Oracle Coalfields PLC (LON:ORCP has brought a specialist financier onto its board as it works towards financial close for its coal-fired power station project in Pakistan.
The changes will see Roderick Stead step down as a director from the boards of both Oracle PLC and its Pakistani subsidiary Sindh Carbon Energy.
Yves Mordacq, meanwhile, will join both the PLC board and that of Sindh Carbon Energy. He will also chair the audit committee and be a member of the remuneration committee.
Mordacq is a natural resources sector finances specialist said Oracle with a long career as an institutional find manager.
The company said the boardroom restructuring would strengthen it for the next stage of the project in Sindh Province, which will include financial close and then construction.
The new board would open it up to a wider international investor base and allow it to identify new opportunities for early cashflows.
Anthony Scutt, Oracle’s chairman, said Mordacq’s expertise and distinguished record in the area of international equity markets will be of undoubted value in the coming period, particularly as the Sindh project nears financial close.
Scutt thanked Stead for his contribution to Oracle’s development.