Private Placement for Oracle Coalfields

Oracle Coalfields plc (ORCP), the UK developer of an estimated 1.4 billion tonne coal resource in the south-
eastern desert of Sindh Province, Pakistan, announces that it has applied today for the Company’s ordinary
shares to be admitted to trading on the AIM of the London Stock Exchange (“Admission”) following its
successful fundraising of £3 million (pre-expenses) via a private placement of new ordinary shares (the “Placing”).

Admission is expected to commence on or around 08:00 GMT on 20 April 2011. The Company will de-list from PLUS at the close of business on 19 April 2011.

Shahrukh Khan, Chairman of Oracle Coalfields commented:

“We are very pleased to announce the completion of a successful placing, raising £3 million and further
broadening our shareholder base. The funds raised will be used for working capital and to complete our
planned work programme for the Bankable Feasibility Study. It was always our intention to list on AIM and
we are delighted by the strong support of our existing and new shareholders which led to us being
significantly oversubscribed. We look forward to updating the market on future developments at Block VI of
the Thar Coalfields and our imminent AIM listing.”

Highlights of the Placing

* Libertas and Novus have conditionally placed 30,000,000 new ordinary shares at 10 pence per
share (“Placing Shares”), raising approximately £3 million of new funds (before expenses) and
valuing Oracle at £21.4 million at the Placing Price.

* The Directors intend to utilise the net proceeds of the Placing to provide general working
capital to support the growth and development of the Group’s business and to complete its
planned work programme for the Bankable Feasibility Study in connection with Block VI of the
Thar Coalfields in Pakistan.

* The Placing Shares have been placed with a broad base of institutional investors following a
roadshow across the UK.

* The Placing was well oversubscribed with high quality demand at the Placing Price.

* The new ordinary shares will represent approximately 14 per cent. of Oracle’s enlarged issued
share capital and will rank pari passu in all respects with the existing issued ordinary shares
on Admission. The number of ordinary shares in issue on Admission will be 214,211,000.

* Regency Mines plc, which currently holds 11.3 per cent. of the Company’s issued share capital,
has stated that it wishes to exercise its right under an agreement dated 8 November 2010 to
acquire of an additional 30,427,750 new ordinary shares at 10 pence per share to raise a further
£3 million for the Company. It is anticipated that the necessary authorities to issue these
further ordinary shares will be proposed at the next annual general meeting of the Company which
the Directors intend to hold in June 2011.

* The Directors and certain other shareholders are subject to a 12 month lock-in period followed
by a 12 month orderly market restriction following Admission.

The Directors of the Company are responsible for the contents of this announcement.

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