Green Hydrogen Project Topography Survey Completed
18 July 2023
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Topography Survey Report Completed on the Green Hydrogen Project's Site
Oracle Power PLC (AIM: ORCP), a developer of energy and natural resource projects, is pleased to announce receipt of a topography survey report on its Green Hydrogen Project site in south-east Pakistan. Further to the Company's announcement of 19 December 2022, the survey was commissioned by its subsidiary, Oracle Energy Limited ("Oracle Energy"), from, and conducted by, Fugro Pakistan B.V. ("Fugro"), part of a world renowned global consultancy group, and represents a further step forward in the development of this flagship project.
Spanning an area of approximately 28 square kilometres, the topographic survey utilised advanced drone technology to gather vital mapping data, including accurate terrain information on roads, streams and buildings. The survey's findings will play a crucial role in optimising the planning, design and construction costs for the proposed future 1.2 GW hybrid wind and solar plants, along with the intended 400 MW Green Hydrogen facility.
Fugro, with its extensive experience in surveys and mapping, established, inter alia, survey control stations, staked and marked plot boundaries and captured ground elevations on a 25-metre grid. The comprehensive survey report and its associated maps, drawings and WGS84 coordinates (World Geodetic System 1984) in respect of the project site, will serve to provide valuable insights for project design activities.
The topography survey revealed no significant obstructions regarding the Project. The SSGC (Sui Southern Gas Company) pipeline traverses part of the project's site and may become useful at a future commerciality stage. The project's site mainly consists of expansive bushes and barren land, alongside select rain-fed cultivated areas. Ongoing construction of the K-IV pipeline (Karachi's water supply project) has facilitated the establishment of a well-maintained gravel track, thereby ensuring convenient transportation of heavy equipment. The presence of existing high tension power lines, a main railway track, and nearby surface road further enhances accessibility. These positive survey findings reinforce the Company's unwavering commitment to pursuing sustainable energy development.
The completion of this survey sets the stage for the next phase of our Green Hydrogen Project, which includes site design and project planning. With an initial planned production capacity of 55,000 tonnes of hydrogen per annum, the project aims to become one of the largest hydrogen initiatives in the Middle East and Asian region. Oracle's joint venture, Oracle Energy, in partnership with His Highness Sheikh Ahmed Dalmook Al Maktoum via Kaheel Energy FZE, envisions supplying regional markets with Green Hydrogen and Green Ammonia.
Naheed Memon, Chief Executive Officer of Oracle, today commented:
"The successful conclusion of the topography survey for our Green Hydrogen Project marks a further significant step forward. We are now able to proceed with site clearance and can incorporate the survey data into project design and planning activities. It also sets the stage for the next phase of our Green Hydrogen Project, which includes the expected near term completion of the Green Hydrogen and Green Ammonia commercial and technical feasibility study. Oracle Energy's goal is to become a future leading producer of Green Hydrogen, meeting regional demand as the world transitions to clean energy. We are excited about the progress made to date and will continue to provide regular updates as the project advances further."
- ENDS -
For further information:
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Oracle Power PLC Naheed Memon (Chief Executive Officer) |
+44 (0) 203 580 4314 |
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Strand Hanson Limited (Nominated Adviser & Joint Broker) Rory Murphy / Matthew Chandler / Rob Patrick
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+44 (0) 207 409 3494
|
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Global Investment Strategy UK Limited (Joint Broker) Samantha Esqulant |
+44 (0) 207 048 9432 |
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Buchanan (Financial PR) Bobby Morse / Oonagh Reidy / Abigail Gilchrist |
+44 (0) 207 466 5000 oracle@buchanan.uk.com |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
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 Sheikh Ahmed Dalmook Al Maktoum.
Oracle Energy has been established as the project development company and is funded on a 70:30 basis by Kaheel Energy FZE (100% owned by His Highness Sheikh 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.
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.
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 specialised engineers and earth scientists, who utilise the most advanced technologies to provide unique technical studies and professional consultancy in the area of Earth Sciences, with a stated objective to "create a safer and more liveable world."
Fugro NV, founded in 1962 in Amsterdam-The Netherlands, now operates around the globe, with a presence in 57 countries, and more than 11,000 employees. It has been listed on Euronext Amsterdam since 1992 and been part of the Amsterdam Midcap index since 2002.
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