New coal float on PLUS

22/08/2006 Robert Tyerman

As foreshadowed here, young entrepreneur Conrad Windham is helping to raise £450,000 on PLUS Market for Pakistan-focused coal venture Oracle Coalfields.

Steered by banker's son Shahrukh Khan (who was previously involved in large Chinese infrastructure projects), Oracle Coalfields has 80 per cent of the Sonda Jherruk deep mining coal project In Pakistan's coal-rich Sindh province. Oracle's local partner, the Sindh Koela group, is building a 150 megawatt power station nearby, which is intended to take Sonda Jherruk's production when it starts, in three to four years, as hoped.

Serial investor and Windham fan Bruce Rowan is among the backers of Oracle, where Khan now has 60 per cent and Windham 20 per cent. Adviser St. Helen's Capital is bringing Oracle to PLUS at 25p, with a target market value of £12.95 million.

Bulls suggest potential reserves as high as 40 million tonnes and lucrative potential margins thanks to Pakistan's coal subsidies. Oracle should attract keen interest in today's climate.

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