Business
Interim Results for the six months ended 30 Jun...
Interim Results for the six months ended 30 Jun....
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n 30/09/2010\n GB00B23JN426/GBP/PLUS-exn\n\n ORACLE COALFIELDS PLC\n (\"Oracle\" or the \"Company\")\n\n Interim Results for the six months ended 30 June 2010\n\nPERIOD HIGHLIGHTS\n\n* Placing raised £1,041,690 (gross)\n\n* Work programme continues to make progress on the Bankable Feasibility Study (BFS), including the\n Environmental & Social Impact Assessment (ESIA) on the Block VI licence\n\nCHAIRMAN'S STATEMENT\n\nI am pleased to report that the Company continues to make progress towards meeting its objective of\ndelivering a cost-effective coal mine, combined with power generation, on the Block VI coal deposit in the\nThar Coalfield of Southern Pakistan.\n\nDuring the period the Company raised just over £1 million (gross) which will provide additional working\ncapital for the business in respect of the Bankable Feasibility Study (BFS) on our flagship project in\nBlock VI. The Placing was coordinated by Libertas Capital Corporate Finance Limited, a private investment\nbanking partnership with head office in London.\n\nThe net proceeds of the funds raised will allow the company to complete the work program on site which\nincludes hydrogeology and geotechnical studies, sub-crop drilling and appointment of additional consultants\nof international repute to oversee the completion of the BFS.\n\nThe project continues to attract the official support of the Pakistan government with assistance provided\nby the Coal & Energy Development Department (formerly Mines & Mineral Development Department), Government\nof Sindh and Thar Coal Energy Board in the Sindh Province. The Sindh government is giving active\nconsideration to a canal link to provide additional water to the Thar Coalfield project area as well as to\nrailway links, upgrading of electricity transmission lines, roads and airport. As in the past, all\ninfrastructure investment is continuing to be undertaken by government funding.\n\nThe relationship with Karachi Electric Supply Company (KESC) and Lucky Cement Limited remains sound and\nboth local companies are eager to see the completion of the coal feasibility study to enter joint-\ndevelopment agreement and coal supply agreements respectively. There has been good level of information\nsharing between Oracle and KESC for the purpose of the BFS.\n\nDuring the half-year, Oracle has investigated other possible...