Tlou Energy (ASX: TOU) has today been admitted to the Official List of the ASX and will light up the boards on Tuesday 9 April 2013 at 11am (AEST).
The company will have around 57 million shares on issue following a successful IPO offering 20 million shares at $0.50 per share to raise $10 million.
Tlou is focused on unconventional gas in southern Africa with the company’s assets located in Botswana, a country with a relatively stable fiscal regime and low corruption index for Africa.
The company is targeting new energy sources such as coal seam gas (CSG) for development and commercialisation.
In total, Tlou has nine CSG prospecting licences in the Karoo Central and Karoo West areas of Botswana that cover an extensive 7,000 square kilometres.
The Karoo Central and Karoo West CSG tenements are located in the Karoo-Kalahari basin, where the company has been active for over three years with a total of around US$40 million having been invested on drilling and testing programs by Tlou and previous operator Saber Energy.
The Karoo Central project is one of the most progressed CSG projects in southern Africa. This project has been assessed as containing Contingent Resources (3C) of 2.3 trillion cubic feet (Tcf), with a further Prospective Resource totalling 8.6Tcf (High Estimate).
Tlou is positioned to increase its exposure to prospective CSG acreage through a pending application with the Botswana government.
The company also has an interest in two CSG Special Grants and a further application in Zimbabwe covering a total area of around 3,000 square kilometres.
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