15 May 2024

Oracle Power PLC

("Oracle" or the "Company")

Update regarding Renewable Energy Project: NOC Awarded by SEPA

Oracle Power PLC (AIM: ORCP), an international project developer, together with its joint venture company, Oracle Energy Limited ("Oracle Energy"), a developer of green energy projects, is pleased to announce that it has been awarded a "no objection certificate" ("NOC") from the Sindh Environmental Protection Agency ("SEPA") based on the Initial Environmental Examination ("IEE") report, which is a part of the ESIA report. The NOC gives permission for the construction of the proposed 1.3 GW renewable energy power plant in Jhimpir, Sindh Province, Pakistan. The approval follows a thorough review process of the report submitted on April 24th, 2024, and a comprehensive project presentation given at SEPA's office in Karachi on May 9th, 2024, by the Oracle team and SGS Pakistan. Under the provision of Section 4 of the Sindh Environmental Assessment Regulations, 2021, a project falling in any category listed in Schedule-II is awarded a NOC based on the IEE part of the EIA report. Furthermore, Schedule-II projects are renewable projects which are not in any protective or sensitive area.

The report, prepared in accordance with the guidelines outlined in the Sindh Environmental Protection Act 2014, assessed the environmental impacts of the proposed project, which includes the installation of 800 MW Solar PV Power and 500 MW Wind Power with a cumulative capacity of 1300 MW.

In accordance with SEPA's directives, Oracle Energy is committed to ensuring strict adherence to the conditions stipulated in the approval, including compliance with National Environmental Quality Standards ("NEQS") and Sindh Environmental Quality Standards for wastewater, drinking water, air emissions, and noise levels. Additionally, Oracle Energy pledges to implement the Environmental Management Plan outlined in the IEE report and appoint an Independent Monitoring Consultant to oversee environmental monitoring activities. Oracle Energy will also develop comprehensive on-site and off-site emergency plans, establish a robust Occupational, Health, Safety, and Environment management system, and undertake extensive tree plantation to improve the environmental conditions in and around the project area.

Naheed Memon, CEO of Oracle, commented: "We are very pleased to receive SEPA's NOC for the construction of the project, as it meets an important condition for potential financing of the project and marks another important milestone in the development of our renewable energy project in Pakistan. It also underscores our commitment to quick project advancement and adherence to sustainable development practices. We remain committed to complying with all the conditions outlined by SEPA and ensuring the successful implementation of the project."

-ENDS-

For further information on Oracle Power PLC, visit the Company's website at www.oraclepower.co.uk or contact:

Oracle Power PLC

Naheed Memon - CEO                                                                           +44 (0) 203 580 4314

Strand Hanson Limited (Nominated Adviser & Joint Broker)

Rory Murphy, Matthew Chandler, Rob Patrick                                      +44 (0) 20 7409 3494

Global Investment Strategy UK Limited (Joint Broker)                   +44 (0) 20 7048 9432

Samantha Esqulant

St Brides Partners Limited (Financial PR)                                         +44 (0) 20 7236 1177

Susie Geliher / Isabel de Salis                    

About SEPA

Established in 1989, through an act of government, the Sindh Environmental Protection Agency (SEPA) safeguards environmental quality within Sindh province, Pakistan. SEPA enforces environmental regulations, actively tackles pollution, and promotes sustainable practices. They monitor air and water quality, issue environmental permits, and educate the public. Working in coordination with the national Pakistan Environmental Protection Agency (PEPA), SEPA strives for a cleaner, healthier Sindh for all residents.