MoU with Blue Carbon LLC
REACH - Non-Regulatory
26 October 2022
Oracle Power PLC
("Oracle" or the "Company")
MoU with Blue Carbon LLC
Oracle Power PLC, the international natural resources project developer, is pleased to announce that its joint venture company, Oracle Energy Limited ("Oracle Energy") has signed a non-binding Memorandum of Understanding ("MoU") with Blue Carbon LLC ("Blue Carbon") to collaborate on a decarbonization roadmap to complement Oracle Energy's green hydrogen project in Pakistan.
Based in Dubai, Blue Carbon, a company set up and owned by His Highness Shaikh Ahmed Dalmook Al Maktoum, was formed to create environmental assets, nature-based solutions and support carbon removal projects worldwide. Blue Carbon was formed against the backdrop of growing international efforts to fight climate change and will work to advance and integrate nature-based solutions into climate change mitigation initiatives to help countries fulfil their net-zero emission commitment by 2050 in compliance with Article 6 of the Paris Agreement.
As part of the collaboration, Blue Carbon will develop a decarbonization roadmap to complement Oracle Energy's energy transition strategy. It will focus on a monitoring, reporting and verification framework to calculate and benchmark carbon emission data, suggest suitable methodologies for registration, and identify opportunities in the space of Carbon Capture and utilization. Moreover, Oracle Energy and Blue Carbon will identify suitable opportunities in low carbon environmental assets related to hydrogen. Blue Carbon will also advise Oracle Energy on the aggregation of data related to Carbon Emission Reporting. Blue Carbon will be conducting workshops to share knowledge, relevance and compliance and consolidate a high-level sustainability vision for future implementation.
CEO of Oracle, Naheed Memon, commented: "This MoU further builds on our developments in the hydrogen industry and further complements our JV partnership supported by His Highness Shaikh Ahmed Dalmook Al Maktoum. With its expertise in climate change economics, Blue Carbon aims to be at the forefront of sustainable climate change investment, and I look forward to collaborating with Blue Carbon on a decarbonization roadmap to complement Oracle Energy's green hydrogen project in Pakistan."
*ENDS*
For further information on Oracle Power PLC, visit the Company's website http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley +44 (0) 20 7236 1177
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. The Company's initial project is the Thar Block VI Project in south-east Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea 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.
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