Oracle Power PLC Thar Block VI Developments (9694D)
25 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMORCP
RNS Number : 9694D
Oracle Power PLC
25 February 2020
Oracle Power Plc / EPIC: ORCP / Market: AIM / Sector: Mining
25 February 2020
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Development of Block VI Discussed in Meeting Between Chief
Minister of the Government of Sindh and the Chairman of the China
Pakistan Economic Corridor Authority
Proposed Construction of 105km Rail Line to open up Thar Coal
Reserves
Oracle Power PLC (AIM:ORCP) is pleased to note the meeting held
in Karachi, Pakistan, on Friday, 21 February 2020 (the "Meeting")
where the Chief Minister of the Government of Sindh, Pakistan, Syed
Murad Ali Shah ("CM Shah"), met with the Chairman of the
China-Pakistan Economic Corridor ("CPEC") Authority, Lieutenant
General (Retd) Asim Saleem Bajwa. The Meeting was held to discuss
several CPEC-related projects, including Oracle's Thar Block VI,
and followed on from a recent meeting between Oracle CEO, Naheed
Memon, and the Chairman of CPEC on Monday, 10 February 2020.
The Meeting included significant discussions regarding the
proposed development of a 105km railway from Chhor to Islamkot
line, to pass through the Thar desert, thereby enabling access to
Pakistan's rail network, to transport coal from the Thar coalfields
upcountry, which would open up additional potential customers
across the country, complementing the Company's proposed mine mouth
power plant.
The proposed development of Block VI should play a significant
role with respect to Pakistan's energy security. In addition, the
potential of coal gasification into fertilizer projects, and coal
to liquids, is paramount to addressing food security issues and
reduce fuel imports into Pakistan.
These positive developments follow the announcement of 19
February 2020 of the signing of the Consortium Agreement between
the Company, China National Coal Development Company Ltd. ("China
Coal") and the private office of His Highness Sheikh Ahmed Bin
Dalmook Juma Al Maktoum ("His Highness"), under which the
development of a lignite coal mine in Thar Block VI will be
progressed.
A high-level visit to Pakistan from Chinese officials is
expected in mid-2020 and the progression of CPEC-Thar projects is
expected to be an important part of the agenda for this visit. The
Company notes from press comment in Pakistan that Beijing is
understood to have requested that the 10th Joint Coordination
Committee ("JCC") convenes earlier than the previously scheduled
June/July 2020. The JCC forms the government-to-government meetings
between Pakistan and China to discuss CPEC projects, of which Block
VI remains on the Priority List.
Naheed Memon, CEO of Oracle, said:
"The strategic importance of the Thar Block, in both a domestic
and international capacity, is clearly demonstrated through these
encouraging bi-lateral conversations. Furthermore, the assistance
from CPEC, together with the support that we have received from our
partners and investors, as evidenced by the recent Consortium
Agreement signed between Oracle, China Coal and the private office
of His Highness, who is also a shareholder in the Company and
recently elected to lock-up his shareholding for one year,
underpins the positive position that Oracle is in to achieve its
operational objectives.
"Block VI, situated within the broader Thar desert which houses
the sixth largest lignite resource globally with in excess of 175
billion tonnes, has the potential to be one of Pakistan's most
valuable asset if developed to be used for power, gas, liquid and
for domestic and regional sale to industry. We are pleased to be
making real progress with the backing of these prominent and
globally influential international groups."
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 +44 (0) 20 7186
9952
St Brides Partners Limited (Financial
PR)
Susie Geliher
Catherine Leftley +44 (0) 20 7236
Hannah Platt 1177
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END
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