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.
FTSE AIM All-Share
745.62
17:04 20/09/24
Oracle Power
0.02p
16:55 20/09/24
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.