Milestone development of Block VI, Thar Project

RNS Number : 9528X

Oracle Coalfields PLC

17 January 2014

 



17 January 2014

Oracle Coalfields PLC

("Oracle" or the "Company")

Milestone development of Block VI, Thar Coalfield Project

Oracle Coalfields PLC (AIM:ORCP), the UK coal developer of a 1.4 billion tonne lignite resource located in the south-eastern desert of the Sindh Province, Pakistan, today announcesthat a "No Objection Certificate" has been issued by the Environmental Protection Agency Government of Sindh (SEPA) on the 17^th January 2014 for the Environmental and Social Impact Assessment for Block VI of the Thar Coalfield submitted in 2013  concerning its environmental plan.  This is a further significant step in the development of the company's energy project in the Thar Desert of the Sindh Province of Pakistan. 

Following the Memorandum of Understanding with SEPCO Electric Power Construction Corporation ("SEPCO") which was announced on 21^st November, 2013, and as reported in the Pakistani press this morning, Oracle and SEPCO are currently working on a Joint Development Agreement which they hope will be concluded shortly.

Shahrukh Khan, CEO of Oracle, said: "We are delighted to announce this significant development. The issuance of the "No Objection Certificate" represents another major milestone in the development of our Thar Coalfield project.

Your Board continues to advance towards the development of the project, and shareholders should expect to receive further progress updates in due course".

Ends

For further information:

Oracle Coalfields PLC

Shahrukh Khan, CEO                                                                                                   [phone]

Fortbridge Consulting

Matt Beale / Bill Kemmery                                                                                        [phone]

Grant Thornton UK LLP (Nominated Adviser)

Salmaan Khawaja /David Hignell/Jamie Barklem                                                  [phone]

Peterhouse Corporate Finance Limited

Charles Goodfellow/Duncan Vasey                                                                         [phone]

 

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