viewOracle Power PLC

Oracle Power continues project planning despite coronavirus pandemic

The group said the Pakistani government is expected to approve a letter of intent for the Thar project in the current quarter

Oracle Power PLC - Oracle Power continues project planning despite pandemic

Oracle Power PLC (LON:ORCP) said project planning continues despite the temporary slowdown caused by restrictions to prevent the spread of the coronavirus pandemic.

Publishing highlights of a recent conference call, the firm said the Pakistani government is expected to approve a letter of intent (LOI) in the current quarter. The LOI was submitted in March and its approval will confirm the government's intention to purchase power from the Thar power project.

It is set to be the next major step required to develop the project as it will allow progress towards financial close.

READ: Oracle Power highlights “very constructive phase” for Thar project

Oracle also said it expects to finalise a shareholders agreement with its partners, China National Coal Development Company Ltd. and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum.

The firm said it is “confident” in its ability to finance itself throughout the development of the Thar project.

It added that financial close could happen “anywhere between 12 to 18 months” due to the uncertainty around the pandemic.

“However given the prominence of the project within the China Pakistan Economic Corridor, the public displays of governmental support within Pakistan, and the financial wherewithal of the company's partners, developments could happen considerably quicker following finalisation of the shareholders agreement,” the group added.

Quick facts: Oracle Power PLC

Price: 0.587 GBX

Market: AIM
Market Cap: £12.6 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oracle Power PLC named herein, including the promotion by the Company of Oracle Power PLC in any Content on the Site, the Company receives from...


Oracle Power buys Australian gold projects to build international natural...

Oracle Power PLC's (LON:ORCP) Naheed Memon talks to Proactive London's Katie Pilbeam about the announcement of two acquisitions of two highly prospective gold projects in Western Australia. The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home...

1 week, 4 days ago

2 min read