Oracle Power PLC (AIM:ORCP) chief executive Naheed Memon, in a statement, highlighted that during the first quarter the company built on and consolidated developments across its increasingly diversified portfolio of power and natural resources assets.
"Looking now at the company's achievements during the quarter, the main breakthrough developments were delivered by Oracle Energy Limited, the company's green hydrogen-focused joint venture company with Kaheel Energy FZE, which is wholly owned by the private office of His Highness Shaikh Ahmed Dalmook Al Maktoum,” Memon said.
“Oracle Energy continues to receive funding from Kaheel Energy, in line with the terms of our joint venture agreement, and together we continue to grow the company in value.”
Memon added: "The signing of the two MoUs during the quarter thus represents an important step towards realising Oracle's 400MW green hydrogen project and its aim to be the first company to commercialise green hydrogen in Pakistan.”
In a separate statement, The company noted that it provided a further advance to its green-hydrogen joint venture company, Oracle Energy Limited, as it issued new shares priced at 10 Pakistani Rupees per share raised £390,000.
Oracle is partnered with Kaheel Energy in the venture, funded on a 70:30 basis.
In Australia, the company saw highly positive metallurgical results from three samples, Memon add, which had a 92.9% recovery over 24 hours.
“These excellent results look promising as we look to unlock the full value of this asset, which has a previously announced exploration target of 200-250Mt at 0.4-0.6g/t Au 2.5-4.8mln ounce of gold,” he said.
“Consequently, the 82-hectare site at the Northern Zone, 100% owned by Oracle, has become the company's main focus in Australia and we are assessing various opportunities to support the project's development, including through a joint venture structure.”