Update re Ceremonial Signing of MOU

RNS Number : 9624X

Oracle Power PLC

03 May 2019

 

3 May 2019

Oracle Power PLC

("Oracle" or "the Company")

Update re Ceremonial Signing of MOU

Oracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in the south-eastern Sindh Province of Pakistan (Thar Block VI), advises that it received on 1 May 2019 the Memorandum of Understanding ("MOU"), ceremonially signed on 27 April 2019 by representatives of Beijing Jingneng Power Company Limited ("Beijing Jingneng"), PowerChina International Group Limited ("PowerChina") and Oracle, as announced on 29 April 2019.

It was stated on 29 April 2019 that there were no changes to the MOU announced on 27 March 2019 ("March MOU").  The board of Oracle ("Board") has noted that in the document received certain sections from the March MOU have been removed. Following requests for clarification, PowerChina has indicated in a letter of 2 May 2019 that the March MOU remains valid and the document received on 1 May 2019 is only ceremonial. Oracle is seeking similar confirmation from Beijing Jingneng. As such, the Board considers that the March MOU remains valid. 

Further updates will be provided to shareholders in due course.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please contact:

Oracle Power PLC Naheed Memon	[phone]
Strand Hanson Limited (Nominated Adviser) Rory Murphy, James Harris, Jack Botros	[phone]
Brandon Hill Capital Limited Oliver Stansfield	[phone]
Peterhouse Corporate Finance Charles Goodfellow	[phone]
Blytheweigh                                                   Tim Blythe, Camilla Horsfall, Megan Ray	[phone]

 

END

 

 

UPDCKBDKBBKBQPK