Business
Interim Results for the 6 months to 30 June 2023
Interim Results for the 6 months to 30 June 2023.
About this update from Oracle Power Plc
[{"type":"text","content":"\n\n25 September 2023\nOracle Power PLC\n(\"Oracle\", the \"Company\" or the \"Group\")\n \nUnaudited Interim Results for the six months to 30 June 2023\n \nOracle Power PLC (AIM: ORCP), the international natural resources project developer, announces its unaudited interim results for the six months ended 30 June 2023, which is also available on its website at: www.oraclepower.co.uk.\n \nChairman's Statement for the six months to 30 June 2023\n \nSummary of Interim Results\n \nOracle has made significant progress in relation to its multi-project portfolio consisting of one gold project progressing work in Western Australia via a joint venture, the multiple project Thar coal block in Pakistan (the \"Thar Project\"), which includes a large solar project, and a very exciting green hydrogen project in the south of Pakistan (the \"Green Hydrogen Project\"). For the Green Hydrogen Project, the Company has set up a joint venture company, Oracle Energy Limited (\"Oracle Energy\"), with Kaheel Energy FZE (\"Kaheel Energy\"), which is wholly owned by His Highness Sheikh Ahmed Bin Dalmook Al Maktoum. \n \nAs is to be expected for a project development company with pre-revenue projects at development stages, the Company's financial results for the six months to 30 June 2023 show the Group to have made a loss after taxation of £613,773 (6 months ended 30 June 2022: £356,295). The increase in overheads during the period of £257,478 is principally due to foreign exchange losses and an adjustment to how the Company accounts for associate company investments.\n \nAt 30 June 2023, the Group had cash and cash equivalents of £326,946 (30 June 2022: £762,300) and total assets less current liabilities of £6,117,075 (30 June 2022: £6,890,347).\n \nOperational Update\n \nAustralia\n \nThe Company currently holds one prospective gold asset, the Northern Zone Project, which is located in a globally significant gold region of Western Australia. The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine which is the second largest gold mine in Australia. At the end of 2022, we decided to spend no further funds exploring the Jundee East mine and the carrying value of this asset was impaired in that period.\n \nIn t...