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Oracle Power shares update from CEO

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World Coal,

Oracle Power PLC, the international natural resources project developer, has provided the following update statement from its CEO, Naheed Memon, with respect to developments during 3Q22.

In October 2021 we presented our significant green hydrogen concept to the market with the objective of establishing a hybrid solar/wind, green hydrogen/power project in a rapid timeframe in accordance with the apparent global transition to green energy. Within 12 months we now have a strategic and potentially significant development asset being fast-tracked through a dedicated vehicle by internationally accredited team of experts. This development process accelerated during 3Q22 and as shareholders will be aware, the pace has subsequently increased again in the current quarter with the recent appointment of thyssenkrupp Uhde to undertake the technical and commercial feasibility study for the green hydrogen and green ammonia plant. This absolute commitment to expediting development of our green hydrogen project, speaks to the recognition that we, our partners and the Government of Sindh have of the significance of this project, given the global demand of this new energy fuel.

“The breakthrough delivery in 3Q22 was the formal issuance of the Letter of Intent (LOI) from the Government of Sindh for Oracle Energy’s planned 400 MW green hydrogen and 1200 MW hybrid power plant located in the wind corridor in Sindh. Oracle Energy, our joint venture company formed to develop the green hydrogen project, is actively engaged with technology suppliers, engineering firms and off takers to set up the partnerships for the development of the project. We have also been working hard to promote our green hydrogen project on the international stage, including presenting the project at Global Green Hub Korea conference on the invitation of the Korea Trade-Investment Promotion Agency (KOTRA).

“We are continuing the development of Thar Block VI Project and there is renewed optimism in Pakistan in relation to the development of Thar coal based on recent initiatives taken with respect to using local coal for existing power plants and industry, the commencement of a railway for the transportation of Thar coal and the increased price of coal in the international markets. The government is also reviewing the demand for power from Thar coal and we are in dialogue to mobilise the development of our block.

“Now, turning towards our interests in Australia, following on from the successful metallurgical testwork undertaken at Northern Zone at the end of 2Q22, Oracle has been working with various potential partners to continue the development of Northern Zone. We are in the process of completing the assessments on Jundee East in relation to other minerals and expect to conclude the process very soon.

“We have begun 4Q22 with enormous optimism and a focused approach on delivering value for shareholders from our portfolio of assets which sit across the spectrum of energy and commodities. We would like to thank shareholders for their continued support as we look to report further progress in 4Q22 and into the New Year.”

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