Monday 19th May 2008
Resource cheer at Oracle
Oracle Coalfields claims a lignite resource of 1.4 billion tonnes in Block VI of the Thar coalfield in Pakistan’s Sindh province.
Chaired by entrepreneur Shahrukh Khan, the PLUS-quoted company says that drilling results, analysed by independent consultant Dargo Associates, show a measured resource of 1.42 billion tonnes and proved reserves of 371 million tonnes. Advisers say Oracle, whose executive director is sector player Conrad Windham, expects a ‘competent person’s report’ on its projects, which would be a prelude to a probable funding and subsequent move to AIM.
Khan says the measured resource and proved resource at Block VI, part of Sindh’s massive Thar coalfield, ‘have exceeded our expectations’. He has in the past hinted at a possible AIM fund raising of up to £20 million, although it is now thought that the company, whose investors include small company backer Bruce Rowan, might seek to raise a smaller sum first on PLUS before switching to AIM.
Highlighted by Growth Company Investor ahead of last August's 3.25p float, Oracle’s shares have risen to 9.5p, valuing the company at £10.3 million. There could be more action.
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