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Oracle Coalfields signs framework deal for US$1.3bn Thar development

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Market: AIM
Sector: General Mining - Coal
EPIC: ORCP
Latest Price: 1.28p  (0,00%)
52-week High: 2.98p
52-week Low: 1.18p
Market Cap: 4.98M
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Oracle Coalfields is a UK based company with its primary coal projects in Pakistan. It will in time evaluate global opportunities for investment and strategic partnership for coal mining and production.

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RNS Release - Strengthens Board and Management Team

19th Oct 2011, 7:00 am
RNS Number : 4201Q
Oracle Coalfields PLC
19 October 2011
 



                                          ;                                           60;                                       

 19 October 2011 

 

Oracle Coalfields PLC

(`Oracle' or the `Company')

 

Strengthens Board and Management Team

 

Oracle Coalfields PLC (AIM:ORCP), the UK developer of a 1.4 billion tonne coal resource in the south-eastern desert of the Sindh Province, Pakistan, continues to strengthen its Board and management team with the appointments of Tony Philip as Finance Director and Brian Rostron as Mining and Contracts Manager, with immediate effect.

 

Tony Philip joins the Board as Finance Director and will be taking over from Roderick Stead, who steps down as Interim Finance Director to become a Non-Executive Director of the Company. 

 

Mr George Anthony (Tony) Philip (aged 59) is a Chartered Accountant with over 30 years of financial management experience, much of this with the Shell Group, operating in a wide variety of finance roles managing company finances and governance, including several major project financings within African and Middle Eastern countries notably Nigeria LNG, Oman LNG and West African Gas Pipeline. He has worked with many project companies, through from feasibility to operating phase. 

 

Additional disclosures pursuant to Schedule 2 (g) of the AIM Rules:

 

Current Directorship's

Previous Directorship's

Advanced Investments Limited

None

Alive and Kicking UK (charity)


Alive and Kicking Ghana (Ghanaian Company limited by guarantee to become a social enterprise)


 

There is no other information that is required to be disclosed with regards to the appointment of Tony Philip pursuant to Schedule 2 paragraph (g) of the AIM Rules.

 

Brian Rostron, a Mining Engineer with over 30 years international experience and an expert on coal, joins Oracle's management team as Mining and Contracts Manager. He is a Chartered Engineer who has been responsible for the operational management of various coal mining companies with overall responsibility for production, financial performance, acquisitions and restructuring. The companies and trade associations at which Mr Rostron has worked include Miller Argent South Wales Ltd, H.J. Banks Mining, Scottish Coal Company, Coal Contractors Ltd as well as the Confederation of UK Coal Producers and UK member of Eurocoal Executive Committee.

 

Mr Stead is a qualified accountant and brings with him considerable experience of management roles in oil, gas, mining and forestry industries, including Board roles at 25 companies. He has led project finance negotiations with investment and commercial banks, structured mergers and acquisitions, financially managed internal audits and assessed controls in high risk environments.

 

 

Shahrukh Khan, CEO, Oracle Coalfields, said:

 

"The calibre of people we continue to attract is second to none. I'm delighted to be able to announce the appointment of Tony Philip to the Board, his experience will prove invaluable as the company looks to raise the project finance required to bring the flagship coal resource in to development. In the same breath, the board would like to thank Roderick Stead for his time as Interim Finance Director and look forward to utilising his many years of experience in natural resources and energy development in his new position on the board.

 

"The appointment of Brian Rostron, with his 30 years of experience as Chartered Engineer in global mines, will provide valuable technical expertise in mine development as Oracle Coalfields looks to maximise the value of this important and strategic coal resource for Pakistan and shareholders alike."

 

ENQUIRIES:

 

Oracle Coalfields PLC

Shahrukh Khan, CEO

Telephone: +44 (0) 207 317 4050

Email: s.khan@oraclecoalfields.com

 

Blythe Weigh Communications

Tim Blythe, Ana Ribeiro, Matthew Neal

Telephone: +44 (0) 207 138 3204

 

Libertas Capital Corporate Finance Limited

Sandy Jamieson, Neil Pidgeon

Telephone: +44 (0) 207 569 9650

 

WEBSITE:  www.oraclecoalfields.com

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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