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Update on Memorandum of Understanding

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RNS Number : 0963U
Oracle Power PLC
27 March 2019
 

27 March 2019

 

 

 

ORACLE POWER PLC

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

 

 

Update on Memorandum of Understanding

  

Oracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in Block VI of the Thar desert in the south-east of the Sindh Province of Pakistan, announces a revision to the equity holdings as originally agreed in its Memorandum of Understanding ("MOU") announced on 20 December 2018 with Beijing Jingneng Power Company Limited ("BJPC") and PowerChina International Group Limited ("PowerChina") (the "2018 MOU"). Pursuant to an MOU dated 26 March 2019 (the "2019 MOU"), Oracle, BJPC and PowerChina have agreed to a change in the proposed equity holdings of the parties in the project as follows:

 

 


2018 MOU

2019 MOU

BJPC

78%

73%

PowerChina

9.9%

15%

Oracle

12.1%

12%

 

In all other material respects, the terms of the 2019 MOU remain the same as those contained within the 2018 MOU.

 

Ms Naheed Memon, CEO of Oracle, commented:

 

"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."

 

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 please contact:

 

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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Oracle Power hails funding MoU with two chinese state-owned enterprises

Shahrukh Khan, chief executive of Oracle Power PLC (LON:ORCP), discusses with Proactive their memorandum of understanding (MoU) with two China state-owned companies to advance their lignite coal mine and power station project in Pakistan. The UK energy developer said the MoU with Sichuan...

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