Oracle Power Plc

Description

Founded in the year 2006, Oracle power plc is a UK-based global power and natural resource project developer. It has its headquarters are situated in Cambridge. The main country of operations is Pakistan. The company is listed and traded on the Alternative Investment Market (AIM) of the London Stock Exchange and complies with the UK City Code on Takeover and Mergers. Its subsidiaries include Sindh Carbon Energy Limited, Revive Financial Limited, and Thar Electricity (Private) Limited.

The focus of the company is to deliver reliable and cheap power in growing and developing markets with the objective to provide them with energy security as well as support their economic growth. The projects of the company include Thar Block VI Project and West Australia Gold Projects. The Thar Block VI Project, which is a 66.1 sq. km license, is the initial project of the company located in the Thar Desert in the south-east of the Sindh province of Pakistan and containing 1.4 billion tonnes of coal. The company is going forward with a combined lignite coal mine, with a suggested coal gasification to urea project, and a 1,320MW mine mouth power plant. The partners of the company supporting this project are the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum and China National Coal Development Company Ltd. (CNCDC). The Thar Coalfield, covering 9,100 kilometers and carrying over 175 billion tonnes of lignite resource is the sixth largest across the globe. Sindh Carbon Energy Ltd (SCEL) owns the project and has a 30-year mining lease for the same.

Recently, in November 2020, two gold licenses were acquired by the company in Western Australia. These include the Northern Zone Project and the Jundee East Project. The 82-hectare Northern Zone Project, with one granted prospecting licence (P25/2651), is a highly potential project for gold mining. Located 9 km east to the Jundee Gold mine, the Jundee East project has one exploration licence (E53/2140), covering an area of around 89.3 square km. The project is at a prime location in a Tier-1 gold belt which is Yandal Gold Province. The goal of the company is to become a leading energy and natural resource project developer by leveraging its international connections and corporate network as well as technical expertise. Its priority is to get all the permissions for the Thar Project to commercialise its operations, to meet all the necessary requirements for arranging the finances under the CPEC, which is China-Pakistan Economic Corridor.

Oracle power plc follows a well-defined framework of corporate governance and aligns itself with the Quoted Companies Alliance (QCA) Corporate Governance Code. Apart from fulfilling all its corporate responsibilities, the company also fulfills its environmental and social responsibilities. It has a comprehensive Corporate Social Responsibility (CSR) framework in place and complies with international best practices and guidelines to create a sustainable business. It aims to minimise the impact of its business activities on the environment and create long-term value for the business as well as the wider community.