Oracle Power PLC Thar Block VI Update (0954N)
September 27 2021 - 8:14AM
UK Regulatory
TIDMORCP
RNS Number : 0954N
Oracle Power PLC
27 September 2021
27 September 2021
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Thar Block VI Update
Oracle Power PLC (AIM:ORCP), the international natural resources
project developer, is pleased to report an update regarding its
Thar Block VI Project in the Sindh Province of Pakistan ('Thar
Block VI') following the recent approval of the Indicative
Generation Capacity Expansion Plan 2021-2030 ('IGCEP'), prepared by
the National Transmission Dispatch Company ('NTDC') in
Pakistan.
The objective of the IGCEP, which is an annual plan prepared by
NTDC, is to deliver an indicative optimum route through which
energy supply should be undertaken over the current decade. The
Board can confirm that the National Electric Power Regulatory
Authority ('NEPRA') has approved a plan to expand electricity
generation capacity from the existing 34,776MW to 61,112MW by 2030.
In addition, NEPRA has directed the NTDC to consider the Company's
Thar Block VI Project for inclusion in the next IGCEP annual
review.
Oracle's focus within Pakistan is centred on becoming a leading
integrated power company focussed on delivering affordable and
reliable energy, and additional strategic downstream products. The
first phase of this strategy is to finalise all permissions and
licences relating to its Thar Block VI project to meet the
conditional precedents for securing and arranging financing under
the China-Pakistan Economic Corridor ('CPEC') and to take the Thar
Project to commercial operation in mining and power supply.
In parallel, Oracle is actively evaluating a coal-to-gas (for
urea) project, and coal-to-liquids project, further utilising the
1.4 billion tonnes of coal at the Thar Block VI project which will
further advance the inherent value of the Company and its assets
and provide further contribution to the economy of Pakistan.
The Board believe that NEPRA's directive to NTDC relating to the
Thar Block VI Project is a positive development for Oracle and the
Company will make further updates in due course.
*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, Rob Patrick 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
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power
project developer quoted on London's AIM market. The Company holds
two highly prospective gold assets in two globally significant gold
regions of Western Australia. The Northern Zone Project is 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,
and the Jundee East Gold Project is located 9km east of Northern
Star's Jundee Gold Mine, one of Australia's largest gold mines.
The Company's initial project is the Thar Block VI Project in
the Thar desert in the south-east of the Sindh province of Pakistan
where the Company is advancing plans for a combined lignite coal
mine, a 1,320MW mine mouth power plant and a proposed coal
gasification to urea project.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBDGDCRGDDGBR
(END) Dow Jones Newswires
September 27, 2021 08:14 ET (12:14 GMT)
Oracle Power (LSE:ORCP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Oracle Power (LSE:ORCP)
Historical Stock Chart
From Jul 2023 to Jul 2024