Oracle Coalfields confirms whispers of Chinese deal

Energy developer Oracle Coalfields saw its share price move markedly higher on Friday afternoon, before issuing a statement confirming market chatter about a deal with a number of Chinese interests.

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The AIM-traded company - which is developing a combined lignite mineral resource and mine mouth power plant in Pakistan’s Thar desert, said it has signed a Shareholder Framework Agreement with a consortium of new and existing Chinese partners.

Under the agreement, the consortium “will take 70% equity in [Oracle’s] subsidiaries in Pakistan in order to advance the development of the project.”

Oracle Coalfield’s board said a further announcement will be made on the deal “in due course.”

At 1635 BST, shares in the company were up 11.11% at 3p.