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PLUS move for coal play

Article Date:  Jul 12 2007

PLUS dealings start on Monday week in Oracle Coalfields, which wants to develop potentially major coal deposits in Pakistan.

Headed by 36 year-old Shahrukh Khan, a banker's son with experience of infrastructure projects in Asia, Oracle is heading for an introduction to PLUS at 3p a share, after raising £600,000 privately from serial small company backer Bruce Rowan, a fan of the company’s executive director Conrad Windham. St Helen's Capital is helping with the introduction, which replaces the original plan to raise the money by public offer.

Oracle wants to develop coal deposits in Pakistan’s Sindh province, where it has agreed a joint venture with local company Sindh Koela and formed an alliance with the province’s powerful Magsi family. Khan says the indicated resource is 365 million tonnes, with an inferred resource of one billion tonnes, and maintains projected costs should ensure profitable sales to fuel-hungry regional markets.

A later move to AIM is mooted, which adds to Oracle’s speculative attractions.

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