Business
Preliminary Results
Preliminary Results.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 5375C Oracle Power PLC 18 June 2019 \n\n18 June 2019\n \n \nOracle Power PLC\n(\"Oracle\", the \"Company\" or the \"Group\")\n \nPreliminary Results for the Year Ended 31 December 2018 and Notice of Annual General Meeting\n \nOracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite mineral resource and mine mouth power plant located in the Thar desert in the south-east of Sindh Province, Pakistan, today announces its audited results for the year ended 31 December 2018.\n \n2018/19 Highlights:\n· A new Memorandum of Understanding signed with two major Chinese power companies, to develop and operate the mine and power plant and to provide financing;\n· Equity placings, totalling £1,000,000 in 2018 and £500,000 in March 2019. Short-term working capital facility of £250,000 announced in May 2019.\n· Board changes; Mark Steed took over from Anthony Scutt as Chairman; Anthony Scutt left the board in June 2018; Naheed Memon joined the board and was appointed Chief Executive Officer in January 2019; Shahrukh Khan remains an Executive Director; and \n· Continued support via the China-Pakistan Economic Corridor initiative of the Company's project, which is on the \"Priority\" list.\n \nPlanned Work Programme for 2019 \nIn 2019, the Company will concentrate on formalising detailed agreements with its Chinese partners including securing of the financing for their share of the equity and all project debt. Some pre-development work will be undertaken to finalise detailed technical work programmes. Oracle will also work with relevant Pakistani Government bodies with regards to permissions, licences and other approvals that need to be obtained.\n \n \nChairman's Statement\n \nI am pleased to present the results for Oracle Power PLC (the \"Company\" or \"Oracle\") for the year ended 31 December 2018.\n \nOver the year Oracle has continued progressing its planned integrated lignite coal mine and mine mouth power plant located in Block VI of the Thar desert in the south-east of the Sindh Province of Pakistan (the \"Project\"). \n \nThere has been a change in the partnership composition in the Memorandum of Understanding originally signed with Sichuan Provincial Investment Group Co. Limited (\...