Tlou Energy updates on Botswana CBM project after government meeting
Tlou told investors that it is confident that a favourable outcome can be achieved, as there’s an eagerness on both sides to get the CBM industry up and running in Botswana
Company
LON:TLOU
Tlou Energy Ltd is developing energy solutions in Sub-Saharan Africa through gas-fired power and ancillary projects. The Lesedi Gas-to-Power Project is 100% owned and is the company's most advanced project. Tlou's competitive advantages include the ability to drill cost-effectively for gas, operational experience and Lesedi's strategic location in relation to energy customers.
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Tlou told investors that it is confident that a favourable outcome can be achieved, as there’s an eagerness on both sides to get the CBM industry up and running in Botswana
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Both Tlou and Sekaname asked to re-submit bids for Lesedi power station
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The index of blue-chip shares ended the day down 0.1% or points at 7,178.01 points after the CPI data
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“The drilling programme has been very well managed by our operations team and we are delighted to have two core-holes completed"
The UK blue chip index closed around seven points higher at 7,544, below the day’s peak of 7,563
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"This new seismic data appears to be excellent quality and has the potential to guide us towards the delineation of further gas reserves and contingent resources," said Tony Gilby, managing director
The subscription agreement will raise roughly £2.4mln or A$4.1mln for Tlou.
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Natural resources firm Vedanta is likely to provide Friday's highlight corporate news.
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“The seismic survey is progressing very well and the analysis of the data to date has provided sufficient information for the commencement of core-hole drilling at the Lesedi CBM project”
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"The seismic survey is progressing well and we are very pleased with the data obtained to date,” said Tony Gilby, Tlou managing director
The UK blue chip index closed its account on Tuesday up 2.09 at 7,526.
The company highlighted that development financing negotiations are ongoing with various interested parties.
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"Tlou is extremely pleased to have the Seismic program running and to be working with Velseis, who are highly experienced in this area,” said Tony Gilby.
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The FTSE 100 index closed 14.98 down at 7,507, above the day’s low of 7,496.14, and well below the opening high of 7,523.65
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oil and gas, Rose Petroleum PLC, Angus Energy PLC, Hurricane Energy PLC, Tlou Energy, shares
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The group made a proposal for a CBM gas-to-power project that would be developed incrementally
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“It was a very busy year and the coming year is set to be another significant one for the company," said Tony Gilby.
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Project development can start at any time with no minimum spend obligation, Tlou explained
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Tlou is one of two companies that received a detailed request for proposal for the development of power plants in Botswana
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It marks a transition for the Lesedi project, into the development phase from exploration and appraisal.
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Cadence rose after it unveiled plans to offload one of its investments
“The awarding of the Mining Licence by the ministry is a major milestone for the company," said managing director Tony Gilby.
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The FTSE 100 traded in a narrow band all day, finishing 5 points lower at 7,319
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Shares in Tlou are trading 22% higher since the start of July.
A new gas generator also came on stream recently and has started to produce the first power from the project
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The blue chip index closed up 40.69 at 7,430 on the day
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“The Mining Licence for the Lesedi CBM Project is the first application of its kind to be lodged in Botswana,” said Tony Gilby, Tlou managing director.
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The Botswana focussed coal bed methane group has added the City investors and long-term shareholder to its board.
The FTSE 100 dropped 8.5 to close at 7,439 on the day
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“This is the first power generated from CBM in the country and this achievement reinforces our view that CBM Gas-to-Power is achievable in Botswana using gas from the Lesedi Project," says Tony Gilby.
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The 250 km 2D seismic programme should start in the next quarter with the aim to boost gas reserves at both projects.
The FTSE 100 closed down 6.56, or 0.09% to 7,519...
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Tlou Energy Limited (LON:TLOU) highlighted the progress made with the group’s Lesedi coal bed methane (CBM) project, in Botswana, for the quarter ended March 31.
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Cash proceeds, totalling A$6.7mln, are earmarked for field appraisal activities and efforts to take its Botswana.
Tlou and IPC have received a proposal request from the Botswana government to build a 100 Mw power station.
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Shareholders can invest between A$1,000 to A$15,000 via the share purchase plan.
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Tlou said it continues to monitor the situation as it unfolds and will provide updates if required.
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The extensions are precursors to a potential mining licence application which would enable a full field development for Tlou's CBM gas resources.
The halt will remain in place until Tuesday 28th March 2017.
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