0) 20 7186
PR) 9952
Susie Geliher +44 (0) 20 7236
Catherine Leftley 1177
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