Proactiveinvestors Australia Tlou Energy Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Tlou Energy Ltd RSS feed en Sat, 20 Apr 2019 21:17:47 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190418180022_14047158/ Fri, 19 Apr 2019 03:00:22 +1000 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190418180022_14047158/ <![CDATA[RNS press release - Placement with Botswana based investors ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190416070013_14042081/ Tue, 16 Apr 2019 16:00:13 +1000 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190416070013_14042081/ <![CDATA[News - Tlou Energy advances as it raises £1.6mln from Botswana investors ]]> https://www.proactiveinvestors.com.au/companies/news/218665/tlou-energy-advances-as-it-raises-16mln-from-botswana-investors-218665.html Tlou Energy Ltd (LON:TLOU) has raised the equivalent of £1.6mln (A$2.9mln) through a share sale in Botswana.

Sophisticated investors in Botswana have subscribed for 29mln new Tlou shares at the equivalent price of 5.5p (10 Australian cents) – specifically, the investment comes from a long-term existing shareholder as well as a new Botswana-based fund manager.

It comes as Tlou continues to advance its coal bed methane project in Botswana and follows a A$1.2mln funding earlier this month.

WATCH: Tlou advancing discussions with Botswana investors to expand field operations

"We welcome the confidence shown in the company by the fund managers who participated in this strategic placement,” said Tony Gilby, Tlou managing director.

“It has been one of the company's stated goals to increase the local ownership of the company as we believe this will have long term benefits for both the local and international shareholders. 

“It is very pleasing to welcome to our registry a new local fund manager, along with further investment by our largest shareholder, and I would like to thank them for their support."

In afternoon trading, shares in Tlou Energy were 8.7% higher at 6.25p.

 -- Adds share price --

]]>
Tue, 16 Apr 2019 08:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218665/tlou-energy-advances-as-it-raises-16mln-from-botswana-investors-218665.html
<![CDATA[Media files - Tlou Energy advancing discussions with Botswana investors to expand field operations ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12998/tlou-energy-advancing-discussions-with-botswana-investors-to-expand-field-operations-12998.html Mon, 15 Apr 2019 10:24:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/12998/tlou-energy-advancing-discussions-with-botswana-investors-to-expand-field-operations-12998.html <![CDATA[RNS press release - Allotment of Placement shares ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190412070005_14038588/ Fri, 12 Apr 2019 16:00:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190412070005_14038588/ <![CDATA[RNS press release - AUD$1.2 million equity raising at premium ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190408070007_14031652/ Mon, 08 Apr 2019 16:00:07 +1000 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190408070007_14031652/ <![CDATA[News - Tlou Energy raises AU$1.2mln in premium share placing ]]> https://www.proactiveinvestors.com.au/companies/news/218122/tlou-energy-raises-au12mln-in-premium-share-placing-218122.html Tlou Energy Limited (LON:TLOU) (ASX:TLOU) has raised AU$1.2mln, in a premium priced placing, to ease what was described as “near-term financial pressure”.

The company, in a statement, revealed that it will issue new shares to "Sophisticated" existing shareholders at a price of 10 Australian cents per share, a 5% premium to the ASX closing price on Friday.

"We welcome the confidence shown in the company by the two existing shareholders who participated in this strategic placement,” said Tony Gilby, Tlou chief executive.

READ: Tlou Energy builds on position in Botswana ahead of key results

“The additional capital also removes perceived near-term financial pressure from the company, as upon any successful gas flows and/or tender result we will not need to immediately raise capital. Rather, this allows the company ample time to assess the available financing options and to help position Tlou Energy as part of the solution to the looming regional power shortage,” he added.

The subscribing shareholders agreed to a voluntary 12-month escrow of the new shares, meaning they can’t be sold in the first year following the placing.

In a note to clients, analysts at ‘house’ broker Shore Capital pointed out: “Our last published fair value estimate for Tlou stands at approximately 25p/share, and we envisage only a minor adjustment to our valuation due to the minimal level of placing-related dilution (2.85% of the enlarged share capital)."

They added: “With an active work programme underway and strong progress being made with initial development operations at Lesedi, we continue to see excellent scope for Tlou to become a leading Southern African-focused independent power producer.”

In mid-morning trading, share in Tlou Energy were 8.1% higher at 6.00p.

 -- Adds analyst comment, share price --

]]>
Mon, 08 Apr 2019 07:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218122/tlou-energy-raises-au12mln-in-premium-share-placing-218122.html
<![CDATA[RNS press release - New Prospecting Licence Area ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190401070801_14022588/ Mon, 01 Apr 2019 17:08:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190401070801_14022588/ <![CDATA[News - Tlou Energy builds on position in Botswana ahead of key results at Lesedi ]]> https://www.proactiveinvestors.com.au/companies/news/217634/tlou-energy-builds-on-position-in-botswana-ahead-of-key-results-at-lesedi-217634.html  

Tlou Energy Limited (LON:TLOU) has re-submitted its tender for the 100Mw Lesedi CBM-power station Just added another 1,000 sq km of acreage near Lesedi with Boomslang licence Three well development programme completed at Lesedi in March to prove-up CBM reserves. Strong gas indications were observed while drilling and initial water flow is similarly very encouraging. Production from Lesedi 3P is targeted to commence in early 2019 with an extended test to de-water and lower the pressure in the coal seam to achieve gas flow.

 

What it owns

Lesedi is one of two projects Tlou has in Botswana and comprises five CBM prospecting licences covering an area of approximately 3,800 sq km.

The company has just been awarded the 1,000 sq km Boomslang licence in Botswana close to Lesedi, while it also owns the 4,500 sq km Mamba field to take its total acreage to 9,300 sq km.

What the boss says

"I am very encouraged by the recently completed drilling program and in particular the strong gas indications observed to date,” said Tony Gilby, Tlou managing director.

“Furthermore, the good initial water flow, which is higher than that previously observed at Selemo, is potentially indicative of good permeability and therefore potentially good gas flows in this geologically high-graded area.

Video

 

Inflection points

Test flow results from Lesedi 3P

Result of tender re-submission

Additional projects from partnership with IPC, which has a US250mln fund to develop power stations in sub-Saharan Africa.

Blue sky: 25p fair value target

House broker Shore Capital said: “Lesedi 3P” is a vertical well and the first in Tlou’s planned production drilling programme, which aims to provide gas flow data in the proposed initial development area. 

Shore Capital’s fair value estimate for Tlou stands at approximately 25p/share and with a very active work planned, the broker sees ‘excellent scope for Tlou to become a leading Southern African-focused independent power producer’.

At 5.85p, Tlou is valued at £23.5mln.

]]>
Mon, 01 Apr 2019 10:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217634/tlou-energy-builds-on-position-in-botswana-ahead-of-key-results-at-lesedi-217634.html
<![CDATA[News - Tlou Energy awarded more CBM acreage in Botswana ]]> https://www.proactiveinvestors.com.au/companies/news/217613/tlou-energy-awarded-more-cbm-acreage-in-botswana-217613.html Tlou Energy Limited (LON:TLOU) has picked up a new prospecting licence in Botswana in the same trend as its existing Lesedi coal bed methane project.

The Boomslang licence covers 1,000sq km and takes the company’s total acreage in the area to 9,300 sq km and runs for an initial term of 3 years. 

WATCH: Q2 'the one to watch' for Tlou Energy as it approaches key milestones

Tlou recently completed two development pods – each containing three wells - at the flagship Lesedi project, involving de-watering prior to controlled gas flows.

'House' broker SP Angel says Boomslang is a highly complementary addition to Tlou’s asset base in Botswana, which brings further critical mass to the portfolio.

The broker’s fair value estimate for Tlou is approximately 25p/share underpinned by an active work programme underway and progress made with initial development operations at Lesedi.

In afternoon trading, shares in Tlou were 1.7% higher at 5.85p.

-- Adds shares price --

 

 

]]>
Mon, 01 Apr 2019 08:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217613/tlou-energy-awarded-more-cbm-acreage-in-botswana-217613.html
<![CDATA[Media files - Q2 'the one to watch' for Tlou Energy as it approaches key milestones ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12640/q2--the-one-to-watch--for-tlou-energy-as-it-approaches-key-milestones-12640.html Tue, 19 Mar 2019 10:04:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12640/q2--the-one-to-watch--for-tlou-energy-as-it-approaches-key-milestones-12640.html <![CDATA[RNS press release - Field Operations Update ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190318070003_14004948/ Mon, 18 Mar 2019 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190318070003_14004948/ <![CDATA[News - Tlou Energy may be set for significant upside as CBM project advances ]]> https://www.proactiveinvestors.com.au/companies/news/216627/tlou-energy-may-be-set-for-significant-upside-as-cbm-project-advances-216627.html Tlou Energy Ltd (LON:TLOU) shares could be worth much more than the current market value, that’s according to house broker Shore Capital.

Reacting to the latest news from Tlou’s Lesedi coal bed methane project in Botswana, the broker gave its view on what the company’s assets are worth.

“Ahead of further updates, our fair value estimate for Tlou stands at approximately 25p per share; with an active work programme underway and strong progress being made at Lesedi, we continue to see excellent scope for Tlou to become a leading Southern African-focused independent power producer,” Shore Capital analyst Craig Howie said.

For context, Tlou shares currently trade at around 5.55p in London’s AIM market – so the ‘fair value’ figure put forward by Shore would be nearly five times higher.

Production pods complete

It comes after Tlou updated investors on its drilling programme in Botswana. The company said that two development pods – each containing three wells - have been completed and, they are now de-watering prior to controlled gas flows.

This concludes the current programme of drilling and Tlou noted that its costs to date have been in line with budget.

Tlou highlighted that strong gas indications were observed while drilling and initial water flow is similarly very encouraging.

"I am very encouraged by the recently completed drilling program and in particular the strong gas indications observed to date,” said Tony Gilby, Tlou managing director.

“Furthermore, the good initial water flow, which is higher than that previously observed at Selemo, is potentially indicative of good permeability and therefore potentially good gas flows in this geologically high-graded area.

“Completing the wells in a timely manner and on budget was a great effort by the field staff and they are to be commended for their achievements."

Tender process continues

One potential reason why the market value is below the level suggested by Shore Capital is that whilst operational progress can be seen, the commercial future of the project has yet to be secured.

Tlou is one of two companies presently competing in a formal tender process run by the Botswana government for a gas-to-power project, to be fed by coal bed methane gas resources.

Earlier this month, Tlou told investors it had received confirmation that the technical stage of the Request for Proposal (RFP) for Development of CBM fuelled power plants in Botswana has been passed.

It meant that the Botswana Public Procurement and Asset Disposal Board (PPADB) had opened the financial phase of the tender process.

Tlou highlighted that its proposal received a technical score of 89.8%, while rival Botswana firm Sekaname was marked at 86.4%.

]]>
Mon, 18 Mar 2019 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216627/tlou-energy-may-be-set-for-significant-upside-as-cbm-project-advances-216627.html
<![CDATA[News - Tlou Energy completes second coal bed methane well pod ]]> https://www.proactiveinvestors.com.au/companies/news/216610/tlou-energy-completes-second-coal-bed-methane-well-pod-216610.html Tlou Energy Limited (LON:TLOU) shares rose on Monday after the explorer updated investors on its drilling programme in Botswana.

The company said that two development pods – each containing three wells - have been completed and they are now de-watering prior to controlled gas flows.

This concludes the current programme of drilling and Tlou noted that its costs to date have been in line with budget.

It highlighted that strong gas indications were observed while drilling and initial water flow is similarly very encouraging.

READ: Tlou Energy positive as Botswana tender passes technical phase

"I am very encouraged by the recently completed drilling program and in particular the strong gas indications observed to date,” said Tony Gilby, Tlou managing director.

“Furthermore, the good initial water flow, which is higher than that previously observed at Selemo, is potentially indicative of good permeability and therefore potentially good gas flows in this geologically high-graded area. 

“Completing the wells in a timely manner and on budget was a great effort by the field staff and they are to be commended for their achievements."

In a note to clients, analysts at SPAngel commented: “While some will say that this news is of limited importance need to remember that CBM wells are as much about ‘cookie cutter’ development drilling as much as they are about the productivity of the wells themselves.”

They added: “Consequently, this news is another positive step towards a successful commerciality. While the single largest step will be delivered in the shape of the wells' performance and deliverability, this s still an important step.”

In lunchtime trading, shares in Tlou Energy were 4.5% higher at 5.75p.

 -- Adds analyst comment, share price --

 

]]>
Mon, 18 Mar 2019 07:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216610/tlou-energy-completes-second-coal-bed-methane-well-pod-216610.html
<![CDATA[RNS press release - Tender Technical Stage Decision Approved ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190313070005_13999819/ Wed, 13 Mar 2019 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190313070005_13999819/ <![CDATA[News - Tlou Energy positive as Botswana tender passes technical phase ]]> https://www.proactiveinvestors.com.au/companies/news/216358/tlou-energy-positive-as-botswana-tender-passes-technical-phase-216358.html Tlou Energy Limited (LON:TLOU) told investors it has received confirmation that the technical stage of the Request for Proposal (RFP) for Development of CBM fuelled power plants in Botswana has been passed.

It means that the Botswana Public Procurement and Asset Disposal Board (PPADB) has now approved a request to open the financial proposal in relation to Tlou’s gas to power tender, as well as the rival proposal from Sekaname.

READ: Watch: Tlou Energy says it's "well positioned for significant advancements”

The two companies last year submitted the proposal for a 100 MW project.

Tlou highlighted that its proposal received a technical score of 89.8% in the tender, while Sekaname was marked at 86.4%.

“The company looks forward to a positive decision on its financial proposal (the final stage of the RFP process) in due course,” Tlou said in the statement.

]]>
Wed, 13 Mar 2019 08:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216358/tlou-energy-positive-as-botswana-tender-passes-technical-phase-216358.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190226070020_13981238/ Tue, 26 Feb 2019 18:00:20 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190226070020_13981238/ <![CDATA[Media files - Tlou Energy says it's "well positioned for significant advancements” ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12356/tlou-energy-says-it-s--well-positioned-for-significant-advancements-12356.html Tue, 26 Feb 2019 11:33:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12356/tlou-energy-says-it-s--well-positioned-for-significant-advancements-12356.html <![CDATA[News - Tlou Energy says it is well positioned for significant advancements” in the coming months ]]> https://www.proactiveinvestors.com.au/companies/news/215307/tlou-energy-says-it-is-well-positioned-for-significant-advancements-in-the-coming-months-215307.html Tlou Energy Ltd (LON:TLOU) managing director Tony Gilby, in the company’s financial results statement, highlighted the company’s achievements during 2018 and said it is in a good position to make “further significant advancements” in the coming months.

The results come as Tlou is advancing a well drilling and development programme at the Lesedi coal bed methane project, in Botswana.

Earlier this week, Tlou told investors that it has begun production testing operations at Lesedi, following the completion of the Pod 3 infrastructure, and that it would now proceed with de-watering and the lowering of pressure in the coal seam in order to start gas flows.

READ: Tlou Energy advances CBM well toward production phase

It anticipates initial production performance statistics will be available during the second quarter of this year.

In the meantime, drilling work continues at the Lesedi 4 pod. The 4A lateral well has so far been drilled, and work on the 4B lateral is presently underway. It is planned that 4B will be the final well in the current drilling programme.

Gilby, in Tuesday’s statement, said: “We are proceeding with a series of value-adding field operations, the most significant of which is the drilling of initial development wells (Lesedi 3 and 4) which is on-going. 

“These wells have been positioned in the best technical location and orientation to potentially result in enhanced gas flows compared to what has already been achieved at Selemo. 

“The results of the recently acquired seismic data coupled with an extensive geological review of our area by our independent geological consultants have determined the optimum positioning for the current drilling campaign.”

He added: “In terms of gaining access to the power grid to ultimately monetise our gas via electricity, we have continued to run parallel processes of going down the path of the re-issued gas-to-power tender (while recognising its challenges) as well as going it alone by gaining all of the necessary approvals to independently connect to the grid in any event. 

“The company notes that the Southern African Power Pool region continues to suffer from inadequate investment in electrical power generation capacity and sooner rather than later will again experience significant electrical energy shortages.”

In regards to the financial results, the pre-revenue firm reported a US$1.52mln loss. It ended the December with US$5.52mln of cash and equivalents.

]]>
Tue, 26 Feb 2019 09:12:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215307/tlou-energy-says-it-is-well-positioned-for-significant-advancements-in-the-coming-months-215307.html
<![CDATA[RNS press release - Production testing underway at Lesedi ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190225070005_13979559/ Mon, 25 Feb 2019 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190225070005_13979559/ <![CDATA[News - Tlou Energy advances CBM well toward production phase ]]> https://www.proactiveinvestors.com.au/companies/news/215186/tlou-energy-advances-cbm-well-toward-production-phase-215186.html Tlou Energy Ltd (LON:TLOU) told investors that it has now begun production testing operations at the Lesedi coal bed methane project in Botswana.

The company, in a statement, said that the Lesedi 3 development pod has been completed with surface production equipment now installed and operational.

At the moment the company must proceed with de-watering and the lowering of pressure in the coal seam in order to start gas flows.

READ: Tlou Energy believes it will likely secure investment in near term

It anticipates initial production performance statistics will be available during the second quarter of this year.

In the meantime, drilling work continues at the Lesedi 4 pod. The 4A lateral well has so far been drilled, and work on the 4B lateral is presently underway.

It is planned that 4B will be the final well in the current drilling programme.

]]>
Mon, 25 Feb 2019 07:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215186/tlou-energy-advances-cbm-well-toward-production-phase-215186.html
<![CDATA[RNS press release - First development pod successfully completed ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190212070007_13965652/ Tue, 12 Feb 2019 18:00:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190212070007_13965652/ <![CDATA[News - Tlou Energy completes first Lesedi well pod ]]> https://www.proactiveinvestors.com.au/companies/news/214423/tlou-energy-completes-first-lesedi-well-pod-214423.html Tlou Energy Ltd (LON:TLOU) told investors it has completed its first development pod for the Lesedi coal bed methane project, advancing the project closer to production.

The company, in a stock market statement, said that the Lesedi 3A and Lesedi 3B lateral wells both intersected with the vertical well Lesedi 3P, to complete the development pod.

READ: Tlou eyes likely investment in near term

Dewatering operations and gas flow testing will follow, after the installation of production equipment.

Meanwhile, the drilling rig is being moved to the intended location of the second Lesesdi pod.

Tlou last week said it believes there’s a significant likelihood that it will secure investment in the near term.

The coal bed methane firm confirmed that it is in discussion with parties considering investment into the company either via equity or debt provision.

]]>
Tue, 12 Feb 2019 07:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214423/tlou-energy-completes-first-lesedi-well-pod-214423.html
<![CDATA[News - Tlou Energy believes it will likely secure investment in near term ]]> https://www.proactiveinvestors.com.au/companies/news/214161/tlou-energy-believes-it-will-likely-secure-investment-in-near-term-214161.html Tlou Energy Limited (LON:TLOU) has said it believes there’s a significant likelihood that it will secure investment in the near term.

The coal bed methane firm, in a stock market statement, confirmed that it is in discussion with parties considering investment into the company either via equity or debt provision.

WATCH: Tlou Energy expects completion of drilling at Lesedi CBM project 'within weeks'

Wednesday afternoon’s statement was in response to a query from the Australian Securities Exchange, specifically in relation to the financial period ended 31 December 2018.

“The company confirmed that it expects to have negative operating cash flows for the coming periods as the Company is engaged in gas exploration and early-stage development,” Tlou said.

It added: “Tlou expects to be able to continue its operations and meet its objectives.

“Operating cash flows have been higher during Q4 2018 and Q1 2019 due to the ongoing drilling programme being undertaken by the Company. This work programme will be completed in Q1 2019, and thereafter operating cash flows will be significantly reduced.”

]]>
Thu, 07 Feb 2019 08:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214161/tlou-energy-believes-it-will-likely-secure-investment-in-near-term-214161.html
<![CDATA[RNS press release - ASX query and response ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190206163004_13960827/ Thu, 07 Feb 2019 03:30:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190206163004_13960827/ <![CDATA[Media files - Tlou Energy expects completion of drilling at Lesedi CBM project 'within weeks' ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12034/tlou-energy-expects-completion-of-drilling-at-lesedi-cbm-project--within-weeks--12034.html Wed, 30 Jan 2019 11:57:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12034/tlou-energy-expects-completion-of-drilling-at-lesedi-cbm-project--within-weeks--12034.html <![CDATA[RNS press release - OPERATIONAL REPORT - QUARTER ENDING 31 DEC 2018 ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190123070004_13943361/ Wed, 23 Jan 2019 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190123070004_13943361/ <![CDATA[News - Tlou Energy highlights “excellent progress” at Botswana coal bed methane project ]]> https://www.proactiveinvestors.com.au/companies/news/213134/tlou-energy-highlights-excellent-progress-at-botswana-coal-bed-methane-project-213134.html Tlou Energy Ltd (LON:TLOU) said excellent progress has so far been made with the drilling operation at its Botswana coal bed methane (CBM) project, which began recently.

In its third quarter report, Tlou also highlighted that it has submitted an environmental impact assessment (EIA) for the downstream operations attached to the CBM project and noted that it lodged its re-tender to the Botswana government for the proposed CBM fuelled pilot power plant.

READ: Block Energy upbeat as it heads into 2019

The recently launched pilot well drilling campaign will, subject to positive results, create the basis for the initial gas-to-power project.

“The wells are being drilled as 'dual lateral pods', comprising a single vertical production well intersected by two lateral wells,” Tlou explained.

“The lateral wells will be drilled through the gassy coal seam with gas extracted from this coal produced through the vertical production well where it can be gathered and used for power generation. Up to three pods are planned.”

Each pod comprises three wells, for example, Pod One consists of the vertical Lesedi-3 production well plus two lateral wells labelled Lesedi-3A and Lesedi-3B.

Following the completion of the Lesedi-3 and Lesedi-4 pods (so a total of six wells) the company intends to use a workover rig to open up the wells and connect them to surface production facilities which are yet to be installed.

Dewatering and production testing activities to begin

In the terms of the current progress, Tlou noted that in the past quarter, it drilled both the Lesedi 3 and Lesedi 4 top-hole sections and it expects to complete the drilling of the lateral sections in ‘early 2019’.

“All of the production pods are being drilled in the area proposed for the initial project development and are aimed at confirming gas flows as well as ensuring production readiness prior to commencement of development operations,” Tlou said.

“Dewatering and production testing activities will begin immediately following the completion of the production pods.”

In a note to clients, analysts at ‘house’ broker Shore Capital said: “Our fair value estimate stands at approximately 25p/share and, with a very active work programme underway and strong progress being made at Lesedi, we continue to see excellent scope for Tlou to become a leading Southern African-focused independent power producer.”

Shares in Tlou Energy were changing hands at 5.40p in early afternoon trading, down 0.9% on Tuesday’s close.

 -- Adds analyst comment, share price --

]]>
Wed, 23 Jan 2019 07:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213134/tlou-energy-highlights-excellent-progress-at-botswana-coal-bed-methane-project-213134.html
<![CDATA[RNS press release - Recommencement of Drilling and Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190115070006_13934359/ Tue, 15 Jan 2019 18:00:06 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20190115070006_13934359/ <![CDATA[News - Tlou Energy finds gains as it restarts lateral drilling in coal bed methane wells ]]> https://www.proactiveinvestors.com.au/companies/news/212577/tlou-energy-finds-gains-as-it-restarts-lateral-drilling-in-coal-bed-methane-wells-212577.html Tlou Energy Ltd (LON:TLOU) shares rose on Tuesday as it told investors that lateral drilling has restarted in the wells at the Lesedi coal bed methane project in Botswana.

The company, in a statement, said that specialist directional drilling crew and other key personnel are now on site.

READ: Tlou Energy's Tony Gilby updates on Lesedi project

Once lateral drilling is complete, the company expects the Lesedi 3 and Lesedi 4 production pods will be completed.

It is planned that surface production equipment will be installed after that. Dewatering and production operations can then follow.

Tlou highlighted that success flowing gas from Lesedi 3 and Lesedi 4 would have the potential to upgrade reserves.

"Thus far, drilling operations at the Lesedi CBM Project have been progressing according to plan. Following the Christmas break, our field team has re-mobilised and has now recommenced drilling activity to complete the production pods at Lesedi from which we intend to produce gas to potentially supply the initial stages of our proposed CBM gas-to-power project,” said Tony Gilby, Tlou managing director.

“We look forward to providing investors with further updates in relation to operational progress specifically, the successful completion of the production pods and commencement of production testing activities.”

Tlou noted that it recently submitted as a response to a Request for Proposal (RFP) for the supply of CBM gas-to-power to the Government of Botswana. 

It added that talks with other potential off-takers as well as development finance providers are in progress.

Additionally, it said that an environmental impact assessment (EIA) for a power generation facility has been submitted.

In afternoon trading, Tlou Energy shares were 2.7% higher at 5.75p.

In a note to clients, analysts at 'house' broker Shore Capital said: "Our fair value estimate stands at approximately 25p/share and, with a very active work programme underway and strong progress being made at Lesedi, we continue to see excellent scope for Tlou to become a leading Southern African-focused independent power producer."

 -- Adds share price, analyst comment --

 

]]>
Tue, 15 Jan 2019 08:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212577/tlou-energy-finds-gains-as-it-restarts-lateral-drilling-in-coal-bed-methane-wells-212577.html
<![CDATA[Media files - Tlou Energy's Tony Gilby updates on Lesedi drilling and Request for Proposal ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11589/tlou-energy-s-tony-gilby-updates-on-lesedi-drilling-and-request-for-proposal-11589.html Wed, 12 Dec 2018 10:18:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11589/tlou-energy-s-tony-gilby-updates-on-lesedi-drilling-and-request-for-proposal-11589.html <![CDATA[RNS press release - Top-hole drilling successfully completed at Lesedi ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181204070016_13889929/ Tue, 04 Dec 2018 18:00:16 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181204070016_13889929/ <![CDATA[News - Tlou Energy higher as it starts preparations for lateral well drilling ]]> https://www.proactiveinvestors.com.au/companies/news/210451/tlou-energy-higher-as-it-starts-preparations-for-lateral-well-drilling-210451.html Tlou Energy Ltd (LON:TLOU) saw its shares rise on Tuesday as it told investors that ‘top hole’ drilling operations are complete for the Lesedi-3, Lesedi-4 and the ‘optional’ Lesedi- 5 wells.

The group added that the coal bed methane project is on time and in line with budget. Tlou is now preparing to drill the lateral well sections, to be referred to as Lesedi 3A, 3B, 4A, and 4B accordingly.

WATCH: Tlou Energy's Tony Gilby updates on Lesedi drilling and Request for Proposal

"The drilling operations have progressed extremely well, and I would like to thank all our field staff for their excellent work to get to this stage,” said Tony Gilby, Tlou managing director.

“I look forward to the drilling of the lateral sections of Lesedi 3 and Lesedi 4 followed by commencement of production testing operations in early 2019.

“We will keep the market informed as we continue to progress the program."

In early afternoon trading, shares in Tlou Energy were 2.1% higher at 4.90p.

In a note to clients, analysts at ‘house’ broker Shore Capital said: “Our fair value estimate stands at approximately 25p/share and, with a very active work programme underway and strong progress being made at Lesedi, we continue to see excellent scope for Tlou to become a leading Southern African-focused independent power producer.”

 -- Adds share price, analyst comment --

]]>
Tue, 04 Dec 2018 07:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210451/tlou-energy-higher-as-it-starts-preparations-for-lateral-well-drilling-210451.html
<![CDATA[RNS press release - Operations Update - Excellent Progress at Lesedi ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181120070020_13872746/ Tue, 20 Nov 2018 18:00:20 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181120070020_13872746/ <![CDATA[News - Tlou Energy’s Lesedi drill programme ‘making excellent progress and on budget’ ]]> https://www.proactiveinvestors.com.au/companies/news/209533/tlou-energys-lesedi-drill-programme-making-excellent-progress-and-on-budget-209533.html Tlou Energy Ltd (LON:TLOU) is making “excellent progress” with the ongoing drill programme at its Lesedi coal bed methane project in Botswana.

The AIM-listed company is currently drilling three ‘dual lateral pods’, comprising a single vertical production well which is intersected by two lateral (or horizontal) wells.

The second vertical well, called Lesedi 4P, has been drilled to a total depth of 577 metres having encountered a “very good target coal horizon”.

READ: Tlou starts busy drill programme at Lesedi

Meanwhile, top-hole drilling has been completed at Lesedi 5P – the third vertical well. Top-hole drilling at Lesedi 3A, the first lateral well in the programme, is ongoing.

Drilling will continue over the coming weeks and into early 2019. The plan is that once all six wells for pods one and two have been drilled, Tlou will complete them using a separate workover rig and surface production facilities will be installed.

The wells will then begin production testing to de-water and lower the pressure in the coal seam to achieve gas flow. Results from these tests will determine whether the third pod, Lesedi 5, will be completed.

Tlou also included a brief update on its tender to the Botswanan authorities for the proposed coal bed methane gas-to-power project.

The response was submitted last month, and the company said it is still awaiting feedback.

]]>
Tue, 20 Nov 2018 07:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209533/tlou-energys-lesedi-drill-programme-making-excellent-progress-and-on-budget-209533.html
<![CDATA[RNS press release - Operations Update ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181106070009_13855924/ Tue, 06 Nov 2018 18:00:09 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181106070009_13855924/ <![CDATA[News - TLOU Energy advances second new Lesedi CBM well ]]> https://www.proactiveinvestors.com.au/companies/news/208578/tlou-energy-advances-second-new-lesedi-cbm-well-208578.html TLOU Energy Ltd (LON:TLOU) updated investors on its field operations in Botswana where it is advancing the Lesedi coal bed methane project.

It told investors that the vertical Lesedi-3P well had now been drilled down to its total depth of 575 metres.

READ: Tlou Energy believes proposal for Lesedi is compelling

Drilling is also now underway for Lesedi-4P which is the second well in the current programme.

The aim is to unlock gas flow data ahead of the company’s proposed initial project development area. It is anticipated that production start-up for the wells could come in early 2019.

“The wells will be on production for an extended period of time to de-water and lower the pressure in the coal seam to achieve gas flow,” Tlou said in a statement.

]]>
Tue, 06 Nov 2018 07:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208578/tlou-energy-advances-second-new-lesedi-cbm-well-208578.html
<![CDATA[Media files - Tlou Energy team update on pilot production well drilling at Lesedi ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11102/tlou-energy-team-update-on-pilot-production-well-drilling-at-lesedi-11102.html Mon, 05 Nov 2018 13:05:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11102/tlou-energy-team-update-on-pilot-production-well-drilling-at-lesedi-11102.html <![CDATA[RNS press release - OPERATIONAL REPORT - QUARTER ENDED 30 SEPT 2018 ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181030070007_13846735/ Tue, 30 Oct 2018 18:00:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181030070007_13846735/ <![CDATA[News - Tlou Energy believes proposal for Lesedi is compelling ]]> https://www.proactiveinvestors.com.au/companies/news/208104/tlou-energy-believes-proposal-for-lesedi-is-compelling-208104.html Tlou Energy PLC (LON:TLOU) shares rose on Tuesday after the firm said it believes it has ‘submitted a compelling and robust proposal’ for a thermal power station at the Lesedi coal bed methane site in Botswana.

The company, which was asked to re-tender for the contract, said it had ‘outlined a staged development commencing with up to 10MW of generation as well as outlining project feasibility, proposed field development, installation of power generation facilities and supply of power into the grid in Botswana.  

READ: Tlou Energy starts drilling at Lesedi in Botswana

“If Tlou's proposal is successful, this will provide an ideal pathway towards a power purchase agreement, it added. 

“Once an initial development is completed, Tlou Energy's gas field will be connected to the regional grid, thereby opening the possibility for the company to provide power across the region, via the Southern African Power Pool.

Tlou has started to drill pilot production wells at Lesedi, which would form part of the gas-to-power project.

In its latest operational update, it predicted exploration spending of A$4.2mln for the current quarter.

Cash holdings at the end of the quarter were A$9.1mln.

In a note to clients, analysts at ‘house’ broker Shore Capital commented: “Our fair value estimate stands at approximately 25p/share and, with the company’s RFP response now successfully submitted and a very active work programme in progress at Lesedi, we continue to see excellent scope for Tlou to become a leading Southern African-focused independent power producer.”

In afternoon trading, Tlou Energy shares were 2.9% higher at 5.40p.

 -- Adds analyst comment, share price --

]]>
Tue, 30 Oct 2018 09:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208104/tlou-energy-believes-proposal-for-lesedi-is-compelling-208104.html
<![CDATA[RNS press release - Operations Update ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181022070007_13836474/ Mon, 22 Oct 2018 17:00:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181022070007_13836474/ <![CDATA[RNS press release - Issue of Performance Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181019124211_13835911/ Fri, 19 Oct 2018 22:42:11 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181019124211_13835911/ <![CDATA[RNS press release - Results of AGM and Chairman's Address ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181017070005_13831418/ Wed, 17 Oct 2018 17:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181017070005_13831418/ <![CDATA[News - Tlou Energy excited by Botswana’s emerging coal bed methane industry ]]> https://www.proactiveinvestors.com.au/companies/news/207266/tlou-energy-excited-by-botswanas-emerging-coal-bed-methane-industry-207266.html Tlou Energy Ltd (LON:TLOU, ASX:TLOU) chairman Martin McIver, in a statement ahead of today’s AGM, told investors the company is excited by the development of a coal bed methane (CBM) gas industry in Botswana. 

The company recently submitted a new tender for a CBM-based gas-to-power project to the Botswana authorities, following an active period of operations for the group. Meanwhile, it also launched a new phase of work in the field.

READ: Tlou Energy confirms tender submission for coal bed methane project

“The past year has been an exciting one for Tlou, with the company hitting significant milestones which will help us to reach our future goal of being the first CBM project in Botswana to move into production,” McIver said.

“Tlou's primary focus over the year has been on developing the Lesedi CBM project including completing a 250km seismic survey and the drilling of core-holes. 

“This work contributed to a significant upgrade of Gas Reserves in February 2018.”

He added: “we have recently lodged our response to the Government of Botswana's 100MW tender and field development work is currently underway with the first of the new pilot production wells being spudded last night.

“These new wells will be drilled into early 2019 and are situated close to Tlou's proposed central processing facility to optimise future development activities.

“We will commence production testing of the pilot wells once completed, while concurrently working on the next steps in the Lesedi CBM project's development plan.”

]]>
Wed, 17 Oct 2018 08:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207266/tlou-energy-excited-by-botswanas-emerging-coal-bed-methane-industry-207266.html
<![CDATA[RNS press release - Tender Submitted ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181010142605_13823803/ Thu, 11 Oct 2018 00:26:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20181010142605_13823803/ <![CDATA[News - Tlou Energy confirms tender submission for coal bed methane project ]]> https://www.proactiveinvestors.com.au/companies/news/206813/tlou-energy-confirms-tender-submission-for-coal-bed-methane-project-206813.html Wed, 10 Oct 2018 16:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206813/tlou-energy-confirms-tender-submission-for-coal-bed-methane-project-206813.html <![CDATA[Media files - Tlou Energy to spud first production well at Lesedi next month ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10526/tlou-energy-to-spud-first-production-well-at-lesedi-next-month-10526.html Wed, 19 Sep 2018 12:21:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10526/tlou-energy-to-spud-first-production-well-at-lesedi-next-month-10526.html <![CDATA[RNS press release - Operations Update ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20180917071004_13792349/ Mon, 17 Sep 2018 16:10:04 +1000 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20180917071004_13792349/ <![CDATA[RNS press release - Notice of Annual General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20180917070009_13792313/ Mon, 17 Sep 2018 16:00:09 +1000 https://www.proactiveinvestors.com.au/companies/rns/13042/LSE20180917070009_13792313/ <![CDATA[News - Tlou Energy gearing up for October drilling ]]> https://www.proactiveinvestors.com.au/companies/news/204998/tlou-energy-gearing-up-for-october-drilling-204998.html Tlou Energy Ltd (LON:TLOU) has updated on its operations at the Lesedi coalbed methane project, where it is gearing up for a well in October.

The company, in a statement, confirmed that the well locations have been agreed, scouted and inspected.

READ: Closing date extended for CBM power proposal

Site preparation is now underway for what will be the first pilot production well, and, it is presently awaiting the delivery of all equipment needed prior to spudding the well.

Tlou highlighted that the wells are planned to be drilled as ‘dual lateral pods’ comprising a vertical production well, intersected by two lateral wells (drilled through gassy coal seams) whereby the gas will be extracted via the vertical bore.

The gas would then be gathered for power generation purposes.

City broker eagerly awaiting well drill results

“If successful, the new wells will form part of Tlou’s initial gas-to-power project, which will include the installation of transmission lines and grid connection,” said Shore Capital analyst Craig Howie.

“With an initial (and very scalable) development of up to 10MW planned, we therefore eagerly look forward to results from the forthcoming drilling programme.”

“Our fair value estimate stands at approximately 25p/share and, with a formal government re-tender process currently underway (in relation to which we believe that the company is superbly positioned) and a very active work programme in progress at Lesedi, we continue to see excellent scope for Tlou to become a leading Southern African-focused independent power producer.”

Tlou shares were up 2.8% to 6.1p in late afternoon trading in London.

--Updates for broker comment and share price--

]]>
Mon, 17 Sep 2018 07:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204998/tlou-energy-gearing-up-for-october-drilling-204998.html