Oracle Power submits evaluation fee to Pakistan power board

Oracle Power updated the market on the consortium application for a letter of intent to the Pakistan Private Power and Infrastructure Board (PPIB) on Thursday, which it submitted in March.

The AIM-traded firm said the consortium comprises itself, as well as the China National Coal Development Company and the private office of Emirati Sheikh Ahmed Bin Dalmook Juma Al Maktoum (HH Private Office).

It said on Thursday that it had envisaged for each member of the consortium to contribute its pro rata share of the costs associated with the letter of intent application, based on proposed equity shareholdings, the first of which was an evaluation fee of $50,000.

“The company settled the evaluation fee in full, and yesterday received a payment of $7,491 from HH Private Office, being its 15% share of the fee,” the board said in its statement, adding that the payment reinforced the sheikh’s support for the development of Thar Block VI.

“On issuance of the letter of intent, further fees will be payable to PPIB.”

Oracle said further announcements on that would be made as appropriate.

“The issue of the letter of intent will be a major step in the development of Thar Block VI, and would confirm the government of Pakistan's commitment to purchase power from Thar Block VI.”

At 1119 BST, shares in Oracle Power were up 4% at 0.65p.