logo-loader
viewTlou Energy Limited

Tlou hails “highly active” year as it is selected as preferred bidder for Botswana CBM project

Looking ahead, managing director Tony Gilby said shareholders could look forward to an anticipated gas reserve upgrade at the firm's Lesedi project

Tlou Energy Ltd - Tlou hails “highly active” year as it is selected as preferred bidder for Botswana CBM project

Tlou Energy Limited (LON:TLOU) has hailed a “highly active” year as it delivered its results following its selection as a preferred bidder to develop a coal bed methane (CBM) power plant in Botswana.

The AIM-listed firm said its selection by the Botswana government had been a “key target” over the year and that it would now begin negotiations with the government for a power purchase agreement before starting development work.

WATCH: Further gas flow rate upgrades expected from Tlou Energy

Tlou also said it had completed a work programme to drill two dual lateral development wells at its Lesedi CBM project adjacent to a proposed power generation facility, both of which were now producing gas.

The company added that with approval also secured for its planned downstream developments, all environmental approvals were in place to begin commercial development.

 Tony Gilby, Tlou’s managing director, said that looking ahead, shareholders could expect further gas flow rate upgrades from the two new wells as well as an anticipated gas reserve upgrade and the agreement of a development financing package.

For the 12 months ended 30 June, Tlou a loss of US$3.2mln compared to US$2.8mln in 2018, while it ended the year with a cash balance of US$5.2mln.

In early trading on Tuesday, Tlou’s shares were 4.4% higher at 4.8p.

Quick facts: Tlou Energy Limited

Price: 4.78 GBX

AIM:TLOU
Market: AIM
Market Cap: £21.52 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Tlou Energy Limited named herein, including the promotion by the Company of Tlou Energy Limited in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Tlou Energy's Tony Gilby updates on Lesedi production ahead...

Tlou Energy Limited’s (LON:TLOU) Tony Gilby speaks to Proactive London's Andrew Scott ahead a site visit next week. He says they've made an excellent start to flow testing at its Botswana coal bed methane wells. Gilby adds that, like most new CBM wells, the Lesedi operation is expected to...

2 days ago

2 min read