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Oracle Power making progress on Thar paperwork

Oracle has paid an evaluation fee in respect of a provisional agreement with the government of Pakistan

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Oracle Power PLC (LON:ORCP) has said it continues to receive support for the development of its Thar project in Pakistan.

As announced in March, Oracle has submitted an application to the Private Power and Infrastructure Board for a letter of intent (LOI) on behalf of the consortium developing the project.

The issuance of the LOI will be a major step in the development of Thar Block VI and would confirm the Government of Pakistan's commitment to purchase power from Thar Block VI.

Oracle has now paid the US$50,000 evaluation fee that became due under the terms of the LOI and has received a payment of US$7,491 from Sheikh Ahmed Dalmook Al Maktoum’s private office in respect of the office’s share of the evaluation fee.

Oracle said the payment reinforced support of the project by the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum.

When the LOI is issued, further fees will become payable.

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