Oracle Power PLC (LON:ORCP) shares rocketed on Thursday after the group confirmed press reports that it was in discussions to form a joint development agreement to develop a coal mine in Pakistan.

The company said that it was currently discussing the possibility of an agreement with China Coal Energy Co and Sheik Ahmed Dalmook Juma Al Maktoum, an Emirati prince that in late November purchased an 11.5% stake in the firm.

READ: Oracle Power surges as UAE Sheikh takes 11.5% stake

While the company confirmed discussions were taking place, it said there was no guarantee and agreement will be reached.

However, that failed to stop the shares surging 150% to 1.2p in late-afternoon trading.