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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tlou Energy Limited | LSE:TLOU | London | Ordinary Share | AU000000TOU2 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.05 | 2.00 | 2.10 | 2.05 | 2.05 | 2.05 | 502,442 | 08:00:01 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Leather Tanning & Finishing | 0 | -4.24M | -0.0039 | -10.26 | 43.06M |
From May 2019 to May 2024
TIDMTLOU
RNS Number : 2483X
Tlou Energy Ltd
20 February 2017
20 February 2017
Tlou Energy Limited
("Tlou" or "the Company")
Interim Results
Tlou Energy Limited, the AIM and ASX listed company focused on delivering power in Botswana and southern Africa through the development of coal bed methane ('CBM') projects, is pleased to announce its interim results for the six months ended 31 December 2016.
Highlights
-- Tlou became the first company in Botswana to achieve independently certified CBM Gas Reserves and subsequently expanded the reserves across both the Lesedi and Mamba Project areas
-- Received a detailed Request for Proposal from the Government of Botswana to develop up to 100MW of CBM power
-- Environmental Impact Statement Approved -- Completed an oversubscribed equity placement
Tlou Managing Director Tony Gilby said, "The past number of months have seen the Company achieve some very significant milestones. The initial Gas Reserve certification coupled with the recent upgrade reinforces the commerciality of the Company's projects. We are very pleased to have received Gas Reserves in both the Lesedi and Mamba Project areas, demonstrating the upside available within our portfolio. We believe that the Lesedi and Mamba projects will continue to develop into a valuable resource as we work towards increasing the certified Gas Reserves in both areas.
The Request for Proposal received from the Botswana Government for up to 100MW of power highlights the support for CBM development in Botswana and provides a ready market for Tlou's gas.
The approval of Tlou's upstream Environment Impact Statement (EIS) is very good news for the Company, for the Lesedi project and for the people of Botswana. The EIS is a prerequisite for the Mining Licence which, when granted, provides additional security of tenure over our licences. Environmentally there is a need in Botswana for the development of a relatively clean, low carbon energy source to replace the use of diesel in the production of electricity. CBM from Tlou's projects provide one component of a future clean energy mix.
We are looking forward to the next phase of the project, with the Company on track to become the first gas to power producer in Botswana"
Chairman's Statement
I am delighted to be able to provide this update after what has been a very productive few months. We have achieved many of the targets we had set ourselves for this period. We remain the most advanced CBM project in Botswana, a fact now enhanced by our results during the half-year and we are well placed to deliver power to the market in the future.
Tlou continues its focus on the development of its Lesedi CBM project in Botswana to deliver power in-country and regionally. Chronic energy shortages remain in place across the southern Africa region which could provide us with multiple routes to market and an attractive pricing environment.
Results over the period have enabled the Company to focus on planning its field development, which includes work on pilot project design, well locations, orientation and transmission line assessments, all key items for development of a successful gas to power project.
Tlou has been selected to bid for the development of up to 100MW of power using CBM in Botswana as an Independent Power Producer and the Company has received a detailed Request for Proposal ("RFP") from the Ministry of Mineral Resources, Green Technology and Energy Security. The ongoing field development planning flows into the RFP requirements. The closing date for this tender is 12 July 2017. The RFP requires details of the proposed field development, the installation of power generation facilities and supply of power into the grid in Botswana.
The Company is negotiating with numerous parties interested in collaborating with Tlou for development of this project. These discussions are aimed at strengthening the Company's position with the introduction of a specialist power partner and providing funding options for the development of the Lesedi Project.
Subject to the outcome of negotiations with various parties, over the next 12 months, we expect to make further strides towards the successful commissioning of a gas to power project. Our plan remains to have a scalable strategy for power generation in the region and we look forward to providing further updates as the project progresses.
Financial Review
The loss for the year was AUD$1,153,668 including a AUD$93,097 charge relating to the valuation of performance rights granted during the period. The loss for the six months ended 31 December 2015 amounted to AUD$1,993,250 and included AUD$779,310 of share issue costs related to the Company's listing on the AIM market during that period.
Excluding the performance rights expense this period and the share issue costs in the comparative period, the expenditure for the current six months has been reduced compared to the six months to 31 December 2015.
Cash at the end of the reporting period amounted to AUD$2.4m, an increase on the balance at 30 June 2016 following the successful placement completed during the half-year.
Exploration and evaluation assets increased over the period in line with the additional work completed on the Company's exploration licences in Botswana. All licences held are currently in good standing with no impairment during the period. Other assets and liabilities are in line with expectations.
Outlook
Tlou's vision is to provide a gas to power solution for Botswana initially and thereafter, in the regional market. 2017 may prove to be a transformational year for the Company as we look to agree terms with a project partner for the delivery of up to 100MW of power, finalise a power purchase agreement with the Botswana government and conclude plans for implementation of the first phase of the gas to power project. In addition, the Company will continue planning further exploration and evaluation across the licence areas held. The coming period is shaping up to be a very exciting time for the Company and we look forward to delivering on our plans.
Thank you to all our shareholders, staff, consultants, advisors, and management for their support during the period.
For further information regarding this announcement please contact:
Tlou Energy Limited +61 7 3012 9793 ------------------------------------------ ---------------------- Tony Gilby, Managing Director ------------------------------------------ ---------------------- Solomon Rowland, Company Secretary ------------------------------------------ ---------------------- Grant Thornton (Nominated Adviser) +44 (0)20 7383 5100 ------------------------------------------ ---------------------- Samantha Harrison, Colin Aaronson, Harrison Clarke ------------------------------------------ ---------------------- Brandon Hill Capital (Joint broker) +44 (0)20 3463 5016 ------------------------------------------ ---------------------- Jonathan Evans, Alex Walker ------------------------------------------ ---------------------- Optiva Securities Limited (Joint broker) +44 (0)20 3137 1904 ------------------------------------------ ---------------------- Jeremy King, Christian Dennis ------------------------------------------ ---------------------- St Brides Partners Limited (Public Relations) +44 (0) 20 7236 1177 ------------------------------------------ ---------------------- Elisabeth Cowell, Lottie Brocklehurst ------------------------------------------ ---------------------- FlowComms Limited (Investor Relations) +44 (0) 7891 677 441 ------------------------------------------ ---------------------- Sasha Sethi ------------------------------------------ ----------------------
Company Information
Tlou Energy is an AIM and ASX listed company focused on delivering power in Botswana through the development of coal bed methane ('CBM') projects. Botswana has a severe energy shortage and is currently relying on expensive imported power and diesel generation to deliver its requirements. However, as the 100% owners of the most advanced gas project in the country, the Lesedi CBM Project, Tlou Energy provides investors with access to a compelling immediate and longer term opportunity using domestic gas to produce power and displace the expensive diesel and import market.
The Company is led by an experienced Board, management and advisory team including individuals with successful track records in the Australian CBM industry.
Since establishment in 2009 the Company has significantly de-risked the project and made significant progress towards its goal to become a significant gas to power producer. The Company has the most advanced CBM project in Botswana and flared its first gas in 2014. It holds 10 Prospecting Licences covering an area of 8,300Km(2) and the Lesedi Project already benefits from significant, independently certified Contingent Gas Resources of 3.2 trillion cubic feet (3C) and independently certified Gas Reserves.
The Company is planning an initial scalable gas-to-power project in Botswana. Following successful implementation of this first scalable project, the Company plans to expand to provide further power to Botswana and the southern African region.
Consolidated statement of comprehensive income
for the half-year ended 31 December 2016
Hot Features
Premium
Consolidated
Note Dec 2016 Dec 2015
$ $
Interest income 801 19,849
Expenses
Employee benefits expense (227,073) (350,516)
Depreciation and amortisation expense (133,147) (130,206)
Foreign exchange loss (55,446) (83,791)
Share issue costs - (779,310)
Performance rights expense (93,097) -
Professional fees (69,871) (68,420)
Corporate expenses (6,031) (52)
Occupancy costs (23,177) (42,025)
Other expenses 3 (546,627) (558,779)
------------ ------------
LOSS BEFORE INCOME TAX (1,153,668) (1,993,250)
Income tax - -
------------ ------------
LOSS FOR THE PERIOD (1,153,668) (1,993,250)
------------ ------------
OTHER COMPREHENSIVE INCOME/(LOSS)
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations 1,720,346 (2,422,898)
Tax effect - -
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) 1,720,346 (2,422,898)
------------ ------------
TOTAL COMPREHENSIVE INCOME/(LOSS) 566,678 (4,416,148)
------------ ------------
Earnings per share
Cents Cents
Basic loss per share (0.6) (1.05)
Diluted loss per share (0.6) (1.05)
Consolidated statement of financial position
as at 31 December 2016
Note Dec 2016 June 2016
$ $
CURRENT ASSETS
Cash and cash equivalents 2,411,332 1,224,404
Trade and other receivables 4 85,429 290,431
Other current assets 62,715 43,969
TOTAL CURRENT ASSETS 2,559,476 1,558,804
------------- -------------
NON-CURRENT ASSETS
Exploration and evaluation assets 5 48,645,866 46,183,722
Other non-current assets 6 995,921 946,675
Property, plant and equipment 338,398 444,358
TOTAL NON-CURRENT ASSETS 49,980,185 47,574,755
------------- -------------
TOTAL ASSETS 52,539,661 49,133,559
------------- -------------
CURRENT LIABILITIES
Trade and other payables 194,272 306,956
Provisions 155,201 160,874
TOTAL CURRENT LIABILITIES 349,473 467,830
------------- -------------
NON-CURRENT LIABILITIES
Deferred tax liabilities 369,353 369,353
Provisions 94,000 94,000
TOTAL NON-CURRENT LIABILITIES 463,353 463,353
------------- -------------
TOTAL LIABILITIES 812,826 931,183
------------- -------------
NET ASSETS 51,726,835 48,202,376
------------- -------------
EQUITY
Contributed equity 8 76,796,253 73,931,569
Reserves (2,927,670) (4,741,113)
Accumulated losses (22,141,748) (20,988,080)
------------- -------------
TOTAL EQUITY 51,726,835 48,202,376
------------- -------------
Consolidated statement of changes in equity
for the half-year ended 31 December 2016
Foreign Currency
Share Based Translation
Contributed Equity Payments Reserve Reserve Accumulated Losses Total
$ $ $ $ $
Balance at 1 July
2015 71,606,519 2,062,745 (2,442,989) (19,985,242) 51,241,033
------------------- ------------------- ------------------- ------------------- ------------
Loss for the period - - - (1,993,250) (1,993,250)
Other comprehensive
income - - (2,422,898) - (2,422,898)
Total comprehensive
income - - (2,422,898) (1,993,250) (4,416,148)
------------------- ------------------- ------------------- ------------------- ------------
Transactions with owners in their capacity as owners
Share based
payments - 80,101 - - 80,101
Shares issued, net
of costs 2,325,050 - - - 2,325,050
2,325,050 80,101 - - 2,405,151
------------------- ------------------- ------------------- ------------------- ------------
Balance at 31
December 2015 73,931,569 2,142,846 (4,865,887) (21,978,492) 49,230,036
------------------- ------------------- ------------------- ------------------- ------------
Balance at 1 July
2016 73,931,569 97,001 (4,838,114) (20,988,080) 48,202,376
------------------- ------------------- ------------------- ------------------- ------------
Loss for the period - - - (1,153,668) (1,153,668)
Other comprehensive
income - - 1,720,346 - 1,720,346
Total comprehensive
income - - 1,720,346 (1,153,668) 566,678
------------------- ------------------- ------------------- ------------------- ------------
Transactions with owners in their capacity as owners
Share based
payments - 93,097 - - 93,097
Shares issued, net
of costs 2,864,684 - - - 2,864,684
2,864,684 93,097 - - 2,957,781
------------------- ------------------- ------------------- ------------------- ------------
Balance at 31
December 2016 76,796,253 190,098 (3,117,768) (22,141,748) 51,726,835
------------------- ------------------- ------------------- ------------------- ------------
Consolidated statement of cash flows
for the half-year ended 31 December 2016
Dec 2016 Dec 2015
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (inclusive of GST) (1,057,500) (1,959,245)
Interest received 801 19,849
GST and VAT received 48,331 410,946
NET CASH USED IN OPERATING ACTIVITIES (1,008,368) (1,528,450)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation assets (1,003,834) (4,839,853)
Payment for property, plant and equipment (4,058) (24,009)
NET CASH USED IN INVESTING ACTIVITIES (1,007,892) (4,863,862)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 3,254,326 2,292,540
Share issue costs (78,472) (192,979)
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,175,854 2,099,561
------------ ------------
Net increase/(decrease) in cash held 1,159,594 (4,292,751)
Cash at the beginning of the period 1,224,404 7,197,813
Effects of exchange rate changes on cash 27,334 10,024
------------ ------------
CASH AT THE OF THE PERIOD 2,411,332 2,915,086
------------ ------------
Notes to the consolidated financial statements
for the half-year ended 31 December 2016
Note 1. Significant accounting policies
Introduction
Tlou Energy Limited (Tlou) is a company domiciled and incorporated in Australia. The Financial Report for the half-year ended 31 December 2016 consists of the Financial Statements of Tlou Energy Limited and the entities it controlled during the period ('Consolidated Entity').
Compliance with accounting standards
The half-year financial report is a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting.
The half-year financial report does not include all the notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report of the group.
Basis of preparation
The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The financial report is presented in Australian dollars.
The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding interim reporting period except for the impact of the Standards and Interpretations described below. Where required by Accounting Standards comparative figures have been adjusted to conform to changes in presentation for the current financial year.
New or revised accounting standards and interpretations that are first effective in the current reporting period
The group have adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board that are relevant to their operations and effective for the current reporting period. This adoption has not resulted in any changes to the group's accounting policies and has no effect on the amounts reported in the current and prior periods.
Going Concern
The consolidated financial statements have been prepared on a going concern basis which contemplates that the group will continue to meet its commitments and can therefore continue normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.
Because of the nature of the operations, exploration companies, such as Tlou Energy Limited, find it necessary on a regular basis to raise additional cash funds to fund future exploration activity and meet other necessary corporate expenditure. At the date of this financial report, the ability of the group to execute its currently planned exploration and evaluation activities requires the group to raise additional capital within the next 12 months. Accordingly, the group is in the process of investigating various options for the raising of additional funds which may include but is not limited to an issue of shares or the sale of exploration assets where increased value has been created through previous exploration activity.
At the date of this financial report, none of the above fund raising options have been concluded and no guarantee can be given that a successful outcome will eventuate. The directors have concluded that as a result of the current circumstances there exists a material uncertainty that may cast significant doubt regarding the group's and the company's ability to continue as a going concern and therefore the group and company may be unable to realise their assets and discharge their liabilities in the normal course of business. Nevertheless, after taking into account the current status of the various funding options currently being investigated and making other enquiries regarding other sources of funding, the directors have a reasonable expectation that the group and the company will have adequate resources to fund its future operational requirements and for these reasons they continue to adopt the going concern basis in preparing the financial report.
The interim financial report does not include adjustments relating to the recoverability or classification of recorded assets amounts nor to the amounts or classification of liabilities that might be necessary should the group not be able to continue as a going concern.
Fair values
The fair values of Consolidated Entity's financial assets and liabilities approximate their carrying value. No financial assets or liabilities are readily traded on organised markets in standardised form.
Accounting estimates and judgements
Critical estimates and judgements are continually evaluated and are consistent with those disclosed in the previous annual report.
Note 2. Segment information
Identification of reportable segments
Operating segments are identified on the basis of internal reports that are regularly reviewed by the executive team in order to allocate resources to the segment and assess its performance. The Company currently operates in one segment, being the exploration, evaluation and development of coalbed methane resources in southern Africa.
Segment revenue
As at 31 December 2016 no revenue has been derived from its operations (2015: $nil).
Segment assets
Segment non-current assets are allocated to countries based on where the assets are located as outlined below.
Dec 2016 June 2016
$ $
Botswana 49,979,179 47,574,122
Australia 1,006 633
----------------------- ------------------------
Note 3. Expenses
Loss before income tax includes the following specific
expenses: Dec 2016 Dec 2015
$ $
Other expenses
Stock exchange and
-- secretarial fees 19,833 73,157
-- Insurance 29,212 33,708
-- Travel and accommodation 119,259 111,857
168,304 218,722
---------------------- ----------------------
Note 4. Trade and other receivables
Dec 2016 June 2016
$ $
Current
Other receivables 13,424 244,369
GST/VAT receivable 72,005 46,062
85,429 290,431
---------------------- ----------------------
Note 5. Exploration and evaluation expenditure
Dec 2016 June 2016
$ $
Exploration and evaluation assets 48,645,866 46,183,722
48,645,866 46,183,722
--------------------- --------------------
Dec 2016 Dec 2015
$ $
Movements in exploration and evaluation phase
Balance at the beginning of period 46,183,722 43,559,315
Exploration and evaluation expenditure during the
half-year 747,506 3,982,616
Foreign currency translation 1,714,638 (2,134,834)
Balance at the end of period 48,645,866 45,407,097
--------------------- --------------------
The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phase is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.
Note 6. Other non-current assets
Dec 2016 June 2016
$ $
Inventory and well consumables 995,921 946,675
995,921 946,675
--------------------- ---------------------
Note 7. Contingent liabilities
The Directors are not aware of any contingent liabilities at 31 December 2016.
Note 8. Contributed equity
Dec 2016 Dec 2015 Dec 2016 Dec 2015
Shares Shares $ $
Opening balance 205,619,292 187,156,319 73,931,569 71,606,519
Issue of
ordinary shares
during the year 31,578,947 18,462,973 3,000,000 2,584,816
Share issue
costs - - (135,316) (259,766)
Ordinary shares
-- fully paid 237,198,239 205,619,292 76,796,253 73,931,569
-------------------- --------------------- --------------------- ---------------------
Performance shares
Details of performance shares issued, exercised, and expired during the financial year are set out below:
Movements
Vesting Exercise
Date Price 01/07/2016 Issued Exercised Expired 31/12/2016
31 January
2017 $0.21 - 2,275,000 - - 2,275,000
31 January
2017 $0.28 - 2,275,000 - - 2,275,000
- 4,550,000 - - 4,550,000
--------------- --------------- --------------------- ------------------------ --------------------
The performance shares have the following key terms and conditions:
Tranche Number Performance condition
----------- ---------- ------------------------------------------------------------------
1 2,275,000 The first tranche will only vest once the share price
of the Company's securities listed on the ASX reaches
$0.21 and closes at that price or above for a period
of 10 consecutive trading days.
----------- ---------- ------------------------------------------------------------------
2 2,275,000 The second tranche will only vest once the share
price of the Company's securities listed on the ASX
reaches $0.28 and closes at that price or above for
a period of 10 consecutive trading days.
----------- ---------- ------------------------------------------------------------------
Forfeiture The Performance Shares will lapse if:
* None of the pricing conditions are met; or
* the participant does not meet the service conditions.
----------- ---------- ------------------------------------------------------------------
Note 9. Commitments
Exploration expenditure
In order to maintain an interest in the exploration tenements (Prospecting Licences) in which the group is involved, the group is committed to meet the conditions under the agreements. The timing and amount of exploration expenditure and obligations of the group are subject to the Prospecting Licence conditions and may vary significantly from the forecast based on the results of the work performed, which will determine the prospectivity of the relevant licence area. Subject to agreement with the appropriate government department, continued development of the area and renewal of the Prospecting Licences, expenditure and work program obligations may be carried forward and incurred in subsequent renewal periods. The obligations are not provided for in the financial statements.
Minimum expenditure requirements
Dec 2016 June 2016
$ $
-- not later than 12 months 26,351,205 25,668,594
-- between 12 months and 5 years 816,819 -
27,168,024 25,668,594
--------------------- ------------------------
Note 10. Events occurring after balance date
Other than the matters discussed in this report, there has not arisen in the interval between the end of the half-year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect significantly the operations of the group, the results of those operations or the state of affairs of the group in subsequent financial periods.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TMMBTMBTTMBR
(END) Dow Jones Newswires
February 20, 2017 02:00 ET (07:00 GMT)
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