Good morning, and welcome to the Oracle Power PLC Q2 trading update investor presentation. Throughout the quarter presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated in the right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Naheed Memon, CEO. Good morning. Good morning, and thank you. I'm very happy to be sharing the update that we just announced last week. As our shareholders would have seen, it is fairly detailed, comprehensive, and a lot has really gone on in the last quarter. I'll begin by providing sort of a summary which would essentially be a synopsis of what we had published. We you know, in continuation of our development of Block VI, we sort of moved forward with a very substantial and important understanding and relationship with PowerChina for the development of a 1 gigawatt solar facility on our land at Thar, Block VI. This is now work in progress and a matter of priority for us. We have that lease, we've had it for a while, and that lease is primarily meant for the development for coal to power plant. However, now we've got conditional approval to also set up a solar facility in the desert, which is significant in multiple ways. There's a lot of interest that we have for this from financiers and also from the Office of His Highness, et cetera. There's a lot of interest from the UAE and so on, and PowerChina has come on board to be our technical partners, and they would also consider investment in due course as we proceed with the feasibility studies, et cetera. That work is now on track. That is for Thar Block VI in parallel with our ongoing development for power plant, et cetera. All of that is separate to this. It's just that we are now utilizing this land also for solar, which, you know, obviously means that, there'll be another project that we can put up in the same place. Very, very importantly, the next thing that we accomplished was something that we had worked very hard for, and we had done all the initial work. We had come up with very good results, and that I refer to the Australian Northern Zone project. We had established that it is more drill-ready, and we had worked on all the initial programs, but as we had updated the market earlier, it was our intention to form a partnership with a domestic specialist player on ground, and we managed to achieve that through a farm-in agreement with Riversgold. We announced that in the last quarter, which now has completely de-risked us. Our development carries on and at the end of the farm-in agreement when the joint venture is formed, hopefully when the results turn out to be the way we expect them to be and we move towards a mine, Oracle retains a share of 20% which it can either retain or further sell out if it so wishes depending upon the value that we expect this mine to have once it is established to be so. That's like one project which has gone across the line for us and that is a sort of also sets up a precedent and we hope to take our other projects also forward similarly. In parallel, what we also managed to achieve in the last quarter, as I had said, you know, at the beginning of today's presentation, is that it has been a very, very fruitful quarter for us. In parallel, we signed a very important offtake agreement with the biggest distribution company in Pakistan, called K-Electric. But more importantly, we also got the Government of Sindh to come on board with us. In the understanding it was a four-way relationship that we established with K-Electric as an offtaker, Government of Sindh as a facilitator and a potential investor, and PowerChina as our technical partner and a potential investor as well. The four of us coming together has made this project very robust and now we can proceed further which we are doing so. We are now working with the government on seeking support for Chinese lending and, you know, I'll pick that up once I come to the questions in some more detail if needed. With respect to our Green Hydrogen project, which is moving very fast, we've carried on. We set up a steering committee and of course now all that seems like history because since then we probably have like two meetings a day, so a lot has been happening. But we laid the foundation of all of that in the last quarter. Again, another very significant milestone with respect to the development of our Green Hydrogen project. We signed on an offtake, MoU, understanding with the largest petroleum company in Asia, which is called PetroChina and their international arm based in the Middle East for the offtake of our, hydrogen ammonia as well as the associated carbon credits. I mean, just to clarify, they are petroleum companies, so they basically move and buy petroleum products globally all over the world. They would like to be an off-taker, so that would not then be for captive use, but then they would be a, you know, a distribution company, and they could move a molecule wherever they find a market for it. This gives us an access to, I would say regional markets for sure, markets that we have already been targeting, such as Japan and Korea, China, et cetera. All of these markets can now be accessed through PetroChina. Lastly, we also managed to raise funds for the continued you know, development of our Green Hydrogen project. We managed to do that. This is for our general administrative purposes, but mostly for the development of our Green Hydrogen project. That places us, you know, in a position to actually carry on working at the speed that we are working at now. On another sort of front, which is also very important as we proceed to develop our Green Hydrogen project and our solar project, our renewable projects in general now, that we established a relationship with GGGI, which is the Global Green Growth Institute based in Seoul, South Korea, which is headed by Ban Ki-moon. That institute basically facilitates financing, i.e., it projects, it collaborates, there's a knowledge-sharing element, et cetera. Primarily, it really helps us connect with potential buyers and financiers as well as investors and so on. Then, of course, the whole technology element, which is very, very important in this piece. All of that, this institute is another step forward with respect to our position in the global green hydrogen development space as well as the renewable energy development space. GGGI works with governments but also works with some projects in certain countries where it believes that there is a potential and the prospect is worthwhile. You know, it's worth its attention, and it can then support its development in multiple ways. That also happened in the last quarter. Of course there were developments post-period, but I guess we can talk about that in the next thing. Just to summarize, our topographic study is finished, et cetera. You know, our other studies are all ongoing. As I said, I can pick those up when I look at the questions that were submitted because I'm certain some of them would be about certain studies, et cetera, which are ongoing. I mean, I guess that certainly summarizes what we had published. Through the questions that I pick up, I guess I could elaborate on certain elements or certain aspects which the shareholders have shown an interest in further. Naheed, thank you very much. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab which is situated on the top right corner of your screen. As you can see, we've received a number of questions throughout today's presentation, Naheed. If I could just ask you to read out those questions and give responses where it is appropriate to do so. I'll pick up from you at the end. Thank you very much. Yeah. I mean, I have some questions in front of me which I've just seen come through, and so I'll start picking up on these and try and answer them as best as I can. The first question is in relation to the 12th JCC. The second part of this question is in relation to the feasibility study for green hydrogen. In relation to the 12th JCC, I don't know those of you who have followed the news. Yesterday, one of the vice prime ministers of China has a few vice prime ministers, one of them visited Pakistan, and I think the visit is ongoing today or it has ended. It was a two-day visit to celebrate the 10th anniversary of CPEC. It was a big deal here. The capital of Pakistan was closed down for security reasons. It was huge. Government offices were closed, et cetera, just to give you an idea of what the significance of this visit. That happened yesterday and day before. Just prior to that, there was the JCC. The JCC was very general, very generic. It just emphasized the continuation of CPEC and the development of CPEC's next phase, et cetera, which is primarily going to be industry now. That is the idea. It did not really go into the details of projects which used to be the case before, but because this is a tenth anniversary year, it was much more about the essence, the spirit of CPEC, et cetera, et cetera. They knew that this was gonna be followed on by this very high-level visit. The JCC, but the initial minutes. We haven't seen the final minutes, but the initial minutes that I am sort of aware of which were sort of drafted but have not been published as yet, Block VI, all the projects which are already in CPEC continued to be in CPEC, and that was our only interest, and I am certain that our interest has been maintained, and we have no issues with our position in CPEC. With respect to that, we are good. The next part of the question is in relation to the green hydrogen feasibility study, which as I have said earlier, it's ongoing. I mean, I would say that it is almost done. We are now in the final stages of collaboration, review, discussions with our study partner, thyssenkrupp. Now of course there is an integration to that we are also in parallel doing our power site study. There is some integration work that we are doing ongoing. It's sort of. I can just say to you that our chief technology officer, the thyssenkrupp Uhde team as well as our Power study team, they are all pretty much in a huddle, and everything is coming together, and we should be able to update the market in due course, and it will not be very long. All that work has progressed significantly in the last, I would say, few weeks. Okay, the next question is: when will we have no funding need? We are a project developer. When we develop projects, obviously we need money to develop the project. But one... If the Australian project is something to go by, then the objective is to find the right partner, the right investor, whereby we can then get the returns from the initial risks that we have taken, for the initial capital that we've invested, and then we can, I would say, for lack of another word, park the project in a profitable manner. That's what we've done in Australia. Fingers crossed, hopefully that becomes a mine, and we can reap the benefits from that. Similarly, this is what we would like to do with our other ongoing projects and continue to grow, so that the investors can start to benefit from a continuous share of an upside from different projects in our portfolio. To say that we will not need any money, et cetera, well, if one or two or three of our projects become, you know, there's a revenue stream that comes from them through royalties, through sales, et cetera, then of course our requirement becomes less and less. We are growing into a company which is going to get there. There are, you know, certain development needs right now which need to be met as we continue to develop and continue to grow. The benefit then eventually will be the shareholders, and that's what we are aiming for. The next question is: We know you are having regular meetings with thyssenkrupp, and this is about the feasibility study. I think I answered that in detail, that it's pretty intense right now, and we are very, very. I would say, completely bogged down with this. This is our main job as far as the Green Hydrogen project is concerned, is to align all the work and studies that are ongoing, especially the thyssenkrupp study. The next question is: Are we looking to replace the director share program, and that it would boost investor confidence? I think, I'm gonna put that down as a top agenda item for the month of August, and discuss that internally with our secretary and with the other directors as well. Everyone is completely, sort of in agreement with doing this. We just have to find the right way to do it. That, as I said, was the only reason why we had to exit that, because the administration costs involved in actually running a program like this are very high and, you know how transactions are very costly in the markets. This is just a transaction. Now, the value of the transaction is very low, but the cost of doing that transaction is very high, so we need to just work out the economics around this. As soon as we feel that it's you know, the benefit is more and the cost is less, we'll jump straight into it. To answer this question, soon, and it's just a matter of finding the right way to do it. In terms of our shareholding and whether we would like to consolidate, et cetera, I think that is a certain. I mean, we have a couple of projects in the pipeline in the Thar Coal area specifically, that I would really like to get across the line. Once that is done, I think our position as a company will be so much stronger in parallel to our green hydrogen development, which is also now moving so fast. I think the next two or three months will really be telling and hopefully then our shareholding we would be in a stronger position and there would be a sort of an automatic resetting in this manner. Ladies and gentlemen, I believe we have. We have been given the go-ahead for the coal project. Our coal... Ladies and gentlemen, I believe we have momentarily lost Naheed's audio. What I'll do is I'll just bring her back through momentarily. If you could just bear with us, that'd be great. Naheed, I can see you just coming through again now. I think we did momentarily just lose you. If I could just request control and just bring your mic and your camera back on, that'd be great. Thank you. You're back with us now, Naheed. Please do carry on. Okay. I don't know when you lost me, but, I'll just pick up from the last question. Yeah. If you do, I think it was a consolidating shares question, if you could- Yeah, yeah. Speak to that. I said that we are trying to get a couple of other projects across the line, and then hopefully after that, there would be a sort of a resetting of our you know valuations, et cetera. We should be in a much stronger position to consider something like that. The next question that came through was, have CPEC given the go ahead for the coal project? I was answering that we have been in CPEC since 2014. We are a CPEC project. In fact, in 2016, we became a CPEC priority listed project, meaning that out of the CPEC projects in the Energy group, we would be given priority when it comes to financing. We are a CPEC priority listed project, so there's no question about CPEC giving it a go ahead. Since the question has come up, let me explain what we are after. Being in CPEC means that when the Chinese government says, "Okay, let's finance projects in Pakistan," and we are already financing projects in Pakistan, so they'll say, "All right." There are four or five groups. There's Energy, Infrastructure, Oil & Gas, Transport, Communications. And now industry. These are the working groups, as we call them in CPEC. We're already a part of this. They'll go, "Okay, fine. We're gonna now allocate $10 billion or $20 billion to finance projects in Pakistan, and then we're going to look at some projects in different working groups, and we'll go to the Energy group. Now, out of the Energy group, which projects do we see? Oracle's already in it. It's priority. This one wants to come in, et cetera. We've got $10 billion, so let's start to now finance or sanction the financing of one, two, three, or one, the first two or the first one. What that basically means is that obviously they're not gonna start financing all of them at the same time. I'm talking about financing here. I'm talking about lending. This is why we are in CPEC, because you can get money from their lenders, from the Chinese government acting as a lender. What we want from them now is to finance or to lend to our coal to power project. That is what we are trying to now get through because being in CPEC doesn't mean that they're just gonna give out the money every day. They also have timings. You know, it's based on a strategy. It's based on the current priorities of both the governments and so on. That's what we are trying to now get through, i.e., get the financing sanctioned under CPEC. It's already in CPEC. I hope that makes it clearer. When are Riversgold going to drill, and why is it not mentioned on their webpage under projects? I will be able to update the market in relation to this, I would say, very soon. Their programs of work was approved, so I think they are now, you know, very close to the commencement and so on. We should be able to proceed and be able to update the market in this regard. As far as not being on their webpage, I will talk to our geologist and our team there to see that they should bring it up to the Riversgold Communications and see how this can be amended. Why hasn't Oracle signed LOI, and why is it only a candidate project in the IGCEP portfolio? Candidate is good, right? Candidate means that we are a candidate. That means we sit in a place where we would be able to proceed as soon as we have the go ahead. Now, signing an agreement with K-Electric basically makes any LOI from PPIB redundant, null and void. We don't need it. In any case, even if K-Electric was not on board, we still don't need an LOI anymore because the market structure in Pakistan has so changed. Now, the way this will be done is that it'll be done through. This is in coal to power, not really in auction, but in other projects, there would be another source driven powers. There will be, like in renewables and some other LNG and whatever there could be. There would probably be an auction. Now the whole concept of PPIB giving an LOI, et cetera, has been replaced by the fact that you are admitted into IGCEP, then there is an auction, you bid, and you can go ahead. You don't really need the basic simple LOI that you used to. Having said that, the LOI system was applicable till 2019. 2020, we applied, and 2020 it was still applicable, et cetera. Since then, the government introduced market reforms. Nevertheless, PPIB necessarily doesn't now need to give us anything. We've already got an agreement with K-Electric, and if we proceed further, K-Electric will give us an LOI, and that will suffice because financing can be done on the basis of an offtake from K-Electric. Well, the fact that we spent a lot of money on this now has given us. We have four projects under development as a result. We have a mine. We have a coal-to-power plant. We have a coal gasification and liquefaction possibility, as well as a solar plant on this land. I would say that hopefully, as soon as one of these projects gets across the line, there would be more return than was originally even anticipated. I don't think that this is a write-off at all. This, in fact, is contrary to that because we've managed to build tremendous value in this one single project and developed it in a very comprehensive manner so far. When will we need funds again? Well, as I said earlier, it's a project development company. We develop projects. We're not a fully developed company selling anything as yet. We are trying to get into that position whereby we can benefit from sales, from revenues, from royalties, et cetera. Hopefully, you've seen with Australia, and as that progresses, there would be probably less and less need for us to keep going to the market to sort of support our development and there would be more organic development. Till such a time, we would obviously need support from our shareholders, our investors and our supporters to continue helping us grow as a company. Everything that we do is visible, transparent, and we continue to grow our portfolio in the most opportunistic manner and trying to bring on projects which are you know lucrative and there's a market for them. There's a question about carbon credits. There are two projects really, essentially, Thar solar, which could perhaps give us some support, but the Green Hydrogen project because it fits well into the energy transition scheme, you know, of the agreement climate change. We believe that is something that we would be able to count on for financing and to support the price. What have we done in that regard? We, as I said, we're working with PetroChina on the carbon side, and we've already started. Thyssenkrupp study will give us a lot of benchmark parameters as to what type of emissions are allowed and what type of emissions are not allowed. In parallel, we set up a certification company, relationship is already in place. Together we are now going to proceed to set up a mechanism for registration and verification. We're already in talks with companies, et cetera, and as soon as something is finalized, we will be able to update the market of our partnership with respect to registration and verification. Once that is done, that process kicks off and we get into the pipeline for carbon credit registration, which a buyer like PetroChina then benefits hugely from. By the way, they are already working on carbon credits and their London team, PetroChina's London team is already fairly advanced in this work, and we are also collaborating with them. However, none of these developments are concrete enough, i.e., in terms of a relationship that I can announce. Just to let you know that this is right on our agenda, a very important factor in fact because this will, as you very rightly point out, finance. I mean, to use the word finance is very big and broad, but support is a very, I think, apt word to use because it is absolutely required to support the development, and that is the intention. That's what carbon credits are. For a project like green hydrogen, which is transitioning essentially from hydrocarbons to sustainability, that requires more support than others. Hence, we will be tapping into it, and we're setting the grounds for that. High oxygen is a by-product, but in the big scheme of things, the revenues attached to that are very minimal and we can as a little support, but we can't place that as a priority in our sort of a business model to say that, "Okay, I'm gonna be able to get so much money from oxygen and then build my business case on that." We're not really counting on that. However, that will be brought into it as soon as we have finished our feasibility studies and all of that because this is a fairly simple derivative and there isn't much you know much of a problem with respect to either using it or producing it, et cetera. You know, there is plenty of oxygen out there. There is a use, but as I said, the value is minimal and we can't really be counting on it, you know, beyond reason. I mean, yes, it's viable, but you need to compare and because the question is about commercial viability. We need to see whether, you know, what is the pricing right now and how much will it cost. In any green hydrogen and Green Ammonia project anywhere globally, the oxygen derivative is not really brought into the scheme of things as a revenue source primarily. It's a secondary revenue source. When you do feasibility studies and you build a business case, you really need to focus on your primary revenue sources. There's a question. Do you think it would be better to utilize the hydrogen for Green Ammonia production? Well, that's exactly what we're doing. Hydrogen at this point in time, liquid hydrogen, yes, gaseous to some extent, but primarily our focus is on Green Ammonia because that's bankable in terms of transport and usability, and that's exactly what we're going to do. In fact, when you transport hydrogen, you tend to transport it as ammonia, and then it can be cracked back into hydrogen if the need arises, or if it is being used for transport or if it is used for some other utility, et cetera. Generally, it is Green Ammonia which is being used in industry, and that's what we are targeting as well. Also, as I said initially, transportability is also much better for Green Ammonia. All right. I think these were all the questions that were sent earlier. I believe there are more questions, and if they come in, then we can pick them up and I'll be happy to, you know, script some answers, put them together and share them. Perfect. Naheed, thank you very much for that. As you said, I think you have addressed those questions you can from investors. Of course, as you said, you will review all the questions submitted today, and we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to yourself, Naheed, could I just ask you for a few closing comments? Yeah, certainly. Thank you and thank you for your time. Thank you to everyone who joined in today. Thank you to everyone who is taking an interest in our company for their support and then in the end, I mean, as you probably can tell, we are working very hard. We continue to work very hard and you know, we hope that you know, I work hard as well as are trying to see what we should do first and fast, sort of you know, smartly and so that you can benefit from everything that is going on behind the scenes. We hope to deliver fast and continue delivering and certain things you'll see sooner than later and you've asked me about those today. All those are, as I've said, that very close to being announced and hopefully you would be able to, you know, see the sort of upside from those developments as we keep proceeding. Thank you very much once again for all your support. Thank you. Naheed, thank you very much for updating investors today. Could I please ask investors not to close the session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, which I'm sure will be greatly valued by the company. On behalf of the management team of Oracle Power PLC, we'd like to thank you for attending today's presentation, and good morning to you all.