Oracle Power PLC (AIM: ORCP), the international natural resources project developer, announces that, further to its announcements of 30 March, 1 April and 11 July 2022, Oracle and Kaheel Energy FZE (“Kaheel Energy”) (a wholly owned company of the Private Office of His Highness Shaikh Ahmed Dalmook Al Maktoum (“HH Private Office”) have advanced further funds to their joint venture company, Oracle Energy Limited (“Oracle Energy” or the “JV”).
On 15 August 2022 Oracle and Kaheel Energy subscribed for further equity in the JV , at a price of 10 Pakistani Rupees per share, for in aggregate approximately £1,497,000. The funds will further capitalise Oracle Energy and be used to progress the development of its green hydrogen project in Pakistan. The JV is being funded on a 70:30 basis by Kaheel Energy and Oracle, respectively and in this instance, HH Private Office’s contribution was approximately £1,047,000 and Oracle Power’s £450,000.
Naheed Memon, CEO of Oracle, commented:
“Further capitalisation of the green hydrogen project company is a clear demonstration of our commitment to expedite the development of this project, and this determination is mirrored by His Highness’s continued support of one of Oracle Power’s most important projects. Indeed, both parties recognise the urgent need for a shift in global energy sources and will continue to press forward with our plans to commercialise this commodity.
“Specifically, these funds will provide funds to progress the bank guarantee for the previously announced Letter of Intent and will also support land lease payments and other development expenditure. I look forward to reporting further news during what I believe will be a very active period for our most important and strategic project.”
The Joint Venture
The JV agreement (the “JV Agreement”), entered into on 29 March 2022 by Kaheel Energy, Oracle and Oracle Energy provides that Kaheel Energy and Oracle provide funding to the JV on a 70:30 basis (respectively) to develop the green hydrogen project in Pakistan. Refer to the Company’s announcement of 30 March 2022 for further information on the JV Agreement.
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).
*ENDS*
For further information on Oracle Power PLC, visit the Company’s website http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon – CEO +44 (0) 203 580 4314
