Business
Results for the Year Ended 31 December 2015
Results for the Year Ended 31 December 2015.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 5018S Oracle Coalfields PLC 18 March 2016 \n\nFinal Results \n18 March 2016\n \n \nOracle Coalfields PLC\n(\"Oracle\", the \"Company\" or the \"Group\")\n \nResults for the Year Ended 31 December 2015\n \nOracle Coalfields 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 2015.\n \n2015 Highlights:\n· Restoration of the mining lease in February 2015. \n· An equity placing in February 2015, raising £3,370,000 before costs.\n· The Company's inclusion in the China-Pakistan Economic Corridor.\n· Admission of coal price petition.\n· Formal registration of the power plant project with Pakistani authorities.\n· Consortium Agreement with Chinese partners SEPCO.\n· Letter of No Objection for power evacuation and power plant development.\n \nPlanned Work Programme for 2016 \nIn 2016 Oracle will concentrate on formalising agreements and contracts to bring the project to full implementation along with securing all financing arrangements, including equity for funding.\n \n \nChairman's Statement\nI am pleased to present the results for Oracle Coalfields plc for the year ended 31 December 2015.\n \nIt has been a year of solid progress for our project, developing the Thar Coalfield Block VI, located in the Sindh Province of Pakistan. Notably, we resolved the lease issues with the authorities; we placed £3.37 million of equity; our inclusion in the China - Pakistan Economic Corridor was confirmed; we formally registered our power plant project and received a No Objection letter for power evacuation; our coal price petition was admitted and agreement was reached with Shangdong Electric Power Construction Corporation (S...