Oracle Coalfields plc was incorporated in England and Wales on the 5th July 2006, and was admitted to trading on the PLUS Market, in August 2007. The company listed on the Alternative Investment Market (AIM) in the UK, on 20th April 2011. Oracle Coalfields PLC changed its name to Oracle Power PLC on 23 June 2017.
Sindh Carbon Energy Ltd (SCEL) is an unquoted public company and a Pakistani subsidiary of Oracle Power (100% beneficial ownership), which was formed in 2007. SCEL was granted licences for coal exploration in Sindh at Badin and Thar Block VI and was issued a mining lease in 2012 for Thar Block VI.
Thar Electricity (Private) Ltd was formed as a Pakistani subsidiary in 2015 to build and operate the power plant in Block VI. It is currently held 100% by Oracle Power, but the Company is committed to permit a 10% equity stake to SEPCO under the Consortium Agreement 2015.
In November 2017, the Company entered into a Memorandum of Understanding (“MOU”) with Sichuan Provincial Investment Company Limited (“SCIG”) and with Powerchina International Limited (“PowerChina”). As laid out in the MOUU, subject to satisfactory conclusion of their due diligence process and to approval from Chinese Government Authorities, it is envisaged that SCIG and Powerchina will hold majority equity position of 87.9% in the Company’s Pakistani subsidiaries. Subject to the protections negotiated between the Parties in a Shareholders Agreement for minority interests, control of the Pakistani subsidiaries will be no longer be held by the Company.
Revive Finance Ltd is a UK subsidiary owned 100% by Oracle Power. It was formed in 2013 to assist in financing the Group and is currently inactive.