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Oracle Power outlines next phase of development in Pakistan

The update was provided alongside the company's interim results

Oracle and its Chinese partner want to develop a 700MW coal-fired power station

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.

Quick facts: Oracle Power PLC

Price: 0.202 GBX

Market: AIM
Market Cap: £2.95 m

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