29 April 2019
Oracle Power PLC
("Oracle" or "the Company")
Ceremonial Signing of 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 the south-eastern Sindh Province of Pakistan (Thar Block VI), announces that as part of the China Belt and Road Summit held in Beijing 27-28 April 2019, the Memorandum of Understanding ("MOU"), agreed between Beijing Jingneng Power Company Limited ("BJPC") and PowerChina International Group Limited ("Power China") and announced on 27 March 2019, has been ceremonially signed by the parties.
The ceremony took place as part of the Investment Conference of the Belt and Road Summit and the MOU was signed by Song Dongsheng, the President of Power China, Zhao Jianbo, the Deputy General Manager of BJPC and Mark Steed, chairman of the board of Oracle. The ceremony was overseen by Abdul Razak Dawood, advisor to the Pakistani Prime Minister on Commerce, Textile Industries & Production and Investment. This is re-signing for ceremonial purposes and there have been no changes to the MOU as announced on 27 March 2019. Photographs of the signing will be placed on the Company's website, www.oraclepower.co.uk.
Naheed Memon, CEO of Oracle, who was present at the ceremony commented :
"Mark and I were delighted to take part in a ceremonial signing of the MOU with our Chinese partners, a public way of demonstrating their strong commitment to the project. Work in Pakistan continues, particularly in the planning of predevelopment work. We will be updating the market with an Operational Update shortly"
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
+44 (0) 203 580 4316
Strand Hanson Limited (Nominated Adviser)
Rory Murphy, James Harris, Jack Botros
+44 (0) 20 7409 3494
Brandon Hill Capital Limited
+44 (0)203 463 5000
Peterhouse Corporate Finance
+44 (0) 207 220 9791
Tim Blythe, Camilla Horsfall, Megan Ray
+44 (0) 207 138 3204
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