Oracle Power seeks further clarification on MoU discrepancies

Oracle Power

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Oracle Power, which is developing a combined lignite coal mine and mine mouth power plant in the Sindh Province of Pakistan, updated the market on the memorandum of understanding (MoU) signed by representatives of Beijing Jingneng Power Company, PowerChina International Group, and itself on Friday.

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The AIM-traded firm had said on 29 April that there were no changes to the MoU announced on 27 March.

Its board noted that in the document received, certain sections from the March MoU had been removed.

“Following requests for clarification, PowerChina has indicated in a letter of 2 May that the March MoU remains valid and the document received on 1 May is only ceremonial,” the board said in its statement.

“Oracle is seeking similar confirmation from Beijing Jingneng.

“As such, the board considers that the March MoU remains valid.”