Oracle Power PLC Q1 Update and Shareholder Q&A Session (3567V)
April 14 2021 - 01:00AM
UK Regulatory
TIDMORCP
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
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)
Rory Murphy +44 (0) 20 7409
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
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