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Oracle Power Share Price Rallies as Drilling Approved for Jundee East Gold Project

Sam Boughedda trader
Updated 25 Oct 2021

Oracle Power's (LON: ORCP) share price is gaining Monday after it confirmed that the Department of Mines Industry Resources and Safety (DMIRS) has approved the programme of work (PoW) for drilling of the five target areas defined at its 100% owned Jundee East Gold Project, located in the Eastern Goldfields region of Western Australia.

The company said it has contracted BM Geological Services, which is working on securing a drill rig to be mobilised to the site to start drilling.

“It is great to have the PoW approved, which allows Oracle to commence drilling at Jundee East. Local contractors, BMGS, will seek to secure a drill rig and, once availability is confirmed, we will update shareholders,” said Naheed Memon, CEO of Oracle. 

In a separate announcement, Oracle revealed it attended the green hydrogen co-operation agreement signing ceremony in Karachi, Pakistan. The ceremony was for Oracle's non-exclusive co-operation agreement with PowerChina International Group to develop the first green hydrogen production facility in Pakistan.

Commenting on the signing ceremony, Memon said: “The support and enthusiasm expressed by both governments today has strengthened our determination to succeed quickly. 

“There is no doubt that green hydrogen is potentially the single most important tool the international community has in our collective bid to transition to a carbon-neutral future and I am proud that Oracle is to play a part in this exploration of options to jointly develop a first of its kind green hydrogen production facility in the country and I look forward to sharing updates as this initiative progresses.”

Following the 2 announcements, Oracle's share price is up 6.5% at 0.49p, adding to the 40% gains made in the last month.

Should you invest in Oracle Power shares?

Oracle Power shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are ORCP shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.