Oracle Power PLC Extension Granted for LOI Validity Period
21 5월 2024 - 3:01PM
RNS Regulatory News
RNS Number : 1867P
Oracle Power PLC
21 May 2024
21 May 2024
Oracle Power
PLC
("Oracle", the "Company" or
the "Group")
Extension Granted for LOI
Validity Period for Renewable Power Plant
Oracle Power PLC (AIM:ORCP), the
international project developer, is pleased to announce that
the Company's joint venture company, Oracle Energy Limited ("Oracle
Energy" or the "Joint Venture"), has been has granted an extension
in the validity period of the Letter of Intent ("LOI") by the
Directorate of Alternative Energy of the Government of Sindh for
the development of its proposed 1.3 GW renewable energy power plant
in Jhimpir, Sindh Province in Pakistan. The LOI, originally issued
on 13 September 2022, expired on 13 March 2023. It has now been
extended up until 23 January 2025.
The extension approval was granted
after the Department of Energy, Government of Sindh considered
Oracle Energy's request dated 20 March 2024, and were satisfied
with the significant progress achieved on the project to date. Key
milestones accomplished include the completion of bankable
technical and commercial hydrogen and ammonia studies by
Thyssenkrupp Udhe, a commercial and technical renewable power study
by State Grid, a topographic survey by FUGRO, an environmental and
social impact assessment by SGS, and geotechnical study and
electrical resistivity survey by F&M. The grid interconnection
and transmission study is ongoing and is expected to be completed
in a few weeks.
The extension is subject to the
submission of an extended bank guarantee of $600,000 ("Bank
Guarantee"), to be provided within 15 days from the issuance of the
extension letter. The Company has applied for the Bank Guarantee
extension.
Naheed Memon, CEO of Oracle, commented:
"The extension of the LOI provides for further accelerated
development, as we continue to achieve milestones leading to
potential completion of financing and investment decision for the
project. We appreciate the continued support from the
Department of Energy, Government of Sindh, and hope to provide
further updates as we progress."
*ENDS*
For further information visit
www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO
|
+44 (0)
203 580 4314
|
Strand Hanson Limited (Nominated Adviser & Joint
Broker)
Rory Murphy, Matthew Chandler, Rob
Patrick
|
+44 (0) 20
7409 3494
|
Global Investment Strategy UK Limited (Joint
Broker)
Samantha Esqulant
|
+44
(0) 20 7048 9432
|
St
Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis,
Isabelle Morris
|
oracle@stbridespartners.co.uk
|
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END
MSCPPUAPAUPCPUU
Oracle Power (LSE:ORCP)
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부터 5월(5) 2024 으로 6월(6) 2024
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부터 6월(6) 2023 으로 6월(6) 2024