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.
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.