Oracle Power (LON: ORCP) shares have made gains after the open in London on Friday, climbing to highs of 0.6249, rising 8%. They are now trading at 0.620p, up 7.81% on the day.
The move came about after Oracle announced that the Company's Consortium Partner, China National Coal Development Company, has begun preliminary feasibility work relating to the potential gasification of coal at it's Thar Block VI Project in Pakistan.
The Pakistan government has recently thrown its support behind developing the country’s indigenous coal reserves and prioritising coal to gas and coal to liquid projects.
Oracle, alongside China National Coal, is preparing coal-to-gas and coal-to-liquid policy requirements to be proposed to the Government of Pakistan to establish a regulatory framework and government policy.
“Drawing on the extensive experience of China Coal as a world leader in coal development and integrated industries, we at Oracle are positioning ourselves to become a first mover in the development of coal-to-gas for urea, coal-to-liquids and for other applications in Pakistan,” said Naheed Memon, Oracle’s CEO.
“Alongside the development of our proposed mine mouth power plant, coal-to-gas and coal-to-liquids are expected to play an extremely important role in the growth of our company and we expect this work by CNCDC to establish the viability of, and a development model for, coal gasification at Thar Block VI,” added Memon.