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Oracle Power PLC on Friday reported ‘significant strides’ during the first half of the year, drawing optimism from its successful fundraising and project advancements. Oracle Power develops and invests in power and natural resource projects, with a focus on Pakistan and Western Australia. The company reported a stable pretax loss of £267,715 for the six months that ended June 30, up by 1.0% from £264,942 a year earlier. Oracle reported no revenue, flat with a year earlier. As the company does not currently generate revenue, it relies on fundraising to finance the development of new projects. Oracle said it raised £318,600 before expenses in April, and £500,000 before expenses post period end, ‘despite challenging market conditions’. The company noted that all three of its major projects ‘continue to advance and move forward’, reporting particular success at the Northern Zone project in Australia. Oracle noted that an application has now been made to convert the prospecting licence into a mining licence. Regarding the Blue Rock Valley Copper and Silver project in Western Australia, Oracle stated that work will continue throughout the year, following initial work involving a maiden geochemical sampling programme. The company also updated on its Pakistan operations, stating that it continues to work with its partners, as well as with prospective investors, for the deployment of the Green Hydrogen project. Oracle noted that it is gaining recognition in the green energy sector in Pakistan, with Chief Executive Naheed Memon having been appointed to Pakistan’s National Hydrogen Working Group post-period end. This group was set up by the Pakistan Ministry of Planning, Development & Special Initiatives to create a long-term national hydrogen strategy, said Oracle. Shares in the company were flat at 0.015 pence on Friday morning in London. ‘During the first half of 2025, we have made significant strides in developing our projects in our portfolio, particularly with regard to the Northern Zone. We have also had success in forming partnerships to assist with our ongoing developments. Additionally, we have enhanced the Green Hydrogen Project by carving out standalone, attractive renewable power projects,’ said CEO Memon. ‘We remain committed to creating value for our shareholders from our various our projects.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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