Oracle Power PLC Q4 Update and Shareholder Q&A (6064Z)

TIDMORCP

RNS Number : 6064Z

Oracle Power PLC

15 January 2024

15 January 2024

Oracle Power PLC

("Oracle" or the "Company")

Q4 Update and Shareholder Q&A

Oracle Power PLC, the international project developer, is pleased to provide the following update on activities during Q4 2023, as it advances the development of a portfolio of projects.

Highlights

-- Continued advancement of Oracle's strategy to deliver a pipeline of development opportunities.

-- Further progress made towards demonstrating the commercial viability of the green hydrogen project in Pakistan:

o Power Feasibility Study near completion and in parallel is being integrated with the green hydrogen and green ammonia feasibility study received in Q3 2023.

o Grid Interconnectivity Study is ongoing and is expected in Q1 2024.

o Completed registration of the green hydrogen project under the Verified Carbon Standard programme with Verra, an organisation that manages the world's leading Verified Carbon Standards. This association and listing with Verra will enable the project to be issued Verified Carbon Units for trading, in order to supplement project financing.

o Presentation of the green hydrogen project at Dii Desert Energy Leadership Summit in Dubai, to senior international energy project developers and lenders.

o Constructive discussions in relation to offtake and financing undertaken at COP28 by Naheed Memon, with further updates expected as project progresses.

-- Very encouraging exploration results received from drilling campaign at the Northern Zone Project by farm-in partner, Riversgold Limited ("Riversgold"):

o Drill results support the previously announced Exploration Target of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of contained gold.

o +100m wide gold intercepts identified with latest drilling confirming the gold mineralisation style, widths and grades and structural orientation.

o A new programme of works ("POW") is expected to be submitted imminently, targeting the delivery of a maiden Mineral Resource Estimate in 2024.

Naheed Memon, CEO of Oracle Power, commented:

"Oracle is rapidly pursuing and extending its objective to build a portfolio of project development opportunities, with both our green hydrogen and Western Australian gold interests being key pillars of this strategy. I am encouraged by the work and results that have been demonstrated at our Northern Zone Project, and we hope that this will become a model for us to replicate in the future. Similarly, our green hydrogen interests, which are being advanced in joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum, continue to move forward promisingly, including the recent registration of the project under the Verified Carbon Standard programme with Verra. His Highness and I were also extremely active during the Dii and COP28 Conferences and we continue to work towards finalising off-takes. One of our prospective off takers, EGA, was expected to finalise its off-take commitments at COP28, but since its decarbonisation programme has yet not been finalised, this will be addressed after their internal strategy is firm. COP28 was an important trigger for a quicker global energy transition, given the commitment made to move away from oil and gas. We expect that this shift will translate into greater financial support, more conducive government policy and firm decarbonisation commitments by industry across the globe."

A shareholder Q&A session will be published on the Company's website on 24 January 2024. To submit questions to be addressed at this session, please email [e-mail] with "Q4 Shareholder Q&A" in the subject line. The deadline for questions is midday (noon) on 19 January 2024.

*ENDS*

For further information visit www.oraclepower.co.uk or contact:

 
 Oracle Power PLC 
  Naheed Memon - CEO                                      [phone] 
 Strand Hanson Limited (Nominated Adviser 
  & Joint Broker) 
  Rory Murphy, Matthew Chandler, Rob Patrick              [phone] 
 Global Investment Strategy UK Limited (Joint 
  Broker) 
  Samantha Esqulant                                       [phone] 
 St Brides Partners Limited (Financial PR)       [e-mail] 
  Susie Geliher, Isabel de Salis 
 

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January 15, 2024 02:00 ET (07:00 GMT)