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 29/09/2009\n GB00B23JN426/GBP/PLUS-exn\n\n Oracle Coalfields Plc\n\n (\"Oracle\" or the \"Company\")\n\n INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009\n\nORACLE COALFIELDS PLC\nINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009\n\nPERIOD HIGHLIGHTS\n\n * In-depth research reports published on Oracle by Edison Investment Research\n\n * Placing raised £249,400\n\n * Work programme commenced on a Bankable Feasibility Study (BFS) on the Block VI licence, including\n the Environmental & Social Impact Assessment (ESIA)\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\nThe project has attracted the Pakistan Government's considerable support because it sets out to address and\nresolve the country's urgent need for new power generation facilities as current supply is not meeting\ndemand. Karachi, an industrial hub of almost 15 million people located in the Sindh Province, experiences\nup to 5-6 hours of load-shedding on a daily basis, and other major cities experience similar interruptions.\nAs this leads to population discontent and industrial disruption and has a negative impact on the economy,\nit is of primary concern to the Government.\n\nThe job creation potential of our project and its multiplier effect on the local economy are also important\nconsiderations for the population in the Tharparkar District where our potential coal mine will be located,\nmany of whom live in relative poverty and has few income generating opportunities. It is not surprising,\ntherefore, that the Company's recent meetings with Non-Government Organisations (NGOs) and Thar communities\nalso revealed encouraging local support for the Company's proposals.\n\nThe work programme for developing the 1.4bn tonne Block VI coal deposit is proceeding, with the immediate\ntarget of completing the BFS early in 2010. Wardell Armstrong International (WAI) was appointed to prepare\nthe ESIA which forms part of the BFS and, after a site visit, submitted a detailed Scoping Study to the\nCompany in June. Additional international consultants have also been identified for the various technical\nstudies needed for completion of the...