Oracle Coalfields in two million pounds AIM move at its Pakistan’s Thar brown coal deposit

London, April 06, 2011 (PPI): Oracle Coalfields is finally moving from PLUS to AIM with a £2 million fundraising to advance developments at its Thar brown coal (lignite) deposit in Pakistan’s Sindh Province, holding an estimated 1.4 billion tonnes.

Chaired by Pakistani entrepreneur Shahrukh Khan, Oracle is using broker Libertas to handle its AIM launch, having recently won backing from existing AIM counter Regency Mines, which holds some 11 per cent, most of it bought at 5.5pence a share, since when the price has nearly doubled to 10.5p.

Oracle wants to develop Block VI of Thar coalfield, 380km east of Karachi, to generate power for Pakistan’s fuel-hungry home market. The company has spoken of completing a bankable feasibility study into the project this year, followed by financing in the order of £200 million for Thar, with development starting in 2012.

Oracle, which insists its operations are far away from Pakistan’s political trouble spots, has a MoU with local utility KESC, which it hopes to convert into a supply agreement once the study is finished.