Tlou Energy Ltd (AIM:TLOU, ASX:TOU, BSE:TLOU) ended its first quarter with robust financial resources and told investors it made considerable progress with the Lesedi, Mamba and Boomslang projects in Botswana.
The company, which is focused on gas-to-power development and exploration, today released its statutory quarterly activities report which highlighted key advancements in its operations.
At Lesedi, Tlou's most developed project, it is advancing towards the construction of a 10MW gas-to-power initiative. With four prospecting licences and a production licence, this project is the main focus for Tlou's independently certified gas reserves and contingent resources.
It is presently around 64% through the completion of a 66KV transmission line which is expected to finish by mid-2023. Once complete it will allow the company to connect to Botswana's power network.
Work on a substation is meanwhile set to begin imminently, with completion slated for early 2024.
Tlou has in the meantime begun drilling the Lesedi 6 production pod, which will be the first of a series of pods for the 10MW project.
Elsewhere, the Mamba and Boomslang projects are being progressed in the exploration and evaluation phases.
As of the end of the quarter, Tlou had AU$3.54mln in cash and had support from its major shareholders, including Ian Campbell who is providing a US$2mln loan to the company, subject to regulatory approval.