Oracle Power PLC (LON:ORCP) booked losses of just under £1.1mln for the past calendar year, which it called “a year of significant progress” as it looks to develop one of the largest power projects in Pakistan.
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.
During the year the company also welcomed a new and supportive shareholder, the private office of His Highness Sheikh Ahmed Dalmook Juma Al Maktoum.
The company is now awaiting the results of its Letter of Intent application.
Cash at year end was just over £400,000.