Business
Final Results for the Year Ended 31 December 2007
Final Results for the Year Ended 31 December 2007.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n 1st April 2008\n GB00B23JN426/GBP/PLUS-exn\n\n Oracle Coalfields PLC\n\n Final Results For The Year Ended 31 December 2007\n\nFULL YEAR HIGHLIGHTS\n\n * Successful admission to PLUS in August 2007 at 3p per share, following placing of\n GBP595,000\n\n * Private placing at 3p per share completed in September 2007 raising GBP106,390\n\n * Sindh Carbon Energy Ltd (80% owned) granted an exploration licence over Block VI of the\n Thar Coalfield, in the Sindh Province of Pakistan, covering 66.1 square kilometres\n\n * Sindh Carbon Energy Ltd granted a 100 square kilometre exploration licence at the Indus\n East coalfield, KhoreWah, in the Sindh Province of Pakistan\n\n * Drilling services contract signed within budget between Sindh Carbon Energy Ltd and\n Pakistan-based coal specialist, Deep Rock Drilling (PVT) Ltd, to complete the work programme at\n Thar and Indus East\n\n * Work programme commenced at Indus East coalfield, KhoreWah in November 2007\n\nPOST PERIOD HIGHLIGHTS\n\n * Work programme commenced at Block VI of Thar in February 2008 to verify recent drilling by\n the China NE Geologic Bureau. The drilling will take the licence to a measured international JORC\n reserve with results expected Q2 2008\n\n * Appointment of Roderick Stead, Non-Executive Director\n\nCHAIRMAN'S STATEMENT\n\nThe past year has been very positive for Oracle Coalfields plc (\"the Company\"), with the award of\ntwo prime licences in the Sindh Province of Pakistan to our 80% owned subsidiary, Sindh Carbon\nEnergy Ltd. We have also secured funding of over GBP700,000, which has served to get the Company a\npublic listing on PLUS, and will take our flagship project, Block VI at Thar, to a measured JORC\nreserve in the second quarter of 2008. Coupled with our own progress as a Company, the industry at\nlarge has benefited from the world's increasing demands for finite energy feedstock, resulting in\nthe price of coal hitting record highs in the past month. This is an exciting time for Oracle\nCoalfields, and it gives me great pleasure to report to shareholders on progress over the past\nyear and forthcoming milestones.\n\nBACKGROUND\n\nOracle Coalfields PLC was formed on 5 July 2006 for the purpose of coal development and\nexploitation, and on 6 September 2006 entered into a joint venture agreement with a local\nPakistani company, Sindh Koela Ltd, t...