19 December 2022

Oracle Power PLC

("Oracle", the "Company" or the "Group")

Topography Survey Commences on Green Hydrogen Project Site 

Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production through its joint venture Oracle Energy Limited ("Oracle Energy"), is pleased to announce that Oracle Energy has appointed consultancy firm Fugro Pakistan B.V ("Fugro"), to immediately commence a surface level survey at its Green Hydrogen Project site (or the "Project site") in Sindh, south-east Pakistan

The topographic survey of the 28km² site, is being completed by Fugro through the use of drones, providing vital mapping data about the newly leased Project site (see RNS Nov 28), including accurate terrain information on roads, streams and buildings in order to optimise planning, design and construction costs for the planned 1.2 GW of hybrid wind and solar plants and the 400MW Green Hydrogen facility.

Additional data, including ground control points and field verification will be attained using a manned GPS survey team. The topographic survey, which is due to be completed in Q1 2023, is an important next step in the development of this flagship Green Hydrogen Project ("Project") ahead of the commercial and technical feasibility study, due to be released in H1 2023.  

The Project is planned to have an initial capacity to produce 55,000 tonnes of hydrogen annually and be one of the largest hydrogen projects in the Middle East and Asia.  

Fugro, which is part of the Euronext-listed Dutch-based Fugro NV group, specialises in surveys and mapping supporting oil and gas development and civil engineering projects and has been operating in Pakistan since 1979.

The Project includes plans to develop solar and wind power facilities with a combined output capacity of 1.2 GW  (700MW solar and 500MW wind), along with a battery storage park of up to 450 MW, to ensure the continuous production of hydrogen throughout the year. Oracle Energy, a 30:70 joint venture with Oracle Power and His Highness Shaikh Ahmed Dalmook Al Maktoum through Kaheel Energy FZE, aims to start production in Q4 2026 - supplying domestic industries manufacturing, fertiliser production, transport and power generation plus international markets.  

Naheed Memon, CEO, Oracle Power commented:

"The commencement of the topography survey is another major step towards setting up this important project as it will lead to clearing the project site for suitability and will feed into design and planning of the large facility encompassing 1.2 GW of hybrid power plants and hydrogen and ammonia production units. 

We are committed to becoming one of the largest producers of Green Hydrogen in the region to meet the domestic demand for green fuel as well as a growing overseas requirement, as the world transitions to clean energy and a zero carbon future.  We look forward to updating the market as this exciting project advances."

-ENDS-  

For further information:

About Oracle Power PLC:

Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. The Company is active in the energy industry in Pakistan and is working to establish a green hydrogen production facility through Oracle Energy Limited, a joint venture with His Highness Shaikh Ahmed Dalmook Al Maktoum. 

Oracle Energy has been set up as the project development company and is funded on a 70:30 basis by Kaheel Energy (100% owned by His Highness Shaikh Ahmed Dalmook Al Maktoum) and Oracle Power respectively.  The project development company provides a vehicle to support the accelerated development of the green hydrogen project to meet the growing international and domestic demand of green hydrogen and clean energy.  

The Company also continues to advance towards the development of its Thar Block VI Project in south-east Pakistan into a mine, a power plant and a proposed coal gasification project. 

In Australia, its primary focus is the Northern Zone Gold Project, located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia.  Northern Zone has a current Exploration Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold, with drilling being planned to define a maiden inferred JORC resource. 

About Fugro Pakistan B.V:

Fugro Pakistan B.V has been operating throughout Pakistan since 1979. The company specialises in Surveys and Mapping in support of Oil & Gas development and Civil Engineering projects, Geotech and construction material testing.

In the recent years, Pakistan has proved itself as an emerging economy with a number of development projects in both public and private sectors. Steadily increasing investment from China in the Country with various projects in connection with developing CPEC project, Fugro aims to facilitate engineering sector in Pakistan and to invest in growing opportunities.

In Pakistan, Fugro's office is located in Karachi, while setting up of another office in Lahore is underway.

Fugro Pakistan B.V is included in the Middle East and Asia Region (MEI) of Dutch-based Fugro NV, an international group of professional, highly specialized engineers and earth scientists, who use the most advanced technologies to provide unique technical studies and professional consultancy in the area of Earth Sciences, with an objective "Unlocking insights from Geo-data, for a safe and livable world."

Fugro, founded back in 1962 in Amsterdam-The Netherlands, now operates around the globe, with over 275 offices in over 65 countries, and more than 14,600 employees. Fugro is listed on Euronext NV in Amsterdam, since 1992 and in Amsterdam Midkap index since 2002.