TIDMORCP
RNS Number : 9483O
Oracle Power PLC
06 February 2023
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014, which forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
6 February 2023
Oracle Power PLC
("Oracle", the "Company" or the "Group")
GBP500,000 placing to support the Green Hydrogen project
development
Oracle Power PLC (AIM: ORCP), a leading developer of Green
Hydrogen, is pleased to announce that it has successfully raised
gross proceeds of GBP500,000 by way of an oversubscribed placing of
294,117,647 new ordinary shares of 0.1p each in the Company
("Ordinary Shares") (the "Placing Shares") at a price of 0.17p per
Ordinary Share (the "Placing Price") (the "Placing").
The net proceeds of the Placing will be utilised primarily to
support the advancement of the Company's Green Hydrogen project
(the "Project") through the joint venture with His Highness Sheikh
Ahmed Dalmook Al Maktoum.
Oracle announced on 28 November 2022 the acquisition by Oracle
Energy of State land by way of a long lease located in the Thatta
district, Sindh, south-east Pakistan, where its flagship Green
Hydrogen project will be located. The Company's partner, His
Highness Sheikh Ahmed Dalmook Al Maktoum, who owns 70% of Oracle
Energy, is an active investor and developer of a number of power
generation projects across the Middle East, Asia and Africa.
The Project would be Pakistan's first commercial Green Hydrogen
production facility, with an initial capacity to produce 55,000
tonnes annually, which would be one of the largest hydrogen
projects in the region.
Green Hydrogen is differentiated from other types of hydrogen as
it is powered exclusively by renewable energy sources and is
produced through water electrolysis. Hydrogen and its by-product
ammonia are key constituents for critical sectors including
manufacturing, transportation, power generation and
agriculture.
The Project site in Sindh is within a highly attractive,
strategic region in southern Pakistan, located within the G
haro-Jhimpir wind corridor, where over 1 GW of renewable power has
been constructed and commissioned.
Beyond access to Pakistan's national grid, the Project has
immediate proximity to existing infrastructure, including access to
water in the form of Karachi's largest fresh-water reservoir, and
established rail and road infrastructure, which connect to
Pakistan's two largest ports - Karachi Port and Port Qasim. Oracle
Energy intends to supply its production to local industries
supporting manufacturing, fertiliser production, gas utilities,
transport and power generation, and also to export to the Middle
East, Europe, China and Asia.
The Project is targeting annual production of 55,000 tonnes of
Green Hydrogen (equivalent to the production of 150,000 kg of
hydrogen per day). Oracle Energy intends to supply its production
to local industries supporting manufacturing, fertiliser
production, gas utilities, transport and power generation, and also
to export to European and Asian markets.
The Project plans the development of solar and wind power
facilities with a combined output of 1.2 GW hybrid power from
proposed capacity 700MW solar and 500MW wind and battery storage to
ensure the continuous production of hydrogen throughout the
year.
Oracle Energy has made rapid progress in the development of the
Project to date. In October 2022, it appointed thyssenkrupp Uhdeto
("thyssenkrupp") to lead the technical and commercial feasibility
study for the Project, due to be released in H1 2023. The Company
is in advanced discussion with multiple partners across the value
chain and has signed MOUs and non-exclusive cooperation agreements
including with the Green Hydrogen certifier, TÜV SÜD. It is also in
advanced discussions with potential offtake customers and
financiers.
The Placing has been carried out through Global Investment
Strategy UK Limited ("GIS") and the Company has entered into a
placing agreement dated 5 February 2023 (the "Placing Agreement")
with GIS pursuant to which it, as agent for the Company, has
procured placees for the Placing Shares at the Placing Price. As
part of the Placing, GIS will receive 11,764,706 warrants over new
Ordinary Shares, exercisable at the Placing Price for a period of 2
years from the date of the Placing.
Naheed Memon, CEO of Oracle, commented:
"We continue to make great strides in advancing our Green
Hydrogen strategy in Pakistan and today's fundraise will enable us
to continue on this upward trajectory. The majority of the funds
raised will be used to support the Green Hydrogen initiative
through Oracle Energy, whilst also providing us with sufficient
working capital to progress the strategies of the other projects in
Oracle's portfolio.
We are now looking toward the next stage in the Project's
development as we move forward with detailed technical and
financial feasibilities. With this financial support, combined with
that from His Highness Shaikh Ahmed Dalmook Al Maktoum, I am
confident we will be able to expedite the development of this
ground-breaking and globally significant project. "
Admission to Trading and Total Voting Rights
Application will be made for the Placing Shares, which will rank
pari passu with the existing ordinary shares, to be admitted to
trading on AIM, with Admission expected to become effective at 8:00
a.m. on or around 10 February 2023.
Following Admission, the total issued share capital of the
Company will be 3,372,415,387 Ordinary Shares, with no shares in
Treasury. Therefore, the total current voting rights in the Company
following Admission will be 3,372,415,387 and this figure may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
*ENDS*
For further information:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser
and Broker)
Rory Murphy, Matthew Chandler, Rob Patrick +44 (0) 20 7409 3494
B uchanan (Financial PR)
Oonagh Reidy/ Abigail Gilchrist +44 (0) 203 7466 5000
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power
project developer quoted on London's AIM market. The Company
currently has two areas of focus: Western Australia and Pakistan.
The Company is active in the energy industry in Pakistan and is
working to establish a Green Hydrogen production facility through
Oracle Energy Limited, a joint venture with His Highness Shaikh
Ahmed Dalmook Al Maktoum.
Oracle Energy has been set up as the project development company
and is funded on a 70:30 basis by Kaheel Energy (100% owned by His
Highness Shaikh Ahmed Dalmook Al Maktoum) and Oracle Power
respectively. The project development company provides a vehicle to
support the accelerated development of the Green Hydrogen project
to meet the growing international and domestic demand of Green
Hydrogen and clean energy.
The Company also continues to advance towards the development of
its Thar Block VI Project in south-east Pakistan into a mine, a
power plant and a proposed coal gasification project.
In Australia, its primary focus is the Northern Zone Gold
Project, located 25km east of the major gold mining centre of
Kalgoorlie, the home of the 'Super Pit' mine, the second largest
gold mine in Australia. Northern Zone has a current Exploration
Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold,
with drilling being planned to define a maiden inferred JORC
resource.
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