5th Nov 2015 09:16
LONDON (Alliance News) - Oracle Coalfields PLC shares were up on Thursday morning after the company said it has received a letter of no objection for the Block VI 600 megawatt coal-fired power plant project at its Pakistan project.
The Pakistan Central Power Purchasing Agency has said it has no objection to the site, size or technology being used at the project.
"This is a further step in our goal to develop a long term sustainable solution towards Pakistan's energy crisis. The federal government's concurrence to power evacuation from our project to the national grid is an important milestone towards financial close," said Shahrukh Khan, Oracle's chief executive.
Oracle shares were up 15% to 2.51 pence on the news, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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