Oracle Power PLC Update on Memorandum of Understanding (0963U)
March 27 2019 - 3:00AM
UK Regulatory
TIDMORCP
RNS Number : 0963U
Oracle Power PLC
27 March 2019
27 March 2019
ORACLE POWER PLC
("Oracle" or the "Company" or the "Group")
Update on Memorandum of Understanding
Oracle Power PLC (AIM:ORCP), the UK energy developer of a
combined lignite coal mine and mine mouth power plant located in
Block VI of the Thar desert in the south-east of the Sindh Province
of Pakistan, announces a revision to the equity holdings as
originally agreed in its Memorandum of Understanding ("MOU")
announced on 20 December 2018 with Beijing Jingneng Power Company
Limited ("BJPC") and PowerChina International Group Limited
("PowerChina") (the "2018 MOU"). Pursuant to an MOU dated 26 March
2019 (the "2019 MOU"), Oracle, BJPC and PowerChina have agreed to a
change in the proposed equity holdings of the parties in the
project as follows:
2018 MOU 2019 MOU
BJPC 78% 73%
--------- ---------
PowerChina 9.9% 15%
--------- ---------
Oracle 12.1% 12%
--------- ---------
In all other material respects, the terms of the 2019 MOU remain
the same as those contained within the 2018 MOU.
Ms Naheed Memon, CEO of Oracle, commented:
"There is a lot of detailed work at present being undertaken
with our Chinese partners to optimise the project, as well as with
the authorities in Pakistan. An increase in the proposed
shareholding of PowerChina, who are global investors and developers
for power and mining, reflects their belief, confidence and
commitment to the project. We would like to thank our principal
sponsor, BJPC, for accommodating this request from PowerChina.
"The Company continues to make good progress and we will keep
the market updated."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information please contact:
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 +44 (0) 203 463
Oliver Stansfield 5000
Peterhouse Corporate Finance +44 (0) 207 220
Charles Goodfellow 9791
Blytheweigh +44 (0) 207 138
Tim Blythe, Camilla Horsfall, Megan Ray 3204
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END
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