Oracle Power upbeat on study findings at Jhimpir

11th Apr 2024 16:06

(Sharecast News) - Oracle Power announced the successful conclusion of the geotechnical study and electrical resistivity survey (ERS) for its planned renewable power plant in Jhimpir, Sindh Province, Pakistan on Thursday.

The AIM-traded firm said engineering service provider F&M conducted the studies and submitted reports confirming favourable conditions for development and offering guidance for construction and water management.

It said the geotechnical study involved extensive soil investigation and rotary drilling, revealing a diverse range of soil types including sand, silt, gravel, mudstone, limestone, sandstone, claystone, and shale.

Laboratory testing of samples conducted in Karachi confirmed the suitability of ordinary cement for underground construction, with negligible exposure to sulphate and chloride observed in soil and rock samples.

The absence of water encountered during borehole exploration, although subject to seasonal fluctuations and environmental variations, indicated favourable ground conditions for project development.

Oracle said the electrical resistivity survey (ERS) provided critical insights into subsurface lithology, porosity, and permeability, aiding in site planning, infrastructure design, and water management strategies.

Various lithological characteristics were identified, including clay, sandstone, limestone, and significant groundwater resources.

With completion of the geotechnical study and ERS, Oracle Power said it now aimed to initiate front-end engineering and design (FEED) studies while concurrently pursuing potential financial arrangements for on-ground construction and development of its renewable power and green hydrogen project.

"The completion of the geotechnical study and electrical resistivity survey mark further significant milestones in the development of our 1.3 GW renewable power and green hydrogen project, and also completes all ground related investigation for the large 28.3 square kilometre project site," said chief executive officer Naheed Memon.

"The studies have confirmed the favourable attributes for development of the site, and generated valuable data and insights, positioning us to advance to FEED studies and, in parallel, proceed to securing potential financial arrangements for on ground construction and development."

At 1529 BST, shares in Oracle Power were up 32.08% at 0.04p.

Reporting by Josh White for Sharecast.com.