Oracle Power PLC Development Funding Update (1193E)

TIDMORCP

RNS Number : 1193E

Oracle Power PLC

02 July 2019

2 July 2019

Oracle Power PLC

("Oracle", the "Company" or the "Group")

Development Funding Update & Inaugural Investment by Chinese Partners

   --    US$50,000 Registration Fee submitted to PPIB for application of Letter of Intent 
   --    Funding Provided by Oracle and its Chinese Partners on a pro-rata basis per 26 March MOU

Oracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite mineral resource and mine mouth power plant located in the Thar desert in the south-east of Sindh Province, Pakistan, is pleased to advise that a collective payment of approximately US$50,000 has been submitted to the Private Power Infrastructure Board ("PPIB") of the Pakistani Government, as the registration fee for processing the application for a Letter of Intent ("LOI") in relation to the proposed mine and power plant at Block VI, Thar.

These funds have been spent under the pre-development funding agreement reached with its consortium partners Beijing Jingneng Power Company Limited ("BJPC") and PowerChina International Group Limited ("PowerChina"), which was announced on 31 January 2019. Each party has contributed in proportion to their intended shareholding as set out in the amended MOU dated 26 March 2019 (announced on 27 March 2019); Oracle US$6,000 and its partners approximately US$44,000 (PowerChina having paid in Pakistani Rupees).

The LOI, when approved, is issued along with a Notice to Proceed so that the applications for a Generation Licence and Upfront Tariff can be made to the National Electric Power Regulatory Authority. Following this, PPIB issue a Letter of Support, which allows the Power Purchase Agreement ("PPA") to be finalised with the Central Power Purchasing Authority as well as the Implementation Agreement ("IA") with the Government of Pakistan. The IA, inter alia, guarantees payments under the PPA.

Naheed Memon, CEO of Oracle, said:

"This is the first time that our Chinese partners have injected capital towards project development on the ground. This payment to the Pakistani regulators reaffirms their interest and the consortium's eagerness to progress the project.

"We will keep shareholders informed as further milestones are achieved."

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:

 
 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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