Business
Audited Results for the twelve months ended 31 ...
Audited Results for the twelve months ended 31 ....
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n 28/05/2010\n GB00B23JN426/GBP/PLUS-exn\n Oracle Coalfields PLC\n (\"Oracle Coalfields\" or the \"Company\")\n\n Audited Results for the twelve months ended 31 December 2009\n\n Oracle Coalfields PLC (PLUS: ORCP), the UK developer of a 1.4 billion tonne coal deposit in southern\n Pakistan, is pleased to announce its audited results for the period ended 31 December 2009. The\n Company continues to make good progress towards meeting its objective of delivering a cost-effective\n coal mine, to supply a mine-mouth power station on the Block VI coal deposit in the Thar Coalfield of\n Southern Pakistan, supplying the Karachi Electric Supply Company. Short-term cash generation would\n come from supplying Lucky Cement Limited, a major cement producer, with coal, prior to the power\n station being completed.\n\n The Directors present their report with the financial statements of the Company and the Group for the\n year ended 31 December 2009.\n\n PRINCIPAL ACTIVITY\n The principal activity of the Group in the year under review was that of the exploration for coal.\n\n REVIEW OF BUSINESS\n Period Highlights\n - Placing raised £249,400 \n - Work programme commenced on a Bankable Feasibility Study (BFS) on the Block VI licence, \n including the Environmental & Social Impact Assessment (ESIA)\n - Entered Memorandum of Understanding with Karachi Electric Supply Company (KESC) \n - Entered Memorandum of Understanding with Lucky Cement Limited \n\n Review\n In the past 12 months, Oracle Coalfields (referred to as \"the Company\" or \"Oracle Coalfields\")\n continues to make good progress towards meeting its objective of delivering a cost-effective coal\n mine, to supply a mine-mouth power station on the Block VI coal deposit in the Thar Coalfield of\n Southern Pakistan.\n\n The project has attracted the Pakistan Government's support because it sets out to address and\n resolve the country's urgent need for new power generation facilities as current supply is\n increasingly failing to meet demand. Karachi, an industrial hub of more than 15 million people\n located in the Sindh Province, experiences at least 5-6 hours of load-shedding on a daily basis, and\n other major cities experience similar interruptions. As this leads to population discontent and\n industrial disruption and has a negative impact on the economy, it is of primary c...