Oracle Power PLC Formal Approval of Green Hydrogen Project LOI (8460X)
2022年9月1日 - 3:02PM
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RNS Number : 8460X
Oracle Power PLC
01 September 2022
1 September 2022
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Formal Approval of 1,200MW Power/Green Hydrogen Project LOI
Oracle Power PLC (AIM:ORCP), the international natural resources
project developer, is pleased to announce that further to the
announcement of 3 August 2022, the Company has received
confirmation from the Directorate of Alternative Energy of the
Government of Sindh that the Letter of Intent ("LOI") has been
approved. The LOI relates to the establishment of a 1,200MW hybrid
solar/wind, green hydrogen/power project (the "Project") in
Pakistan, being advanced by the Company's joint venture company,
Oracle Energy Limited ("Oracle Energy" or the "Joint Venture"). The
LOI will be issued in a prescribed format on finalisation of the
US$600,000 performance guarantee by Oracle Energy, which is being
negotiated by the Joint Venture parties with certain banking
institutions and is expected to be concluded in September 2022. A
further announcement will be made in due course.
The LOI will set out that the developer of the Project can
produce green hydrogen from a 400MW capacity electrolyser facility
and renewable power for business-to-business usage, for possible
sale to utilities and for other uses. Oracle Energy plans to
progress the other aspects of project development including the
technical, financial and investment parameters of the Project and
the Company will make further announcements in due course.
Naheed Memon, CEO of Oracle, commented:
"Following the advance of funds from both Oracle Power and
Kaheel Energy on 16 August 2022, our joint venture company is
suitably funded in the short term. We expect to finalise the bank
guarantee soon, following the conclusion of negotiations to secure
the best possible terms for this transaction, to ensure that we
maximise the funds within the JV company to support development
work for our pioneering green hydrogen project in Pakistan."
*ENDS*
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014, which forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
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, Rob Patrick 3494
St Brides Partners Limited (Financial
PR) +44 (0) 20 7236
Susie Geliher, Catherine Leftley 1177
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power
project developer quoted on London's AIM market. The Company
currently has two areas of focus: Western Australia and Pakistan.
The Company is active in the energy industry in Pakistan and is
working to establish a green hydrogen production facility through
Oracle Energy Limited, a joint venture with His Highness Shaikh
Ahmed Dalmook Al Maktoum. The Company's initial project is the Thar
Block VI Project in south-east Pakistan where the Company is
advancing plans for a combined lignite coal mine, a 1,320MW mine
mouth power plant and a proposed coal gasification to urea
project.
In Australia, its primary focus is the Northern Zone Gold
Project, located 25km east of the major gold mining centre of
Kalgoorlie, the home of the 'Super Pit' mine, the second largest
gold mine in Australia. Northern Zone has a current Exploration
Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold,
with drilling being planned to define a maiden inferred JORC
resource.
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