17th Jan 2019 10:58
LONDON (Alliance News) - Oracle Power PLC on Thursday said that it has secured approval to increase capacity of its power plant to 700 megawatts from 660 megawatts.
Shares in the company were trading up 20% at 0.54 pence each. Oracle Power is developing a combined lignite coal mine and mine mouth power plant in the Thar desert in the south-eastern Sindh Province of Pakistan.
Oracle said a joint cooperation committee of China and Pakistan at its meeting in December also maintained the company's project on a "priority" status.
"The board recognises that 2018 was a challenging year for the company and its shareholders, particularly given the delays surrounding financial close. Oracle and the newly formed consortium are advancing the project to financial close in an expeditious manner," Oracle said.
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