– UK, London – Oracle Coalfields PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in the Thar desert in the south-eastern Sindh Province of Pakistan, today announces changes to its Board of Directors.
In response to shareholders’ expectations to broaden and diversify the Board of Oracle, a decision has been taken to restructure the Board. This restructuring is intended to strengthen the Company’s position for its next stage of development and project delivery of Block VI, Thar Coalfield, Sindh, Pakistan, as well as to increase access to a wider international investor base, and to identify new opportunities for Oracle to deliver early cashflows.
Mr. Roderick Stead has stepped down as a Director of the Company and its Pakistani subsidiary, Sindh Carbon Energy Limited, with immediate effect.
Mr Yves Mordacq joins the Board of Oracle Coalfields PLC and Sindh Carbon Energy Limited as a Director, also with immediate effect. Mr Yves Mordacq brings extensive experience in international capital markets and asset management, with a particular emphasis on the natural resources sector. He is the founder and manager of ECYM, an advisory boutique based in France. Prior to this, he was Managing Director of Fairview Asset Management, overseeing its small-cap multi-thematic fund, focused on sectors including natural resources, biotech and renewables. From 2002 to 2010, Mr Mordacq was the Deputy Head of the European Equity team at Generali Investments France with assets under management of up to €5 billion. Prior to his role at Generali Investments France, Mr Mordacq managed ING Investment Management’s natural resources fund. He has a Masters in Agriculture from Montpellier SupAgro and an MBA from ESSEC, France and Fundamental Geology degree from Conservatoire National des Arts et Métiers. He is a member of the Société Francaise des Analystes Financiers and was a visiting professor at the Ecole des Mines de Paris.
Mr Mordacq shall be appointed as Chairman of the audit committee and a member of the remuneration committee of the Company.
Anthony Scutt, Chairman of Oracle, said: “We thank Roderick for his valuable contribution in the development of our company. He has served the Company with dedication and we wish him well and continuing success in his on-going activities.
It is with pleasure that I welcome Yves to our Board. His considerable expertise and distinguished record in the area of international equity markets will be of undoubted value in the coming period, particularly as we approach financial close and project delivery at our Block VI project, Sindh, Pakistan, and I look forward to his input in driving forward the general development of the company”.
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