TLOU Energy Ltd (LON:TLOU) shares soared as it issued a statement telling investors it has been approved as the ‘preferred bidder’ for a coal bed methane fired power project in Botswana.
The company described it as an ‘enormous step forward’ and it will now work with the Botswana government to finalise all the project agreements.
"The approval of the company's tender represents great progress for Tlou,” said Tony Gilby, managing director.
“The proposal that we submitted was very competitive and we welcome this decision by the Government. We look forward to working together to deliver a successful power project.”
Gilby added: “The company will now progress with additional work on the ground to deliver a Gas-to-Power solution that can bring significant benefits to the country and to our shareholders. I look forward to updating the market as we continue to develop the project."
On AIM, Tlou shares rose by 1.65p or 23.74% changing hands at 8.6p.