Business
Q2 Update and Shareholder Q&A Session
Q2 Update and Shareholder Q&A Session.
About this update from Oracle Power Plc
[{"type":"text","content":"\n\n28 July 2023\n \nOracle Power PLC\n(\"Oracle\", the \"Company\" or the \"Group\")\nQ2 Update and Shareholder Q&A Session\n \nOracle Power PLC (AIM: ORCP), an international project developer, is pleased to provide the following update on activities during Q2 2023, as it advances the development of a portfolio of projects.\n \n \nHighlights\n· Announced a co-operation agreement with PowerChina International Group Limited (\"PowerChina\") in April to collaborate on the potential joint development of a 1-Gigawatt solar-based independent power production plant at Oracle's Thar Block VI in the Sindh Province, Pakistan.\n· Signed a binding Heads of Agreement with ASX-listed Riversgold Limited in May for Oracle to farm-out the licence at Oracle's Northern Zone Gold Project in Western Australia.\n· Successfully signed an MoU for the off-take and development of the 1.32GW Thar coal fired power plant in May with the Government of Sindh, Thar Electricity Limited, K-Electric Limited and PowerChina. Potential development activities will include the investment, development, financing, construction, and operation of the Project.\n· The nomination of a joint Steering Committee for Oracle's 400MW Green Hydrogen Project in May, comprising of members from Oracle Energy and State Grid Corporation of China.\n· Signed an MoU with PetroChina International (Middle East) Company Limited in June, for the potential offtake for the green hydrogen output and carbon credits from the Green Hydrogen Project.\n· Successfully raised £363,000 gross in June by way of a placing and a subscription at a price of 0.1p. The net proceeds from the fundraise will be primarily utilised to support the advancement of the Green Hydrogen Project and for general working capital purposes. Oracle also appointed Global Investment Strategy UK Limited as joint broker.\n· Signed an MoU with Ban Ki Moon led Global Green Growth Institute (\"GGGI\") in June. GGGI will provide platforms and forums for Oracle to engage with industry stakeholders, with the aim of facilitating development and financing opportunities for its green energy projects.\n \nTopography Survey and Feasibility Study Updates\nPost-period end on 18 July 2023,...