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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% | 2.20 | 2.10 | 2.30 | 2.20 | 2.13 | 2.20 | 265,618 | 08:00:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Leather Tanning & Finishing | 0 | -4.24M | -0.0039 | -10.26 | 43.06M |
From Apr 2019 to Apr 2024
TIDMTLOU
RNS Number : 4419L
Tlou Energy Ltd
19 July 2017
19 July 2017
Tlou Energy Limited
("Tlou" or "the Company")
OPERATIONAL REPORT - QUARTERING 30 JUNE 2017
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'), is pleased to provide its operational report in respect to its Lesedi CBM Project in Botswana ("Lesedi") for the quarter ended 30 June 2017.
Highlights
Hot Features
Premium
-- Contract for 250km seismic survey signed to commence in Q3 with aim to increase Gas Reserves and Resources
-- Mining Licence application lodged
-- First power generated from CBM following the installation of a Gas Generator - providing reduced spend on
diesel and a proof of concept of 'first gas monetisation'
-- Board bolstered with appointment of Non-Executive Director Hugh Swire and post quarter end the appointment of Ms.
Linah Mohohlo
TLOU ENERGY LIMITED PROJECTS
Lesedi CBM Project Area, Botswana
PLs 001-003/2004 and PLs 35 & 37/2000
Tlou Energy Limited 100%
The Lesedi project consists of five CBM prospecting licences in Botswana covering an area of approximately 3,800km(2) . These licences are currently the focal point for the Company's operations and include the Selemo pilot project where the Company has been producing gas for approximately 12 months.
The status of the five Lesedi Area Prospecting Licences is as follows:
Prospecting Licence Expiry Status -------------------- --------------- -------- PL 001/2004 March 2019 Current -------------------- --------------- -------- PL 002/2004 March 2019 Current -------------------- --------------- -------- PL 003/2004 March 2019 Current -------------------- --------------- -------- PL 035/2000 September 2018 Current -------------------- --------------- -------- PL 037/2000 September 2018 Current -------------------- --------------- --------
Contract for 250km seismic survey signed
The Company entered into a contract for a 250 km 2D seismic program with Velseis Pty Ltd, an Australian seismic acquisition and processing company providing a fully integrated range of seismic technologies. Velseis has built a reputation as the leading Australian contractor in this field, with over 25 years of experience throughout the Asia-Pacific Region. The seismic program is scheduled to commence in Q3, 2017. It is envisaged this survey will give the Company the opportunity to expand its gas reserves and resources as it progresses towards developing the first CBM gas to power project in Botswana.
The seismic survey will assist in the next step of Tlou's plan to drill more wells by providing it with enhanced knowledge of the sub-surface in its project areas. The results along with the data from the subsequent planned core well program may also lead to further gas reserves and contingent resources being certified.
Tlou lodges Mining Licence Application for the Lesedi CBM project with the Ministry
The Company lodged a Mining Licence Application for the Lesedi CBM project with Botswana's Department of Mines in the Ministry of Mineral Resources, Green Technology and Energy Security ("the Ministry"). The Mining Licence for the Lesedi CBM Project is the first application of its kind to be lodged in Botswana.
In Botswana, holders of Prospecting Licences ("PL") are issued Mining Licences once exploration on a relevant Prospecting Licence has been concluded and the holder of the Prospecting Licence is ready to commence commercial production. Mining Licences are assessed in accordance with the prescribed statutory requirements of the Botswana Mines and Minerals Act. Two major components of a Mining Licence application are an approved EIA (granted for the Lesedi Project in September 2016) and a feasibility study for the relevant project.
Some of the benefits of a Prospecting Licence being converted into a Mining Licence include:
1. Tenure: The permit being converted from a short-term Prospecting Licence tenure (2-3 years) to a longer-term tenure (20+ years).
2. Commercial rights: A Mining Licence affords the holder the legal right to sell the resource for which the licence has been granted. The granting of a Mining Licence is therefore a pre-requisite to commercialising a gas resource.
The award of the Mining Licence will be another milestone for the Company which further enhances the first mover advantage to develop a Gas-to-Power project in the country. The issue of a Mining Licence will pioneer the development of a new and exciting natural CBM gas industry in Botswana, an industry that will lead to a new indigenous source of energy and employment for the country. Over time, it will potentially allow new manufacturing industries to develop using Botswana CBM gas and facilitate the creation of a new renewable energy industry. This is due to gas being a relatively clean and cost-effective way to provide peaking power to complement the often-intermittent nature of renewable energy.
Conversion of field generation from diesel to gas
The Company generated its first power from CBM at its field in Botswana following the installation of a Gas Generator at the Selemo project area.
Power required to run pumps and metering at the Selemo wells was previously supplied by diesel generators. During the quarter, the Company's operations team replaced a diesel generator with a new gas fired generator, running on the gas being produced from Tlou's wells. This is the first Gas-to-Power via Tlou's CBM, and is a significant milestone for the Company and in effect a proof of concept of 'first gas monetisation'. This achievement reinforces Tlou's view that CBM Gas-to-Power is achievable in Botswana using gas from the Lesedi Project.
The Cummins G8.3 generator can supply up to 60 kVA of power and has been customised to run on a small portion of the gas currently being produced at the Selemo pilot which would otherwise be flared. It is expected that the conversion of generation from diesel to gas will initially reduce the Company's diesel requirements by approximately 50,000 litres per year. These savings should grow with time given that a second gas to power generation unit is planned to be installed.
Mamba Project Area, Botswana
PLs 237-241/2014
Tlou Energy Limited 100%
The Mamba project consists of five CBM prospecting licences in Botswana covering an area of approximately 4,500km(2) . The Mamba area is considered to be highly prospective being situated adjacent to Tlou's Lesedi CBM Project and being on-trend with the encouraging results observed to date. In the event of a gas field development by Tlou, the Mamba area provides the Company with considerable flexibility and optionality.
Renewal applications were submitted for the Mamba licences in March 2017. The Company has received confirmation from the Department of Mines that they were unable to complete their review of the renewal application prior to the end of June but undertook to expedite their review as soon as possible.
The status of the Mamba Area Prospecting Licences is as follows:
Licence Expiry Status ------------ ---------- ------------------------------------------- PL 237/2014 June 2017 Renewal Application submitted - March 2017 ------------ ---------- ------------------------------------------- PL 238/2014 June 2017 Renewal Application submitted - March 2017 ------------ ---------- ------------------------------------------- PL 239/2014 June 2017 Renewal Application submitted - March 2017 ------------ ---------- ------------------------------------------- PL 240/2014 June 2017 Renewal Application submitted - March 2017 ------------ ---------- ------------------------------------------- PL 241/2014 June 2017 Renewal Application submitted - March 2017 ------------ ---------- -------------------------------------------
Corporate
In June 2017 the Company was pleased to announce that Mr Hugh William Swire was appointed to the Board as a Non-Executive Director.
Hugh, aged 37, is a partner in Mahon China, an established investment management and advisory partnership based in Beijing. Active in China since 1985, Mahon China have over three decades of experience advising foreign companies with investments and corporate activities in China.
Hugh has expert knowledge and direct investment experience in the low carbon water, energy and technology sectors having completed and exited investments into several leading companies in the low carbon sector. Hugh travels to China regularly and using his Chinese language skills after graduating from Oxford University with a BA (Hons) in Chinese.
Post end of the quarter, Ms Linah Mohohlo, was also appointed to the Board as a Non-Executive Director. Ms. Mohohlo is the former Governor of the Bank of Botswana, holds a Bachelors Degree in Economics from The George Washington University, Washington DC, a Masters Degree in Finance and Investment from University of Exeter, UK and a Diploma in Accounting and Business Studies from the University of Botswana.
New Ventures
While Tlou is focussed on the Lesedi CBM project, the Company will continue looking at potential areas of expansion should the possibility arise.
****
Anthony Gilby
Managing Director
Tlou Energy Limited
Website: www.tlouenergy.com
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
------------------------------------ ---------------------
+44 (0) 207 408
Shore Capital (Joint Broker) 4090
------------------------------------ ---------------------
Jerry Keen, Mark Percy, Toby
Gibbs
------------------------------------ ---------------------
Optiva Securities Limited
(Joint Broker) +44 (0)20 3137 1904
------------------------------------ ---------------------
Jeremy King, Christian Dennis
------------------------------------ ---------------------
St Brides Partners Limited +44 (0) 20 7236
(Public Relations) 1177
------------------------------------ ---------------------
Lottie Brocklehurst, Megan
Dennison
------------------------------------ ---------------------
FlowComms Limited (Investor +44 (0) 7891 677
Relations) 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') gas. 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 expensive diesel and import power 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 in consideration of 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.
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-------------------------------------------
Tlou Energy Limited
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
79 136 739 967 30 June 2017
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000 (12 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (199) (1,612)
(b) development
(c) production
(d) staff costs (328) (1,025)
(e) administration
and corporate costs (326) (1,364)
1.3 Dividends received
(see note 3)
1.4 Interest received 1 2
1.5 Interest and other
costs of finance paid
1.6 Income taxes paid
1.7 Research and development
refunds
Other (GST refunds,
Share related expenditure
1.8 as per AASB 132) (268) (199)
---------------- -------------
Net cash from / (used
1.9 in) operating activities (1,120) (4,198)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment
(b) tenements (see
item 10)
(c) investments
(d) other non-current
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment (97) (101)
(b) tenements (see
item 10)
(c) investments
(d) other non-current
assets
2.3 Cash flows from loans
to other entities
2.4 Dividends received
(see note 3)
2.5 Other (provide details
if material)
---------------- -------------
Net cash from / (used
2.6 in) investing activities (97) (101)
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues
3.1 of shares 6,292 9,939
3.2 Proceeds from issue
of convertible notes
3.3 Proceeds from exercise
of share options
Transaction costs related
to issues of shares,
convertible notes or
3.4 options (27) (162)
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details
if material)
---------------- -------------
Net cash from / (used
3.10 in) financing activities 6,265 9,777
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 1,748 1,224
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (1,120) (4,198)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) (97) (101)
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) 6,265 9,777
Effect of movement
in exchange rates on
4.5 cash held (69) 25
---------------- -------------
Cash and cash equivalents
4.6 at end of period 6,727 6,727
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the $A'000
quarter (as shown in
the consolidated statement
of cash flows) to the
related items in the
accounts
---- ---------------------------- ---------------- ---------
5.1 Bank balances 6,727 1,748
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- ---------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 6,727 1,748
---- ---------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 174
----------------
6.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3
----------------
6.3 Include below any explanation necessary
to understand the transactions included
in items 6.1 and 6.2
---- --------------------------------------------------------
Office rent, Directors fees and salaries
--------------------------------------------------------------
7. Payments to related entities of Current quarter
the entity and their associates $A'000
----------------
7.1 Aggregate amount of payments to
these parties included in item
1.2
----------------
7.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3
----------------
7.3 Include below any explanation necessary
to understand the transactions included
in items 7.1 and 7.2
---- --------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
8.1 Loan facilities
--------------- -------------
8.2 Credit standby arrangements
--------------- -------------
8.3 Other (please specify)
--------------- -------------
8.4 Include below a description of each facility
above, including the lender, interest rate
and whether it is secured or unsecured.
If any additional facilities have been entered
into or are proposed to be entered into
after quarter end, include details of those
facilities as well.
---- ------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
---- --------------------------------- -------
9.1 Exploration and evaluation 867
9.2 Development
9.3 Production
9.4 Staff costs 293
Administration and corporate
9.5 costs 471
Other (Share related expenditure
9.6 as per AASB 132) 184
-------
9.7 Total estimated cash outflows 1,815
---- --------------------------------- -------
10. Changes in Tenement Nature of interest Interest Interest
tenements reference at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------------- -------------- ------------
10.1 Interests
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------------- -------------- ------------
10.2 Interests
in mining
tenements
and petroleum
tenements
acquired
or increased
----- ---------------------- -------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here: ..........Solomon Rowland............. Date: .....19 July 2017.....
(Director/Company secretary)
Print name: ...... Solomon Rowland................
Notes
1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLSFDSSUFWSELW
(END) Dow Jones Newswires
July 19, 2017 02:00 ET (06:00 GMT)
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