Oracle Power shares were down 5.6% to 0.2p in early morning trading on Friday following a narrowed pre-tax loss of £881,879 in FY 2021 against £1 million in FY 2020.
Oracle Power commented that its Thar Block VI project had made progress, with the original operation’s scheduled mine with an associated 1,320 MW power station to provide base load electricity for customers in Pakistan reported to include the production of coal and gas.
The company added it was also exploring the possibility of using lignite to make a humic or organic material to enhance soil health and turn barren land into fertile land, boosting interest in the Thar Block VI project.
Oracle Power said it received “encouraging” reports from the two gold prospects in western Australia it invested in, Jundee East and the Northern Zone, and the group has apparently been approached by other local mining companies seeking a potential joint-venture.
The energy firm also started work towards a green hydrogen production facility in Pakistan, and signed a non-exclusive co-operation agreement with PowerChina, followed by the formation of a Special Purpose Vehicle named Oracle Energy Limited to develop the project.
Oracle Power noted its funding position included £632,500 from the exercise of warrants, and £800,000 raised through an equity placing to finance the development of its green hydrogen project post year-end.
The company announced a loss per share of 0.04p compared to 0.05p year-on-year.