18th Jun 2019 12:27
(Alliance News) - Oracle Power PLC on Tuesday posted a narrowed loss for 2018 after a drop in administrative expenses and finance costs but said it will need more funding in 2019.
The company's pretax loss was GBP879,996 in 2018, shrinking from a GBP1.05 million loss the year before, as administrative expenses fell to GBP881,041 from GBP1.0 million in 2017 and finance costs dropped to practically nothing from GBP21,544. It recorded no revenue either year.
Oracle is the developer of a combined lignite coal mine and power plant in Pakistan. In 2019, it said it intends to work with Pakistani government bodies to obtain necessary permissions, licences, and approvals for the project.
In addition, Oracle is seeking to formalise detailed agreements with its Chinese partners to secure financing for their share of the equity and project debt. The company said it will conduct some pre-development work in 2019 for its project in Pakistan in order to finalise detailed technical work programmes.
Oracle conducted equity placings in March 2018 and August 2018, raising GBP550,000 and GBP450,000 respectively. In February 2019, the company raised another GBP500,000 through a share placing, and in May it secured an up to GBP250,000 as a short-term working capital loan. However, the company said expects to need further funding before the end of 2019.
Shares in Oracle Power were untraded in London at 0.33 pence on Tuesday at midday.
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