Proactiveinvestors United Kingdom Oracle Power PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Oracle Power PLC RSS feed en Sat, 20 Jul 2019 12:35:05 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190716154716_14151697/ Tue, 16 Jul 2019 15:47:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190716154716_14151697/ <![CDATA[RNS press release - Director Resignation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190716135245_14151515/ Tue, 16 Jul 2019 13:52:45 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190716135245_14151515/ <![CDATA[RNS press release - Drawdown under Loan Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190710070003_14142572/ Wed, 10 Jul 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190710070003_14142572/ <![CDATA[News - Oracle Power pays around US$50,000 registration fee for processing Letter of Intent in relation to Thar project ]]> https://www.proactiveinvestors.co.uk/companies/news/223188/oracle-power-pays-around-us50000-registration-fee-for-processing-letter-of-intent-in-relation-to-thar-project-223188.html Oracle Power PLC (LON:ORCP) has submitted a collective payment of approximately US$50,000 to the Private Power Infrastructure Board (PPIB) of the Pakistani Government, as the registration fee for processing an application for a Letter of Intent (LOI) in relation to the group’s proposed mine and power plant at Block VI in Thar.

The AIM-listed firm - which is developing a combined lignite mineral resource and mine mouth power plant in the Thar desert in the south-east of Sindh Province, Pakistan - said the funds have been spent under the pre-development funding agreement reached with its consortium partners Beijing Jingneng Power and PowerChina International.

READ: Oracle Power encouraged by continued support for the Thar thermal power project

The group said each party has contributed funds in proportion to their intended shareholding, with Oracle paying US$6,000 and its partners approximately US$44,000.

The company said 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 issues 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, which, inter alia, guarantees payments under the PPA.

Naheed Memon, Oracle’s CEO, 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."

In afternoon trading, shares in Oracle Power were 3.2% higher at 0.32p.

 -- Adds share price --

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Tue, 02 Jul 2019 08:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223188/oracle-power-pays-around-us50000-registration-fee-for-processing-letter-of-intent-in-relation-to-thar-project-223188.html
<![CDATA[RNS press release - Development Funding Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190702070008_14132399/ Tue, 02 Jul 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190702070008_14132399/ <![CDATA[RNS press release - Posting of Annual Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190625084505_14123303/ Tue, 25 Jun 2019 08:45:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190625084505_14123303/ <![CDATA[News - Oracle Power encouraged by continued support for the Thar thermal power project ]]> https://www.proactiveinvestors.co.uk/companies/news/222300/oracle-power-encouraged-by-continued-support-for-the-thar-thermal-power-project-222300.html Oracle Power PLC (LON:ORCP), which is developing a thermal power station in Pakistan, has again highlighted the need to address the country’s electricity supply shortfall.

The country’s population has risen to 207mln but 30% of the population still do not have access to electricity, noted Naheed Memon, the company’s chief executive officer.

In its results statement for 2018, the company said the government of Imran Khan remains supportive of the development of the Thar coal project and of relations with China – the latter being important because the development of the project is being backed by Oracle’s Chinese partners.

READ Oracle Power and partners redraw development plan for Thar power station

Oracle revealed there has been a change in the partnership composition in the memorandum of understanding originally signed with Sichuan Provincial Investment Group and with PowerChina International Group.

Beijing Jingneng Power has taken the position of Sichuan Provincial Investment Group and will bring significant expertise to the project, said Mark Steed, the chairman of Oracle.

The company is still at the pre-revenue stage and so, as expected, it made a loss in 2018 although this narrowed to £879,996 from £1.05mln the year before.

Cash and cash equivalents at the end of 2019 stood at £48,899, compared to £126,178 a year earlier. The company said it will require more funding ahead of reaching financial close on the project.

In 2019, the company will concentrate on formalising detailed agreements with its Chinese partners including securing the financing for their share of the equity and all project debt. Some pre-development work will be undertaken to finalise detailed technical work programmes, the company added.

Oracle will also work with the relevant Pakistani Government bodies with regards to permissions, licences and other approvals that need to be obtained.

 

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Tue, 18 Jun 2019 07:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222300/oracle-power-encouraged-by-continued-support-for-the-thar-thermal-power-project-222300.html
<![CDATA[RNS press release - Preliminary Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190618070007_14114105/ Tue, 18 Jun 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190618070007_14114105/ <![CDATA[News - Oracle Power and partners redraw development plan for Thar power station ]]> https://www.proactiveinvestors.co.uk/companies/news/221546/oracle-power-and-partners-redraw-development-plan-for-thar-power-station-221546.html Oracle Power Plc (LON:ORCP) and its Chinese partners have revised their plans for the Thar thermal power station in Pakistan.

Rather than ramp-up in two stages, the development will now be an 8mln tonnes of coal per year operation feeding a single 2x660 MW unit.

An application has been submitted to the Private Power Infrastructure Board on this basis, said Oracle.

The company added the consortium is working on the optimal way to progress, which will include an update to the requisite Environmental and Social Impact Assessments.

Oracle added it has also received £50,000 from Brandon Hill as the initial drawdown on the loan agreement agreed in May. 

Naheed Memon, Oracle’s chief executive,  said: "Progress is being made with our partners as we look to optimise the project economics and minimise the ultimate capital required for the full development.”

Oracle (12%) is developing Thar in partnership with Beijing Jingneng (73%) and PowerChina (15%).

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Wed, 05 Jun 2019 10:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221546/oracle-power-and-partners-redraw-development-plan-for-thar-power-station-221546.html
<![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190605070010_14098744/ Wed, 05 Jun 2019 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190605070010_14098744/ <![CDATA[News - Oracle Power arranges finance to tide it over until formal agreement for Thar ]]> https://www.proactiveinvestors.co.uk/companies/news/221310/oracle-power-arranges-finance-to-tide-it-over-until-formal-agreement-for-thar-221310.html Significant progress has been made as per recent updates and we expect the funds under this Loan Agreement will be sufficient to reach Definitive Agreements with the Chinese Partners later this year.

Naheed Memon, chief executive

How is it doing

At project level, Oracle is awaiting the formal approval of a notice to proceed and letter of intent from Pakistan’s Private Power Infrastructure Board.

When that is issued Oracle will be required to lodge a performance bond of US$700,000.

After that, a full EPC (construction) and O&M (operation & maintenance) proposal from its Chinese partners is needed.

That will be followed by an electricity tariff petition submission and completion the Environmental and Social Impact Assessment approval.

The consortium (TEPL) will seek a 30-year Power Purchase Agreement (PPA) with Pakistan’s Central Power Purchasing Authority.

A coal supply agreement between TEPL and Sindh Carbon Energy Limited, Oracle's subsidiary which owns and operates the mine, is also required as is an Implementation Agreement between TEPL and Pakistan government. 

Once all the approvals, permits and tariffs are in place, Oracle’s partners will arrange the finance.

The initial phase of development carries a capital cost of US$1.6bn and is for a gross 4mln tonnes per annum mine, feeding a 700MW power plant.

Phase 2 of the project will see capacity expand to 1,400 Mw.

Under the terms of the MoU, Oracle will hold a 12% equity stake while Beijing Jingneng  (BJPC) and PowerChina will own 73% and 15% respectively.

BJPC, which is listed in Shanghai and is worth around US$3bn, replaced Sichuan Provincial.

Finances

In May, Oracle entered into a loan agreement with Brandon Hill Capital to provide a working capital facility of up to £250,000.

Subsequent to an initial £50,000 drawdown, it added, the company will receive up to £50,000 per month.

The firm said the proceeds from all draw-downs will be applied to operational and general working capital purposes.

Inflexion points Formal agreement to proceed with Chinese partners Engineering, Procurement and Construction (EPC) contract and Operation and Maintenance contract (O&M) contracts. For the power plant, a Letter of Intent by the Private Power Infrastructure Board to secure a generation licence is needed. ]]>
Fri, 31 May 2019 13:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221310/oracle-power-arranges-finance-to-tide-it-over-until-formal-agreement-for-thar-221310.html
<![CDATA[News - Oracle Power inks loan agreement with major shareholder Brandon Hill Capital to provide it with a working capital facility ]]> https://www.proactiveinvestors.co.uk/companies/news/221290/oracle-power-inks-loan-agreement-with-major-shareholder-brandon-hill-capital-to-provide-it-with-a-working-capital-facility-221290.html Oracle Power Plc (LON:ORCP) revealed on Thursday that it has entered into a loan agreement with Brandon Hill Capital Limited, a substantial shareholder in the company, to provide it with a working capital facility of up to £250,000.

The AIM-listed developer of a combined lignite coal mine and mine mouth power plant located in the south-eastern Sindh Province of Pakistan, said that under the terms of the loan agreement, £50,000 is immediately available for Oracle.

READ: Oracle Power says agreement for Thar project in Pakistan remains valid

Subsequent to the initial drawdown, it added, the company will receive up to £50,000 per month up to a maximum of £250,000, subject to approval in advance by Brandon Hill with regard to the proposed use of proceeds.

The group said a coupon of 12% per annum - accruing daily - will be applied only to those funds used by the company, but there are no options, warrants or convertible aspects to the loan and no fee is owed to Brandon Hill for providing the funds.

It pointed out that the loan is unsecured, with the principal and outstanding interest being repayable 12 months from the date of the agreement, or earlier, at Oracle's option, without penalty.

The firm said the proceeds from all draw-downs will be applied to operational and general working capital purposes.

Naheed Memon, CEO of Oracle Power, said: "Significant progress has been made as per recent updates and we expect the funds under this Loan Agreement will be sufficient to reach Definitive Agreements with the Chinese Partners later this year. I look forward to providing further updates over the next few months.”

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Fri, 31 May 2019 08:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221290/oracle-power-inks-loan-agreement-with-major-shareholder-brandon-hill-capital-to-provide-it-with-a-working-capital-facility-221290.html
<![CDATA[RNS press release - Loan Agreement with Brandon Hill Capital Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190530154919_14092954/ Thu, 30 May 2019 15:49:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190530154919_14092954/ <![CDATA[News - Oracle Power says agreement for Thar project in Pakistan remains valid ]]> https://www.proactiveinvestors.co.uk/companies/news/220403/oracle-power-says-agreement-for-thar-project-in-pakistan-remains-valid-220403.html Oracle Power Plc (LON:ORCP) has moved to clear confusion over the memorandum of understanding (MOU) inked with its Chinese partners for the Thar thermal power station project in Pakistan.

A ceremonial signing of the agreement last month left out some clauses, but Oracle said today it had now received assurances from both partners - Beijing Jingneng and PowerChina - that the MOU is intact.

Oracle said the signing was only ceremonial and does not replace the MOU agreement dated 27 March 2019.

PowerChina indicated earlier this month that the terms of the MOU had not changed, while Oracle added today it had received similar confirmation from Beijing Jingneng.

“As such, the company and its partners consider that the March MOU remains valid,” added the statement.

Oracle has a 12% stake in the Thar project, PowerChina 15% and Beijing Jingneng 73%.

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Thu, 16 May 2019 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220403/oracle-power-says-agreement-for-thar-project-in-pakistan-remains-valid-220403.html
<![CDATA[RNS press release - Update re Ceremonial Signing of MOU ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190516070004_14075825/ Thu, 16 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190516070004_14075825/ <![CDATA[News - Oracle Power says Pakistan MOU was inked in ceremonial signing ]]> https://www.proactiveinvestors.co.uk/companies/news/219640/oracle-power-says-pakistan-mou-was-inked-in-ceremonial-signing-219640.html Oracle Power Plc (LON:ORCP) told investors that a memorandum of understanding between the company and its Chinese partners were ceremonially signed in Pakistan.

It noted that the signed document certain sections present in a previous version had been removed, though in a letter dated 2 May, from one of two partners, indicates that the prior March 2019 agreement remains valid and the document received on 1 May 2019 is only ceremonial.

Oracle is seeking similar confirmation from the other partner.

READ: Oracle Power reveals reorganisation of Pakistan partnerships

In March, Oracle informed investors of a change to the memorandum of understanding concerning the group’s power plant development project in the Sindh Province of Pakistan.

A new agreement in 2019 changes the composition of equity holdings in the project, though Oracle’s stake remains nearly intact (it will now have 12% rather than 12.1%).

Going forward, Beijing Jingneng Power Company (BJPC) will own 73% instead of 78%, and, PowerChina International Group will hold 15%, not 9.9%.

At that time, Oracle chief executive Ms Naheed Memon said: "There is a lot of detailed work at present being undertaken with our Chinese partners to optimise the project, as well as with the authorities in Pakistan.

“An increase in the proposed shareholding of PowerChina, who are global investors and developers for power and mining, reflects their belief, confidence and commitment to the project.”

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Fri, 03 May 2019 07:51:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219640/oracle-power-says-pakistan-mou-was-inked-in-ceremonial-signing-219640.html
<![CDATA[RNS press release - Update re Ceremonial Signing of MOU ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190503070003_14061758/ Fri, 03 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190503070003_14061758/ <![CDATA[RNS press release - Ceremonial Signing of Memorandum of Understanding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190429070016_14054563/ Mon, 29 Apr 2019 07:00:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190429070016_14054563/ <![CDATA[News - Oracle Power reveals reorganisation of interests in Pakistan power project ]]> https://www.proactiveinvestors.co.uk/companies/news/217299/oracle-power-reveals-reorganisation-of-interests-in-pakistan-power-project-217299.html Oracle Power plc (LON:ORCP) has informed investors of a change to the memorandum of understanding concerning the group’s power plant development project in the Sindh Province of Pakistan.

A new agreement in 2019 changes the composition of equity holdings in the project, though Oracle’s stake remains nearly intact (it will now have 12% rather than 12.1%).

Going forward, Beijing Jingneng Power Company (BJPC) will own 73% instead of 78%, and, PowerChina International Group will hold 15%, not 9.9%.

READ: Oracle Power raises £500,000 to help fund pre-development work

Oracle said that all other terms in the preceding MOU will remain as they were in the 2018 agreement.

Ms Naheed Memon, Oracle chief executive, said: "There is a lot of detailed work at present being undertaken with our Chinese partners to optimise the project, as well as with the authorities in Pakistan. 

“An increase in the proposed shareholding of PowerChina, who are global investors and developers for power and mining, reflects their belief, confidence and commitment to the project.

“We would like to thank our principal sponsor, BJPC, for accommodating this request from PowerChina.

"The company continues to make good progress and we will keep the market updated."

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Wed, 27 Mar 2019 07:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217299/oracle-power-reveals-reorganisation-of-interests-in-pakistan-power-project-217299.html
<![CDATA[RNS press release - Update on Memorandum of Understanding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190327070003_14016881/ Wed, 27 Mar 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190327070003_14016881/ <![CDATA[RNS press release - Director Dealing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190228141504_13985772/ Thu, 28 Feb 2019 14:15:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190228141504_13985772/ <![CDATA[News - Oracle Power raises £500,000 to help fund pre-development work at its Pakistan power plant ]]> https://www.proactiveinvestors.co.uk/companies/news/215069/oracle-power-raises-500000-to-help-fund-pre-development-work-at-its-pakistan-power-plant-215069.html Oracle Power PLC (LON:ORCP) has raised £500,000 to help fund its share of the pre-development project work at its electricity plant in Pakistan.

Along with Chinese energy giant Beijing Jingneng Power Company and its other joint venture partner, PowerChina, Oracle is developing a 700Mw coal-fired electricity plant in Pakistan’s Thar province.

READ: Oracle consortium agrees pre-development funding for Thar project

At the end of January, the AIM company agreed to stump up £230,000 (US$0.3mln) of the required £1.9mln (US$2.5mln) pre-development funding.

Oracle raised the money by issuing 117.65mln new shares at a price of 0.425p apiece – equivalent to yesterday’s closing price.

For every share subscribed for, investors also received a warrant entitling them to buy another share within the next two years for 0.85p.

Should those warrants be exercised, that would bring in an extra £1mln for Oracle which it estimates would be enough for it to meet its commitments until it closes a US$1.6bn funding package.

The plan is to have that money in place by the end of the year.

Shares sold at market price

“We are pleased to confirm this equity placing, which was conducted at market price, as it will strengthen the company's balance sheet and provide working capital as we move forward with our Chinese partners,” said chief executive Naheed Memon.

“The Block VI development in Thar is of material significance not only to Oracle but also to Pakistan in general, evidenced by its inclusion in the Priority List of the China Pakistan Economic Corridor.

“The initial phase of development carries a capital cost of US$1.6bn and is for a gross 4mln tonnes per annum mine, feeding a 700MW power plant.”

Brandon Hill Capital and its parent company Optima Worldwide Group (OWG) subscribed for another £88,000 worth of shares in the placing, taking OWG’s total interest up to 21.9%.

Oracle shares jumped 17.7% to 0.5p in late-afternoon trading on Thursday.

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Thu, 21 Feb 2019 15:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215069/oracle-power-raises-500000-to-help-fund-pre-development-work-at-its-pakistan-power-plant-215069.html
<![CDATA[RNS press release - Equity Placing of £500,000 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190221144427_13977647/ Thu, 21 Feb 2019 14:44:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190221144427_13977647/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190213164055_13968539/ Wed, 13 Feb 2019 16:40:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190213164055_13968539/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190213163524_13968530/ Wed, 13 Feb 2019 16:35:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190213163524_13968530/ <![CDATA[News - Oracle Power jumps as consortium agrees pre-development funding for Thar project ]]> https://www.proactiveinvestors.co.uk/companies/news/213739/oracle-power-jumps-as-consortium-agrees-pre-development-funding-for-thar-project-213739.html Oracle Power PLC (LON:ORCP) shares jumped in mid-afternoon trading Thursday after its consortium, which also includes Beijing Jingneng Power Company Limited (BJPC) and PowerChina International Group Limited, agreed pre-development funding for the Thar coal mine and power plant project in Pakistan.

The energy developer said the consortium had agreed to provide a minimum of US$2.5mln in funding in proportion to their intended stake in the project.

READ: Oracle Power's new chief executive to focus on Thar completion

Proportionally, Oracle will provide US$0.3mln of the funding, while BJPC and PowerChina will provide US$1.95mln and US$0.25mln respectively.

The firm said it believed the funding would be sufficient to meet project costs up to the financial close, although it also anticipated that more funding could be acquired on the same basis.

Naheed Memon, chief executive of Oracle, said once finalised, this would be the first time the company’s partners would deploy their own capital into the project, adding that the development should give shareholders “significant optimism with regards the likelihood and timing of reaching financial close”.

Shares were up 10.5% at 0.53p.

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Thu, 31 Jan 2019 14:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213739/oracle-power-jumps-as-consortium-agrees-pre-development-funding-for-thar-project-213739.html
<![CDATA[RNS press release - Pre-development funding plan for financial close ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190131140001_13953960/ Thu, 31 Jan 2019 14:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190131140001_13953960/ <![CDATA[News - Oracle Power's new chief executive to focus on Thar completion ]]> https://www.proactiveinvestors.co.uk/companies/news/213335/oracle-power-s-new-chief-executive-to-focus-on-thar-completion-213335.html Oracle Power (LON:ORCP) has appointed a local expert as chief executive to expedite the financial close of its coal-fired power station project in Pakistan.

Naheed Memon, who joined the board as a non-executive earlier this month has now become CEO with a remit to manage the delivery of the Thar project on the ground in Pakistan.

Ms Memon was previously Chair of the Sindh Board of Investment (Government of Sindh), the province where Thar is located.

READ: Oracle Power gets approval for larger power station at Thar in Pakistan

She replaces Shahrukh Khan who will remain as an executive director and work in the UK and Europe to further increase the awareness of the Oracle investment case.

Oracle recently announced a change in partners at Thar with Chinese energy giant Beijing Jingneng Power Company (BJPC) taking a majority stake.

Along with its other joint venture partner, PowerChina, Oracle is developing a 700Mw coal-fired electricity plant in Pakistan’s Thar province.

BJPC, which is listed in Shanghai and worth around US$3bn will own 78% of the project, Oracle will retain its 12.1% stake, while PowerChina will hold the remaining 9.9%.

Mark Steed, Oracle’s chairman, added: "This fresh assignment of duties will ensure the Oracle Board is best positioned to monitor and subsequently execute the steps required to bring the Thar project to financial close.“

Memon’s career spans both the public and private sectors in Pakistan. 

As well as numerous roles in her family’s firm Kings Group of Industries, Memon was chief executive of London consultant  Advici and Manzil Pakistan, a public policy think tank based in Karachi.

At the Sindh Board of Investment (Government of Sindh), she was Vice Chair from 2013 – 2016 and Chair until August 2018.

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Fri, 25 Jan 2019 08:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213335/oracle-power-s-new-chief-executive-to-focus-on-thar-completion-213335.html
<![CDATA[RNS press release - Executive changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190125070004_13946379/ Fri, 25 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190125070004_13946379/ <![CDATA[News - Oracle Power gets approval for larger power station at Thar in Pakistan ]]> https://www.proactiveinvestors.co.uk/companies/news/212770/oracle-power-gets-approval-for-larger-power-station-at-thar-in-pakistan-212770.html Oracle Power PLC (LON:ORCP) shares jumped by a fifth as its Thar power station project was re-affirmed as a priority for the Pakistani government.

Approval to increase the capacity of Oracle’s proposed coal-fired power station to 700Mw from 600Mw was also granted along with the use of supercritical technology.

Oracle added it is working with its Chinese partners to achieve financial close as soon as is feasible.  

The principal outstanding areas now include an Engineering, Procurement and Construction (EPC) contract and Operation and Maintenance contract (O&M) contracts.

For the power plant, a Letter of Intent by the Private Power Infrastructure Board to secure a generation licence is needed.

The partners also have to agree Oracle's equity interest in the project; financing with Sinosure, the Chinese export credit agency, and to finalise a Power Purchase Agreement with a sovereign guarantee of payment.

Shares rose by 22% to 0.55p.

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Thu, 17 Jan 2019 08:43:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212770/oracle-power-gets-approval-for-larger-power-station-at-thar-in-pakistan-212770.html
<![CDATA[RNS press release - Operational update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190117070003_13937287/ Thu, 17 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190117070003_13937287/ <![CDATA[RNS press release - Board Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190107104501_13925872/ Mon, 07 Jan 2019 10:45:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20190107104501_13925872/ <![CDATA[News - Oracle shares surge as Chinese energy giant takes big stake in its Pakistan power plant ]]> https://www.proactiveinvestors.co.uk/companies/news/211562/oracle-shares-surge-as-chinese-energy-giant-takes-big-stake-in-its-pakistan-power-plant-211562.html Shares in Oracle Power PLC (LON:ORCP) surged on Thursday after Chinese energy giant Beijing Jingneng Power Company (BJPC) took a majority stake in its key project.

Along with its other joint venture partner, PowerChina, Oracle is developing a 700Mw coal-fired electricity plant in Pakistan’s Thar province.

BJPC, which is listed in Shanghai and is worth around US$3bn, is replacing Sichuan Provincial, the last of the three original partners.

READ: Oracle encourage by stance of new Pakistani government

As part of the revised memorandum of understanding, BJPC will own 78% of the project, Oracle will retain its 12.1% stake, while PowerChina will hold the remaining 9.9%.

Importantly for Oracle and its investors, the company’s historical spend on the project will be capitalised as a contribution towards its equity interest.

“We have signed a new MOU and are pleased to bring BJPC on as a partner in the project,” Oracle chief executive Shahrukh Khan.

“We remain grateful to PowerChina for their continued support throughout this process and believe we have the group to take this Project through to conclusion.

“We are mindful that this transaction has taken longer than many envisaged to complete and would like to thank our shareholders for their patience.”

“The inclusion of our historic expenditure, several multiples of our current market capitalisation, as part of Oracle's contribution to the Project should help minimise dilution to shareholders in the PLC whilst retaining a significant interest in this sizeable asset.”

After what he called a “frustrating period” with limited newsflow, Khan added that Oracle is now “firmly in a position” to press ahead with the project.

The initial phase of development carries a capital cost of US$1.6bn and is for a gross 4mln tonnes per annum mine, feeding a 700MW power plant.

Phase 2 of the project will see capacity expand to 1,400 Mw.

Shares jumped by a third to 0.5p on Thursday morning.

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Thu, 20 Dec 2018 09:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211562/oracle-shares-surge-as-chinese-energy-giant-takes-big-stake-in-its-pakistan-power-plant-211562.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181220090541_13911171/ Thu, 20 Dec 2018 09:05:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181220090541_13911171/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181220090030_13911170/ Thu, 20 Dec 2018 09:00:30 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181220090030_13911170/ <![CDATA[RNS press release - Update on MOU ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181220073610_13911022/ Thu, 20 Dec 2018 07:36:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181220073610_13911022/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181128103354_13883572/ Wed, 28 Nov 2018 10:33:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181128103354_13883572/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181127153313_13882414/ Tue, 27 Nov 2018 15:33:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181127153313_13882414/ <![CDATA[RNS press release - Appointment of Consultant ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181122170001_13877724/ Thu, 22 Nov 2018 17:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181122170001_13877724/ <![CDATA[News - Oracle Power encouraged by stance of new Pakistani government ]]> https://www.proactiveinvestors.co.uk/companies/news/209389/oracle-power-encouraged-by-stance-of-new-pakistani-government-209389.html Oracle Power PLC (LON:ORCP) has completed a £450,000 raise that leaves it funded through to the first quarter of 2019.

The outstanding balance of £85,000 came through in November, said the thermal power station group.

Oracle is developing a 700Mw coal-fired electricity plant in Pakistan’s Thar province.

A new government led by former test cricketer Imran Khan took over following a general election in July and it has confirmed support for indigenous coal-fired power generation in Pakistan and the Thar desert in particular.

“At a recent China Pakistan Economic Corridor ("CPEC") review meeting led by the Pakistani Minister of Planning and Development, attended by the Chinese Ambassador to Pakistan, support was affirmed for priority list energy and infrastructure projects, of which Oracle's project in Thar Block VI is one,” it said in a statement in September.

At project level, Oracle is awaiting the formal approval of a notice to proceed and letter of intent from Pakistan’s Private Power Infrastructure Board following an indication of approval earlier in the year.

Following that, Oracle will be required to lodge a performance bond of US$700,000.

After that, a full EPC (construction) and O&M (operation & maintenance) proposal from its Chinese partners is needed.

That will be followed by an electricity tariff petition submission and completion the Environmental and Social Impact Assessment approval.

Oracle signed a MoU with Chinese groups Sichuan Provincial and PowerChina last November ahead of a formal agreement to build and operate the Thar project.

The consortium (TEPL) will seek a 30-year Power Purchase Agreement (PPA) with Pakistan’s Central Power Purchasing Authority.

A coal supply agreement between TEPL and Sindh Carbon Energy Limited, Oracle's subsidiary which owns and operates the mine, is also required as is an Implementation Agreement between TEPL and Pakistan government. 

Once all the approvals, permits and tariffs are in place, Oracle’s partners will arrange the finance with Sinosure and Chinese banks.

The initial phase of development carries a capital cost of US$1.6bn and is for a gross 4mln tonnes per annum mine, feeding a 700MW power plant.

Phase 2 of the project will see capacity expand to 1,400 Mw.

Under the terms of the MoU, Oracle will hold a 12.1% equity stake while its two Chinese partners SCIG and Power China will initially own 78% and 9.9% respectively.

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Fri, 16 Nov 2018 12:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209389/oracle-power-encouraged-by-stance-of-new-pakistani-government-209389.html
<![CDATA[RNS press release - Update re Subscription ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181115094504_13868291/ Thu, 15 Nov 2018 09:45:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181115094504_13868291/ <![CDATA[RNS press release - Appointment of Nominated Adviser ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181023084705_13838729/ Tue, 23 Oct 2018 08:47:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20181023084705_13838729/ <![CDATA[News - Oracle Power outlines next phase of development in Pakistan ]]> https://www.proactiveinvestors.co.uk/companies/news/205293/oracle-power-outlines-next-phase-of-development-in-pakistan-205293.html Oracle Power PLC (LON:ORCP), which is developing a coal-fired generating plant in Pakistan, is plotting out the next phase of development of project as it eyes sign-off from the authorities.

In an update alongside interim results, the company said it will put down a US$700,000 performance bond once the Private Power Infrastructure Board has granted a notice to proceed and formally rubber-stamped a letter of intent for the 700MW facility.

READ: Oracle Power raises capital as Chinese due diligence continues

After that, it will seek a proposal to build and operate the power station from its Chinese partner, which will seek funding for the work required.

In parallel, work towards the completion of an environment and social impact assessment continues.

As expected for a company at this formative stage of development, Oracle was loss-making in the six months to June 30 – to the tune of around £459,000.

It successfully raised £1mln in two tranches – one in April, the other in August.

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Thu, 20 Sep 2018 07:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205293/oracle-power-outlines-next-phase-of-development-in-pakistan-205293.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180920070013_13797533/ Thu, 20 Sep 2018 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180920070013_13797533/ <![CDATA[RNS press release - Shareholder Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180918162257_13795453/ Tue, 18 Sep 2018 16:22:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180918162257_13795453/ <![CDATA[RNS press release - TR-1 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180809175122_13750541/ Thu, 09 Aug 2018 17:51:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180809175122_13750541/ <![CDATA[News - Oracle Power raises capital as Chinese due diligence continues ]]> https://www.proactiveinvestors.co.uk/companies/news/202175/oracle-power-raises-capital-as-chinese-due-diligence-continues-202175.html Oracle Power Plc (LON:ORCP) has raised £450,000 of new capital to support efforts to advance coal to power partnerships in Pakistan with state-backed Chinese firms.

It is placing 45mln new shares, priced at 1p each.

Earlier this year, in March, the company entered into a memorandum of understanding with a Chinese consortium and due diligence work continues.

READ: Oracle concentrates on formalising deals with Chinese partners

The MOU envisages a gross project cost of US$1.6bn, with 75% to be covered by debt, and Oracle would retain at least 12.1% of the projects.

Originally, the company had anticipated that the first phase of the partnership would be completed in the first half, and, now it is expected in the third quarter.

Today’s placing allows Oracle to meet its short-term working capital requirements through to December. It continues to assess a variety of longer-term funding options.

"We are pleased to confirm this equity placing, which will strengthen the company's balance sheet and provide working capital taking the company forward with its Chinese partners,” said Shahrukh Khan, Oracle chief executive.

He added: “The initial phase of development carries a capital cost of US$1.6bn and is for a gross 4mln tonnes per annum mine, feeding a 700MW power plant.

“Given the size of this undertaking, due diligence has naturally taken some time and we are grateful for the patience of our shareholders.

“We remain heartened by the ongoing dialogue and relationship with the Chinese consortium and we are confident that we will be able to draw the project to a successful conclusion."

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Fri, 03 Aug 2018 07:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202175/oracle-power-raises-capital-as-chinese-due-diligence-continues-202175.html
<![CDATA[RNS press release - Equity Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180803070002_13742402/ Fri, 03 Aug 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180803070002_13742402/ <![CDATA[RNS press release - Results of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180613152450_13678626/ Wed, 13 Jun 2018 15:24:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180613152450_13678626/ <![CDATA[RNS press release - TR-1 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180524171355_13654777/ Thu, 24 May 2018 17:13:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3707/LSE20180524171355_13654777/