Big picture - Why invest in Oracle Coalfields Plc
Oracle Coalfields Plc Snapshot
Incorporated in England and Wales on the 5th July 2006, Oracle listed on the PLUS Markets, in August 2007. The company successfully listed on the Alternative Investment Market (AIM) in the UK, on 20th April 2011.
Oracle Coalfields is a UK based company with coal projects in Pakistan. The Directors identified and are now developing Block VI of the Thar Coalfields asset with initial production targeted for 2014. The Company’s Directors will continue to evaluate global opportunities for investment which have the potential to increase shareholder value, as well as identifying strategic partnerships for coal mining and production.
The company signed Memorandums of Understanding (MOU) for an offtake of its coal, with both Karachi Electricity Company (KESC) and Lucky Cement. KESC is a public listed power company which intends to build a power plant(s) at the mouth of the Block VI Thar Coalfield in order to address the power cuts and load shedding in Pakistan. Lucky Cement is a public listed major cement producer in Pakistan.
Oracle Coalfields was incorporated in England and Wales on 5th July 2006 as a public limited company under the Companies Act 1985.
In July 2006, Oracle Coalfields engaged Dargo Associates Limited, an international coal consultancy based in the UK, to assist with its investigation of prospective areas of interest and to evaluate coal prospects in the Sindh Province.
In 2007, Oracle Coalfields’ 80% owned subsidiary, Sindh Carbon Energy Limited, was granted two licences for coal development by the Sindh Coal Authority and Mines and Minerals Development, Government of Sindh. The first licence, Indus East, was granted on 8th February, 2007, and the license for Block VI of the Thar Coalfield, was granted on 14th November, 2007. Sindh Carbon Energy Limited’s, primary focus is the development of Block VI of the Thar Coalfield. The Indus license is currently held in abeyance as the company focuses on Thar Coalfield Project.
Oracle Coalfields listed on the PLUS Markets primary exchange in August 2007 following a placing with three cornerstone investors. In order to aid liquidity, additional fundraising was completed in September 2007 and June 2008.
The first licence granted, Indus East, covers 100 square kilometres of semi-arid land. The work programme at Indus East commenced in early November 2007. The second licence granted, Block VI of the Thar Coalfield, covers 66.1 square kilometers. Oracle Coalfields completed further drilling to take the project to 529 million JORC mineral resource covering an area of 20 km².
Oracle Coalfields through its subsidiary has formally applied for the mining lease. In December 2009 Oracle Coalfields signed Memorandums of Understanding (MOU) for an offtake of its coal, with both Karachi Electricity Company (KESC) and Lucky Cement. KESC is a public listed power company which intends to build a power plant(s) at the mouth of the Block VI Thar Coalfield in order to address the power cuts and load shedding in Pakistan. Lucky Cement is a public listed major cement producer in Pakistan.
The coal at the Block VI licence is of a lignite quality, ensuring that it is most suited to combustion in power generation. Further coal tests have been carried out by TES Bretby Ltd in the UK, Bahria University, Karachi, and the Fuel Research Centre, part of Pakistan Council of Scientific and Industrial Research (PCSIR), Karachi, which confirmed the coal quality is suitable for power generation and industry, especially for the cement sector. Rock samples were tested by Strata Surveys Ltd and additional testing at Scientifics Laboratory of the UK. All testing is done under ASTM standards. It is intended that the company will undertake development of an open pit coal mine.
Adrian Loader - Chairman
Mr William Adrian Loader comes to Oracle with extensive international experience from Royal Dutch Shell in energy management, projects, strategy, business development and new market entry. He has held regional responsibility for Shell's operations in Pakistan and, as President of Shell Canada, he has been responsible for Shell's oil sands open pit mining activities and their expansion.
Mr Loader has previously been appointed to the following public company boards - Alliance-Unichem, Shell Canada Ltd, Alliance-Boots and Candax Energy Inc where he served as Chairman. He is currently a Director of Holcim Ltd, a member of the Garda World International Advisory Board and a member of the Advisory Board of Lane, Clark and Peacock.
Adrian Loader's directorship history over the past five years is shown below:
Adrian Loader Limited
Holcim Limited Past Directorships
Alliance Boots Plc
Candax Energy Inc.
Shell Canada Limited
Shell International Limited
Mr Loader is a Fellow of the Chartered Institute of Personnel and Development and holds a Masters degree in History from Cambridge University.
Shahrukh Khan - Chief Executive Officer
Shahrukh was educated in the USA (at Harvard University) and in the UK. He was awarded a BA in Business Administration and Economics (finance and international business) at Richmond, the American International University in London. Shahrukh has over nine years’ experience in project finance, with a particular focus upon the natural resource and infrastructure related sector. He has worked on a number of international assignments, predominantly in the Middle East, South Asia and China. He has specialist expertise in large and complex projects, including project valuation and investment appraisal, financial modelling, feasibility studies and other project finance related services. Shahrukh is the Non-Executive Director of All Star Minerals plc, which commenced trading on PLUS in April 2006. He is also a director of Al Nasr Europe Limited, a London-based trading and finance company (a sister company of Al Nasr Trading and Industrial Corporation of Saudi Arabia), which is involved in the metals and minerals industries and the energy sector.
Roderick Stead - Non-Executive Director
Roderick was awarded BSc in Economics from the London School of Economics and is qualified accountant, FCCA. He brings considerable experience in a wide variety of management roles in the oil, gas, coal, mining and forestry industries in different environments. This includes Board experience in over 25 companies. Particular experience in corporate governance issues, strategic business analysis and the management of major joint venture relationships and strategic alliances. Between 1967 and 2003, Roderick worked in several international locations for the Royal Dutch Shell Group of Companies. His positions included working as the Finance Controller for Shell Expro, the operator of the Shell/Exxon North Sea joint venture between 1984-1987, before moving to Chile, where he was Finance Director and a board member of 18 Chilean Shell subsidiaries between 1987-1991. From 1991-1996 Roderick worked as Group Advisor on Acquisition and Divestments for Shell International Petroleum Company Ltd. From 1996-1999 he was based in the Sultanate of Oman, where he worked as leader of the financing team for Oman LNG LLC, prior to becoming leader of the financing team for Nigeria LNG Ltd between 1999-2003. Roderick has extensive experience in project finance negotiations with investment banks, multilateral agencies, export credit agencies, commercial banks, law firms and accountants. Wide experience in structuring international and cross border acquisitions, mergers and divestments. Experience in privatisation transactions with Governments including Hungary, Sri Lanka, Venezuela, and the Czech Republic. Extensive contacts with most of the main investment and merchant banking firms in the USA, UK and Western Europe. Roderick has extensive experience in financial management, including accounting, budgeting, cost control and fiscal matters, in internal audit and the assessment of controls (particularly in high risk environments). Wide experience in Treasury operations, including commercial bank relations, the hedging of interest, commodity and exchange risks, and the negotiation of insurance cover.
Anthony Scutt - Senior Independent Non-Executive Director
Tony is a qualified Chartered Secretary and a Certified Internal Auditor with the US Institute of Internal Auditors. He has over 30 years of financial management expertise with Shell International Petroleum and has worked in many parts of the world, including the Malagasy Republic, East and Central Africa, South Vietnam, Cambodia, the Philippines, Gabon and latterly as the Chief Internal Auditor of Shell UK. Tony then went on to become an investment analyst, writer and investor. Tony is a Non-Executive director of Starvest plc and Beowulf Mining plc, and of PLUS-quoted Agricola Resources plc.
Simon Smith - Finance Manager
Mr Smith has background in finance from a twenty-five year career in Shell, in a variety of posts.
He was Finance Director in Sierra Leone and in Egypt where he also deputised for the Chief Executive. He also worked in Shell’s M&A unit, particularly on the sale of Billiton, Shell’s Metals division, the sale of Shell’s agrochemical interests and Shell’s early expansion into eastern Europe. Latterly he headed up Group Finance HR. Mr Smith has an MA in Economics from Cambridge University and is a fellow of the Institute of Chartered Accountants in England and Wales.
Brian Rostron - Mining and Contracts Manager
Brian was awarded an Msc. in Mining Engineering from the University of Newcastle -upon -Tyne and a first degree in Geology and Economics from Sunderland Polytechnic.He has aver 30 years experience working in both the Civil Engineering and Mining sectors and has held a number of executive positions in coal mining companies including Coal Contractors Ltd.,the Scottish Coal Company Ltd., H.J.Banks Mining Ltd., and Miller Argent(South Wales) Ltd. He was also Director General for the Confederation of UK Coal Producers and continues to represent the industry at national level. In addition he has worked with international mining consultancies on coal mining projects in Montenegro, various regions of Russia and in Poland.
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