TIDMORCP
RNS Number : 2928G
Oracle Power PLC
18 July 2023
18 July 2023
Oracle Power PLC
( " Oracle ", the " Company " or the " Group ")
Topography Survey Report Completed on the Green Hydrogen Project
' s Site
Oracle Power PLC (AIM: ORCP), a developer of energy and natural
resource project s , is pleased to announce receipt of a topography
survey report on its Green Hydrogen Project site in south-east
Pakistan. Further to the Company's announcement of 19 December
2022, the survey was commissioned by its subsidiary, Oracle Energy
Limited ("Oracle Energy"), from, and conducted by , Fugro Pakistan
B.V . ( " Fugro " ), part of a world renowned global consultancy
group , and represents a further step forward in the development of
this flagship project.
Spanning an area of approximately 28 square kilomet re s, the
topographic survey utilised advanced drone technology to gather
vital mapping data, including accurate terrain information on
roads, streams and buildings. The survey' s findings will play a
crucial role in optimi s ing the planning, design and construction
costs for the proposed future 1.2 GW hybrid wind and solar plants,
along with the intended 400 MW Green Hydrogen facility.
Fugro, with its extensive experience in surveys and mapping,
establish ed, inter alia , survey control stations, stak ed and
mark ed plot boundaries and captur ed ground elevations on a 25-met
re grid. The comprehensive survey report and its associated maps,
drawings and WGS84 coordinates (World Geodetic System 1984) in
respect of the project site, will serve to provide valuable
insights for project design activities .
The topography survey reveal ed no significant obstructions
regarding the Project . The SSGC (Sui Southern Gas Company)
pipeline traverses part of the project' s site and may become
useful at a future commerciality stage . The project' s site mainly
consists of expansive bushes and barren land, alongside select
rain-fed cultivated areas. Ongoing construction of the K-IV
pipeline (Karachi 's water supply project) has facilitated the
establishment of a well-maintained gravel track, thereby ensuring
convenient transportation of heavy equipment. The presence of
existing high tension power lines, a main railway track, and nearby
surface road further enhances accessibility. These positive survey
findings reinforce the Company's unwavering commitment to pursuing
sustainable energy development.
The completion of th is survey sets the stage for the next phase
of our Green Hydrogen Project, which includes site design and
project planning. With an initial planned production capacity of
55,000 tonnes of hydrogen per annum , the p roject aims to become
one of the largest hydrogen initiatives in the Middle East and Asia
n region . Oracle 's joint venture, Oracle Energy, in partnership
with His Highness Sh eikh Ahmed Dalmook Al Maktoum via Kaheel
Energy FZE, envisions supplying regional markets with Green
Hydrogen and Green Ammonia.
Naheed Memon, Chief E xecutive O fficer of Oracle , today
commented :
"The successful conclusion of the topography survey for our
Green Hydrogen Project marks a further significant step forward. We
are now able to proceed with site clearance and can incorporate the
survey data into project design and planning activities . It also
sets the stage for the next phase of our Green Hydrogen Project,
which includes the expected near term completion of the Green
Hydrogen and Green Ammonia commercial and technical feasibility
study. Oracle Energy' s goal is to become a future leading producer
of Green Hydrogen, meeting regional demand as the world transitions
to clean energy. We are excited about the progress made to date and
will continue to provide regular updates as the project advances
further . "
- ENDS -
For further information :
O racle Power PLC +44 (0) 203 580
N aheed Memon (Chief Executive Officer) 4314
Strand Hanson Limited (Nominated Adviser
& Joint Broker) +44 (0) 207 409
Rory Murphy / Matthew Chandler / Rob Patrick 3494
Global Investment Strategy UK Limited (Joint
Broker) +44 (0) 207 048
Samantha Esqulant 9432
Buchanan (Financial PR) +44 (0) 207 466
Bobby Morse / Oonagh Reidy / Abigail Gilchrist 5000
oracle@buchanan.uk.com
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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 Sh eikh
Ahmed Dalmook Al Maktoum.
Oracle Energy has been established as the project development
company and is funded on a 70:30 basis by Kaheel Energy FZE (100%
owned by His Highness Sh e ikh 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.
About Fugro Pakistan B.V . :
Fugro Pakistan B.V . has been operating throughout Pakistan
since 1979. The company specialises in s urveys and m apping in
support of Oil & Gas development and Civil Engineering
projects, Geotech and construction material testing.
Fugro Pakistan B.V . is included in the Middle East and Asia
Region (MEI) of Dutch-based Fugro NV, an international group of
professional, highly speciali s ed engineers and earth scientists,
who u tilise the most advanced technologies to provide unique
technical studies and professional consultancy in the area of Earth
Sciences, with a stated objective to "create a safer and more live
able world."
Fugro NV , founded in 1962 in Amsterdam-The Netherlands, now
operates around the globe, with a presence in 57 countries, and
more than 11,000 employees. It has been listed on Euronext
Amsterdam since 1992 and been part of the Amsterdam Mid c ap index
since 2002.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBCGDRSDBDGXR
(END) Dow Jones Newswires
July 18, 2023 02:00 ET (06:00 GMT)
Oracle Power (AQSE:ORCP.GB)
Historical Stock Chart
From Oct 2024 to Dec 2024
Oracle Power (AQSE:ORCP.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024
