Business
Results for the Year ended 31 December 2013
Results for the Year ended 31 December 2013.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 9032E Oracle Coalfields PLC 16 April 2014 \n \n\nFinal Results \n16 April 2014\n \n \nOracle Coalfields PLC\n(\"Oracle\", the \"Company\" or the \"Group\")\n \nResults for the Year ended 31 December 2013\n \nOracle Coalfields PLC (AIM:ORCP), the coal explorer and developer of a lignite mineral property located in the south-eastern desert of Sindh Province, Pakistan, today announces results of the Company and the Group for the year ended 31 December 2013.\n \nHighlights of the year include:\n \n· Joint Development Agreement with China CAMC Engineering Co Ltd for the development of the coal mine.\n \n· Exclusive Memorandum of Understanding with SEPCO Electric Power Construction Corporation for the development of a 600 MW coal-fired power plant to cover its design, construction and operation.\n \n· Two successful fund-raisings during in the year :\n \no £0.93 million in January, and \no £0.88 million in October.\n \nSubsequently:\n \n· A \"No Objection Certificate\" has been issued by the Environmental Protection Agency Government of Sindh on 17th January 2014 for the Environmental and Social Impact Assessment for Block VI of the Thar Coalfield submitted in 2013 concerning its environmental plan. \n \n \nShahrukh Khan, CEO of Oracle, said:\n \n\"Oracle is now finalising detailed agreements with its two Chinese partners, CAMCE and SEPCO for all the elements of its energy project in the Thar desert of Sindh Province of Pakistan. Oracle looks to final investment decision on the project in its entirety towards the end of 2014. The power shortage continues to escalate throughout the country and the development of the Thar coalfield would alleviate this as well as supplying competitive electricity with the assurance of security of supply for the foreseeable future.\"\n \n \n \nChairman's Statement\n \nI am pleased to present Oracle's results for the period ending 31 December 2013, which was a year of much activity for your company. It began with a fully proved up and commercially viable coal resource; on that basis the key objective for the Board and...