Oracle Power PLC LOI to be Issued for Green Hydrogen Project (6920U)
03 August 2022 - 4:00PM
UK Regulatory
TIDMORCP
RNS Number : 6920U
Oracle Power PLC
03 August 2022
3 August 2022
Oracle Power PLC
("Oracle", the "Company" or the "Group")
LOI to be Issued for Green Hydrogen Project:
Approval an Important Step in Development of 1,200MW Power/Green
Hydrogen Project
Oracle Power PLC (AIM:ORCP), the international natural resources
project developer, is pleased to announce that the Company has
received a letter from the Directorate of Alternative Energy of the
Government of Sindh confirming that it will issue a Letter of
Intent ("LOI") to Oracle regarding the establishment of a 1,200MW
hybrid solar/wind, green hydrogen/power project (the "Project") in
Pakistan, being advanced by the Company's joint venture company,
Oracle Energy Limited ("Oracle Energy"), subject to the provision
of a US$600,000 performance guarantee by Oracle Energy.
The LOI is expected to provide that the developer of the Project
can produce green hydrogen from a 400MW capacity electrolyser
facility and renewable power for business-to-business usage, for
possible sale to utilities and for other uses. Oracle Energy plans
to progress the other aspects of project development including the
technical, financial and investment parameters of the Project and
the Company will make further announcements in due course.
Naheed Memon, CEO of Oracle, commented:
"I am delighted to report that our green hydrogen initiative in
Pakistan has received confirmation that it will receive the consent
of the Government of Sindh through the issuance of an LOI, subject
to the provision of a bank guarantee. This is a defining moment for
Oracle and our joint venture company, which also has the potential
to transform the landscape of the energy industry in Pakistan
through the setting up of a 400 MW green hydrogen production
facility powered by a 1200 MW hybrid power plant. Such a green
hydrogen plant would be able to produce up to 55,000 tonnes of
green hydrogen pa at full capacity.
"I have been clear in my conviction that green hydrogen has the
ability to revolutionise the energy, industrial and power sector,
and Oracle has been working hard to secure the necessary
relationships over recent months to support the development of our
project, and also to commercialise it on a large scale. We will
embark on detailed technical and financial feasibilities, and are
in advanced dialogue with technology providers, equipment suppliers
and consultants. We are also now going to move ahead with further
discussions with buyers and users of green hydrogen and green
ammonia in the region and in Europe.
" I would like to take this opportunity to thank both the
Government of Sindh for its vision and recognition of the strategic
importance of this project, and also His Highness Shaikh Ahmed
Dalmook Al Maktoum for
his support and determination to make Pakistan a green hydrogen
production hub by setting up one of the largest green hydrogen
production facilities in the region."
*ENDS*
For further information please contact:
Oracle Power PLC +44 (0) 203 580
Naheed Memon 4314
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
Rory Murphy, James Harris, Rob Patrick 3494
St Brides Partners Limited (Financial
PR) +44 (0) 20 7236
Susie Geliher, Catherine Leftley 1177
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. The Company's initial project is the Thar
Block VI Project in south-east Pakistan where the Company is
advancing plans for a combined lignite coal mine, a 1,320MW mine
mouth power plant and a proposed coal gasification to urea
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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