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CORRECTION: AUDITED RESULTS FOR THE TWELVE MONT...
CORRECTION: AUDITED RESULTS FOR THE TWELVE MONT....
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n 13/05/2009\n GB00B23JN426/GBP/PLUS-exn\n\n Oracle Coalfields PLC\n\n AUDITED RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2008\n\nOracle Coalfields PLC (PLUS: ORCP) (\"Oracle\" or \"the Company\"), the UK developer of the 1.4 billion tonne Block VI coal\ndeposit in southern Pakistan, is pleased to announce its results for the period ended 31 December 2008, a period of\nsustained progress that has continued into 2009.\n\nHIGHLIGHTS\n\n- Drilling has defined a JORC Compliant Measured Resource of 1.4 billion tonnes and a Proven Reserve of 371 million tonnes\nat the Block VI licence, Thar Coalfield, Tharparkar, Province of Sindh, Pakistan\n\n- Coal is of lignite quality and suitable for combustion in power generation stations\n\n- Private placing completed in June 2008 with Orbis Equity Partners Limited raising £453,750\n\n- Chairman, Shahrukh Khan, presented at a World Bank and International Finance Corporation Investor Roundtable on Pakistan's\nPower Sector in Washington D.C. during July 2008\n\nPOST-PERIOD HIGHLIGHTS\n\n- In-depth commissioned research report published on Oracle Coalfields by Edison Investment Research\n\n- Placing raising £249,400\n\n- Work programme for a Bankable Feasibility Study (BFS) on the Block VI licence to commence in second quarter 2009. \nThe Environmental & Social Impact Assessment (ESIA) is already underway.\n\nShahrukh Khan, Chairman, Oracle Coalfields PLC commented:\n\n\"I am pleased to be able to report good progress by the company in 2008 and that this has continued into 2009.\nIn particular, our Block VI project in Pakistan's Thar coalfield has been progressed to JORC-compliant status and\nwe have recently raised additional funds to enable the Bankable Feasibility Study (BFS) to be initiated. \nWardell Armstrong International, the environmental and engineering consultants, have been appointed to carry out\nthe ESIA and commenced the first stage of the study in April.\n\n\"Over the coming months we anticipate a strong flow of news being generated as the BFS and ESIA progresses, and\nwill also be looking to progress the planned power station component of the project. The project is a very important\ncomponent in the development of Pakistan's economy and therefore has full support from both the provincial and central\nGovernments.\n\nI look forward to updating shareholders as these ...