Oracle Power PLC (AIM:ORCP) Unaudited Interim Results for the six months to 30 June 2022

Oracle Power PLC (AIM: ORCP), the international natural resources project developer, announces its unaudited interim results for the six months ended 30 June 2022, which will also be made available on its website at:

Chairman’s Statement for the six months to 30 June 2022

Summary of Interim Results

Oracle has made significant process in relation to its multi-project portfolio consisting of two gold tenements in Western Australia, the Thar coal project in Pakistan (the “Thar Project”) and a very exciting green hydrogen project in the south of Pakistan (the “Green Hydrogen Project”). For the Green Hydrogen Project, the Company has set up a joint venture company, Oracle Energy Limited (“Oracle Energy”), with Kaheel Energy FZE (“Kaheel Energy”), which is wholly owned by His Highness Sheikh Ahmed Bin Dalmook Al Maktoum. As is to be expected for a project development company with four pre-revenue projects at development stages, the Company’s financial results for the six months to 30 June 2022 show the Group to have made a loss after taxation of £356,295 (2021: £301,971). At 30 June 2022, the Group had cash and cash equivalents of £762,300 (2021: £975,820) and total assets less current liabilities of £ 6,890,348 (2021: £6,009,841).

Operational Update


The Company holds two prospective gold assets in a globally significant gold region of Western Australia, The Northern Zone Project and the Jundee East Gold Project. The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home of the ‘Super Pit’ mine which is the second largest gold mine in Australia; and the Jundee East Gold Project is located approximately 9km east of Northern Star’s Jundee Gold Mine, one of Australia’s largest gold mines.


The Pakistan authorities continue to work with the Chinese Government through the China-Pakistan Economic Corridor (“CPEC”). This will assist with the obtaining of finance to develop Thar Block VI. We keep in close touch with the Government of Pakistan at both federal and provincial levels to ensure the continued support for the Thar Project.

Post period end, we received the letter of intent (“LOI”) from Directorate of Alternative Energy of the Government of Sindh relating to the establishment of a 1,200MW hybrid solar/wind, green hydrogen/power project in Pakistan, enabling development of the Green Hydrogen Project to commence.

In the Chief Executive Officer’s statement contained within this report, Ms Memon has prepared a separate operational update which further details the Company’s progress in Australia and Pakistan.

Going Concern

The Company raised £800,000 before expenses in April 2022 to fund the Green Hydrogen Project and, subsequent to the period end, another £500,000 before expenses was raised in August 2022. The Board believes that the Company is sufficiently funded to progress its various projects.


The Board extends its appreciation to the Energy Department, the Government of Sindh, as well as the Ministry of Energy (Power Division), Government of Pakistan, for their continued support. The Board also continues to be very grateful for the patience and support of the Company’s shareholders.

Mark W. Steed

Chairman of the Board – Oracle Power PLC

Date: 22 September 2022

Chief Executive Officer’s statement for the six months ended 30 June 2022

In the first half of 2022, we made significant progress in relation to the development of our Green Hydrogen Project in Pakistan and have also conducted decisive activities on ground in Australia.

Review of Operations


Thar Block VI

As part of our continuing development of Thar Block VI, in January 2022, we signed an MoU with Sui Southern Gas Company Limited (“SSGC”) a publicly listed company on the Pakistan Stock Exchange, and majority-owned by the Government of Pakistan. The MoU relates to the buy back and joint development of a synthetic natural gas project using Thar Block VI coal.

This development places us in the frontline for the commercialisation of coal to gas/liquid production at Thar Block VI, as the Government of Pakistan finalises a policy for initiatives of this nature.

Green Hydrogen Project

In the first half of 2022, Oracle has moved swiftly to implement a new focus on green energy development. In order to realise the objective of setting up one of the largest green hydrogen projects in the region, Oracle entered into a joint venture agreement with His Highness Sheikh Ahmed Dalmook Al Maktoum (represented through Kaheel Energy, a company wholly owned by him) in March 2022. The primary objective of partnering with His Highness Sheikh Ahmed Dalmook Al Maktoum, was to leverage his influence and financial strength in the region and thereby expedite the development of this project of significant importance.

A joint venture company, Oracle Energy, has been established, and has already received the first tranche of funds from both Oracle and Kaheel Energy in the prescribed 30:70 ratio. Further funds have been invested post period end such that the capitalisation of Oracle Energy, is now almost £2 million.

In March 2022, we appointed a financial adviser specifically for the Green Hydrogen Project, Hannam and Partners Advisory. Furthermore, to progress the development of the Green Hydrogen Project, Oracle successfully raised £800,000 in April 2022 and, subsequent to the period end, another £500,000 was raised in August 2022 .

As part of the partnership building strategy for the Green Hydrogen Project, encompassing technology suppliers, financiers and off takers, Oracle Energy signed an MoU with a United States hydrogen fuel cell company, Nuvera Fuel Cells LLC, in June 2022, and is jointly pursuing the roll-out of a pilot hydrogen bus project in collaboration with local bus companies. In June 2022, Oracle also entered into an MoU with a hydrogen storage company in China, Jiangsu Guofu Hydrogen Energy Equipment Co, in order to jointly explore storage and port infrastructure development for the Green Hydrogen Project.

During the first half of 2022, Oracle Energy also pursued approval for an LOI from the Directorate of Alternative Energy of the Government of Sindh, for the setting up of the 400 MW green hydrogen and 1200 MW hybrid power plant located in the wind corridor in Sindh and this has been approved and awarded post period end.

We also maintained an active dialogue with various departments within the Government of Pakistan for the allocation of land, following the identification of a suitable site after a thorough survey and technical analysis.

During this period, Oracle also built a credible relationship with KOTRA Korea Trade-Investment Promotion Agency, and developed meaningful relations with Korean enterprises, based on the importance of Korea in the global hydrogen economy. Active dialogue is continuing with a number of potential partners.

Oracle Energy has also pursued feasibility study contracts with important technology providers and many of these will be finalised in the second half of 2022.


In Western Australia, Oracle has extensively explored both of the Company’s tenements during the first half of 2022.

Positive assay results were received in January 2022 from the maiden drilling programme at the Northern Zone Project. This first phase of reverse circulation drilling successfully targeted gold mineralisation within a series of stacked porphyry intrusions. An exploration target based on historical results and the results of the recent seven drill holes, identified an exploration target of 2.5 to 4.8Moz of gold.

Further to these encouraging results, Oracle stepped up testing and received promising test results for samples checked metallurgically for extraction. The test results of 9 June 2022 confirmed that good gold recoveries can be achieved within six hours of 83.3% and up to 90.4% over 72 hours. Results announced on 13 June 2022, indicated higher recoveries of 92.9% on average over 24 hours. These recovery results form the basis for moving forward with drilling to define a maiden inferred JORC resource, which would be similar to other large low grade systems in Australia. During the period, active dialogue has also taken place with possible partners to progress the development of the Northern Zone Project and these remain ongoing.

Extensive exploration work was also conducted at Jundee East Project. This included geochemical sampling over the block, which showed positive results and a drilling programme was subsequently carried out. The results of the drilling programme did not confirm positive results for gold mineralisation and further assessments have been commissioned for other minerals which are expected to be completed post period end.


During the first half of 2022, we have actively pivoted towards a more environmentally responsible project development strategy, by selecting green hydrogen as the most relevant fuel to be our primary focus going forward. The Company is also reviewing other global opportunities, especially in green energy, with His Highness Sheikh Ahmed Dalmook Al Maktoum.

However, we also remain determined to generate value from the investments that we have made in gold by turning those projects into revenue generating assets for the Company. In parallel, we are pursuing the development of our coal block in Thar and are currently investigating strategies for development which would be more aligned with national and international energy priorities. We have access to a large land resource located within a very viable geographical area, which is being developed actively. We aim to benefit from developments in this area which include water systems, a railway line for transporting coal and new transmission systems. It is expected that an exciting and innovative plan for development will be in place soon.

The management and board of the Company acknowledges the support of all shareholders and remain committed to generating an attractive return on their investment.

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Naheed Memon

Chief Executive Officer – Oracle Power PLC

Date: 22 September 2022

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