About Oracle Coalfields
Overview and Profile
Incorporated in England and Wales on the 5th July 2006, Oracle listed on the PLUS Markets, in August 2007. The company successfully listed on the Alternative Investment Market (AIM) in the UK, on 20th April 2011.
Oracle Coalfields is a UK based company with coal projects in Pakistan. The Directors identified and are now developing Block VI of the Thar Coalfields asset with initial production targeted for 2014. The Company’s Directors will continue to evaluate global opportunities for investment which have the potential to increase shareholder value, as well as identifying strategic partnerships for coal mining and production.
The company signed Memorandums of Understanding (MOU) for an offtake of its coal, with both Karachi Electricity Company (KESC) and Lucky Cement. KESC is a public listed power company which intends to build a power plant(s) at the mouth of the Block VI Thar Coalfield in order to address the power cuts and load shedding in Pakistan. Lucky Cement is a public listed major cement producer in Pakistan.
Oracle Coalfields was incorporated in England and Wales on 5th July 2006 as a public limited company under the Companies Act 1985.
In July 2006, Oracle Coalfields engaged Dargo Associates Limited, an international coal consultancy based in the UK, to assist with its investigation of prospective areas of interest and to evaluate coal prospects in the Sindh Province.
In 2007, Oracle Coalfields’ 80% owned subsidiary, Sindh Carbon Energy Limited, was granted two licences for coal development by the Sindh Coal Authority and Mines and Minerals Development, Government of Sindh. The first licence, Indus East, was granted on 8th February, 2007, and the license for Block VI of the Thar Coalfield, was granted on 14th November, 2007. Sindh Carbon Energy Limited’s, primary focus is the development of Block VI of the Thar Coalfield. The Indus license is currently held in abeyance as the company focuses on Thar Coalfield Project.
Oracle Coalfields listed on the PLUS Markets primary exchange in August 2007 following a placing with three cornerstone investors. In order to aid liquidity, additional fundraising was completed in September 2007 and June 2008.
The first licence granted, Indus East, covers 100 square kilometres of semi-arid land. The work programme at Indus East commenced in early November 2007. The second licence granted, Block VI of the Thar Coalfield, covers 66.1 square kilometers. Oracle Coalfields completed further drilling to take the project to 529 million JORC mineral resource covering an area of 20 km².
Oracle Coalfields through its subsidiary has formally applied for the mining lease. In December 2009 Oracle Coalfields signed Memorandums of Understanding (MOU) for an offtake of its coal, with both Karachi Electricity Company (KESC) and Lucky Cement. KESC is a public listed power company which intends to build a power plant(s) at the mouth of the Block VI Thar Coalfield in order to address the power cuts and load shedding in Pakistan. Lucky Cement is a public listed major cement producer in Pakistan.
- Successful AIM listing
- Strengthen management team
- Technical Feasibility Study completed
- Project Finance to be completed in H2 2012
- Mine Development H1 2013
- First Initial Production H1 2014