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Tlou Energy awarded more CBM acreage in Botswana

The Boomslang licence covers 1,000sq km and takes the company’s total acreage in the area to 9,300 sq km
Gas pipes
Tlou has significant acreage in Botswana

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.

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