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Oracle Power PLC

Development Funding Update

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RNS Number : 1193E
Oracle Power PLC
02 July 2019
 

 

2 July 2019



Oracle Power PLC

("Oracle", the "Company" or the "Group")

 

Development Funding Update & Inaugural Investment by Chinese Partners

 

·    US$50,000 Registration Fee submitted to PPIB for application of Letter of Intent

·    Funding Provided by Oracle and its Chinese Partners on a pro-rata basis per 26 March MOU

 

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, is pleased to advise that a collective payment of approximately US$50,000 has been submitted to the Private Power Infrastructure Board ("PPIB") of the Pakistani Government, as the registration fee for processing the application for a Letter of Intent ("LOI") in relation to the proposed mine and power plant at Block VI, Thar.

 

These funds have been spent under the pre-development funding agreement reached with its consortium partners Beijing Jingneng Power Company Limited ("BJPC") and PowerChina International Group Limited ("PowerChina"), which was announced on 31 January 2019.  Each party has contributed in proportion to their intended shareholding as set out in the amended MOU dated 26 March  2019 (announced on 27 March 2019); Oracle US$6,000 and its partners approximately US$44,000 (PowerChina having paid in Pakistani Rupees).

 

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 issue 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.  The IA, inter alia, guarantees payments under the PPA.

 

Naheed Memon, CEO of Oracle, 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."

 

 

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

For further information:

Oracle Power PLC

Naheed Memon

+44 (0) 203 580 4314

Strand Hanson Limited (Nominated Adviser)

Rory Murphy, James Harris, Jack Botros

+44 (0) 20 7409 3494

Brandon Hill Capital Limited

Oliver Stansfield

+44 (0) 203 463 5000

Peterhouse Corporate Finance

Charles Goodfellow

+44 (0) 207 220 9791

Blytheweigh                                                  

Tim Blythe, Camilla Horsfall, Megan Ray

+44 (0) 207 138 3204

 

    


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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