Tlou Energy Ltd (AIM:TLOU, ASX:TOU, BSE:TLOU) highlighted a strong cash position in a report for the three months to end March and noted ongoing progress in Botswana.
The company had A$8.67mln of cash on hand at the end of March.
In an update on its main project, Tlou said the Lesedi 3 production well was successfully brought back online during the quarter, after being shut-in during the Covid-19 pandemic, and it continues to produce gas.
Tlou highlighted that daily average production was 56,000 cubic feet prior to a programme of well workover. Its two production wells at Lesedi - Lesedi 3 and Lesedi 4 - are dewatering in isolation and gas flow rates are expected to continue to increase, potentially significantly, when part of a full field development, the company said in a statement.
Also in the period, Tlou’s project was granted a 15-year generation licence for a 10 megawatt gas-to-power project, and, received US$5mln from the Botswana Public Officers Pension Fund.