We continue to strive to expedite progress at the Thar Block VI Project in Pakistan and are committed to achieving project milestones in as short a timeframe as practicable
Naheed Memon, chief executive
What does the company own?
Thar Block VI is a 1.4 billion tonne coal project in Pakistan that will be the basis for a major industrial hub will eventually involve power generation and the manufacture of urea.
It is a lignite quality coal with moderate calorific value, high moisture content and low sulphur percentage. It is suitable for power generation utilising conventional open-pit mine excavation techniques methods and the perceived mine-mouth power plant will use the latest environmentally conscious technology to minimise the environmental footprint.
Mine development is anticipated to be conducted in tandem with the development of the mine-mouth power plant development, and subsequently, coal gasification and coal-to-liquids development. All necessary licences and other permissions for power plant processes will be obtained as the Thar Project progresses. The mining licence remains valid as long as substantial progress is shown on ground.
The company also owns two Australian gold assets.
How it is doing
The Thar Block VI project has been awarded priority status under the China-Pakistan Economic Corridor (CPEC) initiative within the 'Power' and 'Oil & Gas' working groups.
In February, Oracle said the Pakistan authorities have elected to move forward with a consultative session to mobilise the policy proposal process for the coal-to-gas and coal-to-liquid industry.
It follows a recent policy proposal for coal-to-gas and coal-to-liquid development in Pakistan to the Ministry of Energy, the company told investors.
In Australia, Oracle confirmed the presence of a newly identified substantial greenstone belt at its Jundee East gold project, located in the Eastern Goldfields region of Western Australia.
The new greenstone belt is located nine kilometres east of the Jundee gold mine. In addition, a high priority felsic intrusive related target has also been identified.
"We have further increased our confidence in the Jundee East target with the compelling results from the gravity survey Oracle has undertaken,” said Oracle Power chief executive Naheed Memon.
Veteran David Hutchins joined the board in March as a non-executive director.
What the boss says: Naheed Memon, chief executive
Inflexion points
- Approval from the Pakistan government
- Progress on the gas to fertiliser project
- Exploration underway in Australia