A UK-based Pakistani company which is set to explore coal in Sindh has been successfully approved for a listing on PLUS markets with its shares due for trading from Thursday. Oracle Coalfields plc has raised funds through private and institutional investors, which will be used to develop the 100 square kilometres Indus East coalfield at KhoreWah in Sindh.
A company official said on Wednesday that a 12-month exploration programme has been mapped out to develop the coalfield, for providing fuel to the power sector. The exploration is to commence later this month.
PLUS Markets is a Financial Services Authority recognised Investment Exchange. Over 1,000 small and mid-cap company shares currently trade on the PLUS market, representing a combined market capitalisation of almost 200 billion British pounds.
Around 200 small and mid-cap companies currently trading on PLUS-quoted, which offers an alternative to AIM for high-quality applicants that offer the potential for investment returns.
Speaking about the listing of the company, Director Shahrukh Khan said his company looks forward to developing the Indus East coalfield with local partners Sindh Koela Ltd "Pakistan is blessed with substantial indigenous coal resources, estimated at around 185 billion tonnes. Our aim is to become a mining operation, and provide employment and electricity to the country through the construction of an aggregate 150Mw coal-fired power plant, in conjunction with Sindh Koela.
"Electricity consumption in Pakistan has been growing faster than new sources have come on stream, resulting in load shedding. Pakistan's economy is forecast to grow at between 6-8% per annum over the next two decades and the projected peak demand for grid electricity is expected to increase to 75,636Mw by the year 2025, meaning that new sources of electricity are imperative for the country.
"Currently coal represents only 1% of fuel supply to the electricity sector and is projected to increase to about 17% by 2025. We hope that Oracle Coalfields will become a key player in developing Pakistan's untapped coal resources."
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