Business
CEO Q3 Update and Shareholder Q&A Session
CEO Q3 Update and Shareholder Q&A Session.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5720B\n Oracle Power PLC\n 09 October 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n Oracle Power PLC\n \n \n (\"Oracle\", the \"Company\" or the \"Group\")\n \n \n \n \n \n CEO Q3 Update and Shareholder Q&A Session\n \n \n \n \n \n \n \n \n Oracle Power PLC (AIM:ORCP) is pleased to provide the following update statement from its CEO, Naheed Memon, with respect to developments during Q3 2020:\n \n \n \n \n \n \n \n \n \n \n \n \"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. \n \n \n \n \n \n \"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 Islamabad, Pakistan. This presentation, which set out in detail the implementation plan for Thar - as an industrial park, centred around the development of a large mine, along with a mine mouth power plant, a coal gasification (urea/fertiliser) and coal-to-liquids plant, was a critical meeting for Oracle and represented one of the final steps ahead of the view to finalising the award of the Letter of Intent ('LOI') from the PPIB for power.\n \n \n \n \n \n \"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. \n \n \n \n \n \n \"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 cann...