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I did the following:

Create a file named licenses.licx and type the line "CoreLab.Oracle.OracleConnection, CoreLab.Oracle" in it. Save the file and add it to your project.

Still receiving the License not found error.

Do I need to add some code on my project to reference the license?

Don't you use mobile edition? If so this bug will be fixed in the next version. Please wait a bit.