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Coal group moots £20m AIM move

Article Date:  Mar 04 2008

Oracle Coalfields, which has begun drilling in the massive Thar coalfield in Pakistan’s Sindh Province, is contemplating a move from PLUS to AIM in the near future. Market watchers believe the company is also considering a simultaneous fundraising of up to £20 million.

Floated on PLUS last year at 3.25p with backers including small company player Bruce Rowan and youthful sector player Conrad Windham as executive director, Oracle has obtained licences to explore and develop coal deposits in coal-rich Sindh through its local partner, Sindh Koela, controlled by the influential Magsi family. Late last year, the Ely-based company’s local subsidiary won an exploration licence over Block V1 of Thar, a coalfield that altogether covers 10,000 sq km and has been estimated to contain as much as 200 billion tonnes of coal.

Oracle, chaired by well-connected entrepreneur Shahrukh Khan and whose shares have reached 6.75p and value the company at £7 million, started drilling there last month and hopes to produce an international-standard resource estimate next month. That could be the time to take AIM.

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