Business
Results for the Year Ended 31 December 2016
Results for the Year Ended 31 December 2016.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 7371E Oracle Coalfields PLC 10 May 2017 \n\n10 May 2017\n \nOracle Coalfields PLC\n(\"Oracle\", the \"Company\" or the \"Group\")\n \nResults for the Year Ended 31 December 2016\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 2016.\n \n 2016/17 Highlights:\n· Determination by the Thar Coal and Energy Board of Oracle's coal price, based on its feasibility study, at US$60.23/tonne;\n· Board changes, Adrian Loader and Roderick Stead leaving the board and Yves Mordacq joining;\n· Status in the China-Pakistan Economic Corridor raised from the \"active\" to the \"Priority\" list;\n· Progress in critical areas to bring the project to financial close, including water access, power evacuation with the National Grid and power purchase with the Central Power Purchasing Agency.\n \n \nPlanned Work Programme for 2017 \nIn 2017 Oracle will concentrate on formalising agreements and contracts to bring the project to full implementation along with working to secure all project financing arrangements, including its future project equity funding share.\n \n \nChairman's Statement\n \nI am pleased to present the results for Oracle Coalfields PLC (the \"Company\" or \"Oracle\") for the year ended 31 December 2016.\n \nIt has been a year of detailed work with potential Chinese partners, support from the governments of China and Pakistan, manifested through our elevation from the \"Active\" list to the \"Priority\" list of the China-Pakistan Economic Corridor, has been affirmed. We have been in discussions with several Chinese groups and shareholders will be kept informed with progress in this respect.\n \nMeanwhile, we have made good progress in all the critical areas needed to bring the Thar Block VI project to financial close. We have updated our registration to the Private Power Investment Board to reflect the full size of our eventual power plant, 1,320MW. Water supply has been confirmed by the Energy Department of the Gov...