Tlou Energy (ASX:TOU, AIM:TLOU) has successfully completed a dual listing on the London Stock Exchange’s AIM market and raised A$2.9 million for ongoing development of its Lesedi gas project in Botswana.
As part of the dual listing effort, Tlou has completed a placement of 18.5 million shares at A$0.014 to sophisticated and professional investors in the U.K. and Australia, with proceeds AIMed at production testing and field operations at Lesedi’s Selemo pilot wells.
The proceeds have also been earmarked for environmental approvals, reserves certification and corporate overheads.
Tlou has reported encouragiang gas pressures continuing to increase at Selemo in recent weeks as a dewatering process continues.
Production data to date has been extremely encouraging and in line with the reservoir engineers’ expectations prior to the start of testing.
If the performance of the wells continues as anticipated, Tlou will be in a position to book reserves, further its downstream development options, and enhance value for shareholders.
In recent months, Tlou has had discussions with a number of power development, investor and lender groups, mainly based in the UK and Europe where there is a strong appetite for African based projects.
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