Oracle Power PLC CPEC acknowledges Block VI (8195T)
2019年11月19日 - 4:00PM
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RNS Number : 8195T
Oracle Power PLC
19 November 2019
19 November 2019
Oracle Power PLC
("Oracle", the "Company" or the "Group")
CPEC acknowledges Thar Block VI for Coal Gasification to
Fertilizer initiative
In parallel with the ongoing CPEC Mine-Power Project
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, notes recent media reports and is pleased to inform
shareholders that at the 9(th) Joint Cooperation Committee Meeting
("JCC") on the China-Pakistan Economic Corridor ("CPEC") on 6
November 2019, Oracle's 100% owned Thar Block VI Coal Project was
acknowledged for a potential intra-government initiative between
Pakistan and China with respect to coal gasification into
fertilizer projects. The context of this development is a broader
Pakistan initiative to address the anticipated 2.6Mtpa shortfall of
urea by 2026-2027 (as estimated by the Government of Sindh). The
use of lignite, via the gasification process, in the production of
urea is important in addressing this anticipated shortfall and in
so doing supporting the critical agricultural sector in
Pakistan.
Block VI's inclusion was noted in the minutes of the JCC meeting
between representatives of both the Chinese and Pakistan
governments, with both sides expressing a desire to undertake a
feasibility study for further evaluation, within the CPEC
framework. In addition, Oracle has also had subsequent discussions
with various State-Owned Enterprises, in both Pakistan and China,
which had previously expressed a willingness to provide financial
and technical support in the event Block VI was included in a coal
gasification to fertiliser initiative. The Company now intends to
progress these discussions and anticipates providing an update to
the market in due course.
Given the significant size of Oracle's Block VI coal resource,
with a JORC resource estimate of 529Mt and significant additional
potential, this proposed new initiative runs in parallel to the
previously announced coal mine and mine mouth power plant currently
being developed by Oracle and its MOU partners.
Naheed Memon, CEO of Oracle, said:
"It gives me great pleasure to advise our shareholders of this
latest development. We believe that this demonstrates that our
project is one of the Pakistan Government's primary assets with
respect to coal gasification into fertiliser. This initiative has
the potential to have a transformational impact on food security in
Pakistan and the acknowledgement of Block VI in this regard,
alongside its existing prominence as an integrated mine-power plant
project, is, in the Board's view, a hallmark moment for Oracle.
The potential scale and opportunity of this development is truly
significant, especially given the potential synergies with our
ongoing development of coal mine and mine mouth power. Indeed, we
believe our Block VI is the only project in Thar which is now
supported by CPEC for both power generation and gasification.
I look forward to updating the market on both these aspects in
the near term."
For further information please contact:
Oracle Power PLC +44 (0) 20 3580
Naheed Memon 4316
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
Rory Murphy, James Harris, Jack Botros 3494
Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463
Oliver Stansfield 5000
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