Oracle Power PLC (AIM:ORCP) saw its interim losses narrow as it continued to focus on developing its natural resource projects in Australia and Pakistan.
The AIM-traded developer said its losses shrank to GBP301,971 for the six months to end June from GBP364,300 in the year-earlier period. The company, which has no revenue, ended the period with cash and cash equivalents of GBP975,820.
Oracle is a multi-project company with two gold tenements in Western Australia and the Thar coal project in Pakistan.
“Whilst global conditions remain uncertain, Oracle’s projects in Pakistan and Australia are focused on the development of assets which provide a hedge against economic insecurity,” said chief executive Naheed Memon.
“In Pakistan, Oracle has established a recognizable capacity and operational bandwidth, and considers it to be a prime jurisdiction for diversification and expansion, especially in the power and energy sector.”