Registered number: 05867160
ORACLE POWER PLC
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
ORACLE POWER PLC
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022
Oracle Power PLC is registered as a public company under English Law. Its shares are quoted on the AIM market of the London Stock Exchange. Oracle Power PLC is incorporated and domiciled in England and Wales and its registered number is 05867160.
DIRECTORS | Mr M W Steed - Chairman | |
Ms N Memon - CEO | ||
Mr D Hutchins | ||
SECRETARY | Mr N Lee | |
REGISTERED OFFICE | Tennyson House | |
Cambridge Business Park | ||
Cambridge CB4 0WZ | ||
REGISTERED NUMBER | 05876160 (England and Wales) | |
AUDITORS | Price Bailey LLP | A. F. Ferguson & Co |
Tennyson House | Chartered Accountants | |
Cambridge Business Park | State Life Building 1-C | |
Cambridge CB4 0WZ | I. I. Chundrigar Road | |
Karachi Pakistan | ||
Pitcher Partners | ||
Level 11/12-14 The Esplanade | ||
Perth WA 6000, Australia | ||
NOMINATED ADVISOR AND BROKER | Strand Hanson Limited | |
26 Mount Row | ||
London W1K 3SQ | ||
REGISTRAR | Neville Registrars Limited | |
18 Laurel Lane, Halesowen | ||
West Midlands B63 3DA | ||
SOLICITORS | Charles Russell Speechlys LLP | Makhdoom & Co |
5 Fleet Street | 2nd Floor Imperial Building | |
London EC4M 7RD | Mt Khan Road, Karachi, Pakistan | |
BANKERS | Royal Bank of Scotland plc | Habib Bank AG Zurich |
1st Floor, Conqueror House | Moorgate Branch, | |
Vision Park, Histon | Habib House, | |
Cambridge CB24 9NL | 42 Moorgate, | |
London EC2R 6JJ | ||
Habib Metropolitan Bank | ||
Habib Bank Plaza, | ||
I.I.Chundrigar Road, | ||
Karachi-75650, Pakistan | ||
PUBLIC RELATIONS | Buchanan | |
107 Cheapside | ||
London EC2V 6DN |
Page 1
ORACLE POWER PLC
CONTENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page | ||
Chairman's Report | 3 | - 4 |
Chief Executive's Report | 5 | - 6 |
Group Strategic Report | 7 - 16 | |
Directors' Report | 17 | - 20 |
Remuneration Report | 21 | - 22 |
Governance Report | 23 | - 26 |
Directors' Responsibilities Statement | 27 | |
Independent Auditors' Report | 28 | - 33 |
Consolidated Statement of Profit or Loss | 34 | |
Consolidated Statement of Other Comprehensive Income | 35 | |
Consolidated Statement of Financial Position | 36 | |
Company Statement of Financial Position | 37 | |
Consolidated Statement of Changes in Equity | 38 | - 39 |
Company Statement of Changes in Equity | 40 | - 41 |
Consolidated Statement of Cash Flows | 42 | |
Company Statement of Cash Flows | 43 | |
Notes to the Consolidated Financial Statements | 44 | - 81 |
Page 2
ORACLE POWER PLC
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
I am pleased to present the financial statements for Oracle Power PLC ("Oracle" or the "Company") for the year ended 31 December 2022.
In December 2022, Andreas Migge, one of our non-executive directors left the Company. It was then with sadness that we learnt that he had died in February 2023. We would like to offer our condolences to his friends and family.
The political tensions between the United States and China slowed down some progress in the development of the mine and power project at Block VI in the Thar desert. However, during the course of the year the Company continued to advance its initiatives for the development of Block VI. The Government of Pakistan established demand for 1,320 MW of Thar coal-based power in 2027, allowing for potential development of the project. Subsequently, post period we signed an agreement for potential offtake for 1,320 MW of coal generated power as well as another agreement with PowerChina to develop, in parallel, a 1 GW solar farm at Thar.
During the year, we focused most of our attention on our Green Hydrogen project, which comprises the planned construction of a 400MW plant producing 55,000 tonnes of green hydrogen per annum backed by 1,200MW of hybrid solar/wind, green hydrogen/power plants.
This project is being developed through Oracle Energy Limited. This company is owned 70% by His Highness Sheikh Ahmed Dalmook Al Maktoum through his wholly owned company Kaheel Energy FZE, and 30% by Oracle Power Plc. Oracle will be primarily responsible for putting the project together and Kaheel Energy will use its position and influence to facilitate market access and financing.
To that end, we have acquired a 7,000 acres site in the Thatta district in Southeast Pakistan. This lease for this land has been granted to us by the Government of Sindh and is for an initial period of 30 years. This lease is now fully paid for and registered to Oracle Energy Limited.
We have been issued with a Letter of Intent ("LOI") from the Directorate of Alternative Energy of the Government of Sindh (the "Directorate of Alternative Energy"), relating to the establishment of a 1,200MW hybrid solar/wind, green hydrogen/power project. In order to obtain formal approval of the LOI, we needed to provide a $600,000 performance guarantee bond which has now been put in place.
In addition to the above, we have an LOI from TUV SUD for the certification of the hydrogen output. Thyssenkrupp Uhde is undertaking the various feasibility studies, and post period land and renewable power studies have also been commenced.
In terms of our funding position, we raised £1,200,000 before expenses through two equity placings to finance the development of the green hydrogen project.
The development of the green hydrogen project has advanced rapidly and it should not be long before the project acheives bankability and Oracle can benefit from potential transactions with one or more energy or fuel companies.
With regard to Western Australia, we decided not to carry out any more work on the Jundee East project as we did not manage to find viable gold deposits. Post year end, we signed a "farm-in" agreement for the Northern Zone with Riversgold Ltd, the details of which can be found in our RNS dated 9 May 2023. We will retain a minority interest and be carried for the next phase of its development.
Operational highlights of 2022 are described in the Chief Executive's Report.
The Pakistan Government remains supportive of both the development of the Thar coal project and the Green Hydrogen project in Thatta. The broad parameters of security remain as last year: there have been no major incidents and, overall, order has been maintained.
We are most grateful to the Pakistani Authorities, to the Chinese Authorities and the Joint Cooperation Committee (JCC) of CPEC for their support.
Page 3
ORACLE POWER PLC
CHAIRMAN'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Above all, I wish to thank our shareholders for their continued confidence, patience and support, enabling us to make progress on our projects.
Name Mark Steed
Chairman
28 June 2023
Page 4
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Oracle Power plc published this content on 29 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2023 06:10:41 UTC.