Oracle Power PLC - CEO Q3 Update and Shareholder Q&A Session
Oracle Power PLC
("Oracle", the "Company" or the "Group")
CEO Q3 Update and Shareholder Q&A Session
Oracle Power PLC (AIM:ORCP) is pleased to provide the following update statement from its CEO,
"The past three months have been defined by the progression of our strategy in respect of the development of Oracle's Thar Block VI Project towards Financial Close, and have also laid the foundations for our Company becoming an international natural resources and power developer.
"Working backwards from our recent events, shareholders will no doubt be aware of the recent presentation that we, along with our Consortium partners, China National Coal Development Company Ltd. and The Private Office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum (together, the 'Consortium'), made to the Private Power and Infrastructure Board ('PPIB') on 11 September in
"The Board of Oracle understands that discussions within the PPIB are progressing well and that meetings between high-ranking government and PPIB officials have been diarised following a recent reshuffling of some of the top executives, and non-executives, in the power sector which delayed the process last month. We have been advised that these meetings will set the agenda, including tabling the LOI, for the PPIB Board meeting which is expected to follow shortly thereafter.
"This intended schedule of events, which will be concluded with a Joint Cooperation Committee (JCC) meeting, has been outlined to the Board but as yet the precise timings cannot be confirmed. Whilst I cannot be definite in respect to timings, I would like to emphasise that there is an obvious spirit of cooperation and this has been clear whilst we have been advancing these discussions over recent weeks and that the size, scale and national strategic importance of this project is well-understood by all parties. It is with considerable optimism that I look to the coming weeks and hopefully translating the hard work conducted by the Oracle team and our Consortium Partners into quick progress of the project.
"As our shareholders will be aware, as our Thar Block VI Project advances, our minds have increasingly turned to establishing a framework through which to deliver our over-arching strategy: to become an international natural resources and power developer.
"Oracle has delivered two major accomplishments during the period which I believe has provided the groundwork for us to achieve this ambition. Firstly, we signed a financing facility for up to
"The possibility of participating in, or acquiring, additional opportunities in the natural resources and power industries was elevated in July with the signing of a non-binding Memorandum of Understanding ('MOU') with The Office of His Highness Sheikh Ahmed Dalmook Al Maktoum ('HH Private Office'), which will see the two parties potentially partner and collaborate to explore potential mining opportunities in
"Under the MoU the two parties will initially focus on the
"Working together, and deepening the relationship, with HH Private Office, Oracle's largest shareholder (holding 14.38% of the issued share capital of the Company) is an important and strategic decision for us and we are eager to begin work in
"The Board continues to assess other opportunities in the natural resources and power sectors which we believe have the potential to generate significant value for shareholders in the near term. It is our eventual goal to provide investors with a diversified portfolio of interests through which to build value across multiple commodities, de-risking the inevitable volatility in individual minerals and metals, to deliver long-term and sustainable returns to our investors. We are assessing two potential investments which we believe will fit these investment criteria and we look forward to reporting more if these discussions come to fruition.
"It is with this work in mind, and combined with the significant developments we anticipate at our flagship Thar Block VI Project during the current period, that I look to the remaining months of 2020 with optimism and I look forward to providing further updates to shareholders in due course."
The Board of Oracle would like to advise shareholders that
Shareholders are invited to submit questions to
For further information:
Oracle Power PLC
+44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser)
+44 (0) 20 7409 3494
Brandon Hill Capital Limited (Joint Broker)
+44 (0) 203 463 5000
Shard Capital (Joint Broker)
St Brides Partners Limited (Financial PR)
+44 (0) 20 7186 9952
+44 (0) 20 7236 1177
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