Oracle Coalfields was incorporated in England and Wales on 5th July 2006 as a public limited company under the Companies Act 1985.
The Directors believe that there is an attractive opportunity to explore for and extract coal in the Sindh Province of Pakistan and decided to seek a PLUS Markets listing for the Company.
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.
Oracle Coalfields’ 80% owned subsidiary, Sindh Carbon Energy Limited, has been granted two licences for coal development in 2007 by the Sindh Coal Authority and Mines and Minerals Development, Government of Sindh. The first licence, Indus East, was granted on 8th February, 2007, whilst more recently, Block VI of the Thar Coalfield, was granted on 14th November, 2007. Sindh Carbon Energy Limited, is developing its two coal licences in the Sindh Province of Pakistan in conjunction with its local partners, Sindh Koela Limited.
Oracle Coalfields listed on the PLUS Markets primary exchange, PLUS-quoted, 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 kilometers 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 will do further drilling to take the project to JORC standard.
Following Admission, the Company is carrying out a programme of drilling and exploration work on the above mentioned licences, and thereafter convert to a mining lease with the objective of constructing a coal mine and commencing production. Oracle Coalfields has entered into a joint-venture agreement with Sindh Koela Limited, a local Pakistani company, which will work with it to achieve these objectives.
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