23rd Sep 2022 10:55
(Alliance News) - Oracle Power PLC on Friday reported a widened pretax loss as its variety of different projects progresses.
The Cambridge, England-based power and natural resource project developer reported a pretax loss of GBP356,295 in the six months to June 30, widened from GBP301,971 a year ago as administrative expenses increased.
The company reported no revenue, unchanged from last year.
Oracle's cash balance stood at GBP762,300, down from GBP975,820 a year ago. The company said that it is "sufficiently funded" to progress its projects.
The firm said that its widened loss was "expected" given for a project development company with four pre-revenue projects at the development stages.
Of the four projects, two are prospective gold assets in Western Australia: the Northern Zone project and the Jundee East Gold project. In Pakistan, the company continued to work with the Chinese government to develop Thar Block VI, a coal fired power station. Finally, Post-period-end Oracle received a letter of intent relating to the building of a 1,200 megawatt hybrid solar, wind and green hydrogen power project.
The green power project in Pakistan represents a pivot towards "a more environmentally responsible project development strategy" with green hydrogen becoming Oracle's "primary focus". However, the company clarified that it would continue to generate value from investments in its gold projects and is "pursuing the development of our coal block in Thar".
Shares in Oracle Power were trading 4.3% lower at 0.22 pence each on Friday morning.
By Chris Dorrell; [email protected]
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