16th Aug 2022 14:35
Oracle Power PLC - Cambridge, England-based power and natural resource project developer with projects focused on Pakistan - Says it has advanced further funds with Kaheel Energy FZE for their joint venture company Oracle Energy Ltd, to be used on the green hydrogen project in Pakistan. On August 15, Oracle and Kaheel Energy subscribed for further equity in the joint venture at a price of 10 Pakistani Rupees per share for a total of about GBP1.5 million. Says the JV is being funded on a 70:30 basis by Kaheel Energy and Oracle respectively. HH Private Office's contribution was about GBP1.0 million and Oracle Power's GBP450,000.
Chief Executive Officer Naheed Memon says: "Specifically, these funds will provide funds to progress the bank guarantee for the previously announced Letter of Intent and will also support land lease payments and other development expenditure."
Kaheel Energy is owned by His Highness Shaikh Ahmed Dalmook Al Maktoum.
Current stock price: 0.31 pence, up 2.0%
12-month change: down 24%
By Xindi Wei; [email protected]
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