Oracle Power PLC - Pakistan and Australia-focused natural resources project developer - Progresses towards commercial viability of its green hydrogen project in Pakistan. Notes completion of 28 kilometres squared topography survey report using advanced drone technology to gather vital mapping data, adding that it revealed no significant obstructions to the development of the green hydrogen project. Says survey’s findings will play a ‘crucial role’ in ‘optimising the planning, design and construction costs for the proposed future 1.2 [gigawatt] hybrid wind and solar plants, along with the intended 400 [megawatt] green hydrogen facility.’ Says that it now aims for firm offtake agreements with partners and front-end engineering and design work for the planned plant.

Chief Executive Officer Naheed Memon says: ‘Our focus during the period has been on the continued demonstration of our green hydrogen project as a strategically important and commercially attractive new project of internationally significant proportions. The successful completion of both the topography study, and most importantly, the green hydrogen and green ammonia feasibility study by renowned construction engineering group thyssenkrupp Uhde, provides significant encouragement as we look to now conclude firm offtake agreements and develop FEED work for the plant.’

Current stock price: 0.028 pence, up 1.5%

12-month change: down 87%

Copyright 2023 Alliance News Ltd. All Rights Reserved.