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TLOU Tlou Energy Limited

2.30
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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% 2.30 2.10 2.50 2.30 2.30 2.30 44,367 08:00:23
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Leather Tanning & Finishing 0 -4.24M -0.0039 -10.26 43.06M

Tlou Energy Ltd Interim Results (4321Q)

26/02/2021 7:00am

UK Regulatory


Tlou Energy (LSE:TLOU)
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TIDMTLOU

RNS Number : 4321Q

Tlou Energy Ltd

26 February 2021

26 February 2021

Tlou Energy Limited

("Tlou" or "the Company")

Interim Results

Tlou Energy Limited is focused on delivering cleaner energy solutions to Botswana and southern Africa using gas and solar to alleviate some of the chronic power shortage in the region. Tlou's objective is to be the first carbon neutral power producer in Botswana.

The Company's half year report for the six months ended 31 December 2020 is available on the Company's website at www.tlouenergy.com/reports

By Authority of the Board of Directors

Mr. Anthony Gilby

Managing Director

For further information regarding this announcement please contact:

 
 Tlou Energy Limited                                     +61 7 3012 9793 
 Tony Gilby, Managing Director 
                                                       ----------------- 
 Solomon Rowland, General Manager 
                                                       ----------------- 
 
                                                         +44 (0)20 7383 
 Grant Thornton (Nominated Adviser)                       5100 
                                                       ----------------- 
 Colin Aaronson, Harrison Clarke, Samantha Harrison, 
  Seamus Fricker 
                                                       ----------------- 
 
                                                         +44 (0) 207 408 
 Shore Capital (Broker)                                   4090 
                                                       ----------------- 
 Jerry Keen, Toby Gibbs, John More 
                                                       ----------------- 
 

Company Information

Tlou Energy is focused on delivering Power solutions in Botswana and southern Africa to alleviate some of the chronic power shortage in the region. Tlou is currently developing projects using coal bed methane (CBM) natural gas and plans to combine this with solar power to provide a clean base load power source.

Botswana has a significant energy shortage and generally relies on imported power and diesel generation to fulfil its power requirements. Tlou's Lesedi Power Project provides investors with access to a compelling opportunity to displace expensive, carbon intensive diesel and imported electricity with a local clean, green and more environmentally friendly alternative.

In addition to plans for clean energy, the Company is also committed to developing community projects in Botswana adding real value to peoples' lives in a region with sparse services and where few opportunities exist for the local population. This includes work to assist communities to become self-sustaining, develop business opportunities, improve access to education, and create opportunities for self-employment and wealth creation.

The Company is listed on the Australian Securities Exchange, London's AIM market and the Botswana Stock Exchange and is led by an experienced Board, management and advisory team.

The project is significantly de-risked. The Company produced its first gas in 2014, has a Mining (or development) Licence valid to 2042 and 10 Prospecting (or exploration) Licences. The Company's project acreage covers a vast area spanning approximately 9,300 Km(2) in total.

Tlou's 'Lesedi' and 'Mamba' projects already benefit from significant independently certified 2P gas Reserves of 41 BCF. In addition, 3P gas Reserves of 427 BCF and Contingent Gas Resources of 3,043 BCF provide significant additional potential.

The Company is planning an initial scalable power project. Following successful implementation of this first scalable project, the Company looks forward to evaluating longer-term prospects for the delivery of additional electricity in Botswana and to neighbouring countries.

Forward-Looking Statements

This announcement may contain certain forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this announcement. Tlou Energy Limited undertakes no obligation to update any forward-looking statements.

Consolidated statement of comprehensive income

for the half-year ended 31 December 2020

 
                                                                             Consolidated 
                                                                Note    Dec 2020      Dec 2019 
                                                                            $             $ 
 
 Interest income                                                               399           340 
 Other income                                                               50,000             - 
 
 Expenses 
 Employee benefits expense                                               (264,897)     (624,243) 
 Depreciation expense                                                    (286,999)     (311,775) 
 Foreign exchange gain/(loss)                                             (35,300)        42,885 
 Share based payment expense                                                     -      (49,881) 
 Professional fees                                                        (98,305)      (67,730) 
 Occupancy costs                                                          (15,427)      (30,748) 
 Other expenses                                                  2       (417,717)     (528,535) 
                                                                      ------------  ------------ 
 LOSS BEFORE INCOME TAX                                                (1,068,246)   (1,569,687) 
 Income tax                                                                      -             - 
                                                                      ------------  ------------ 
 LOSS FOR THE PERIOD                                                   (1,068,246)   (1,569,687) 
                                                                      ------------  ------------ 
 
 OTHER COMPREHENSIVE INCOME/(LOSS) 
 Items that may be reclassified to profit or loss 
 Exchange differences on translation of foreign operations               (935,201)       167,611 
 Tax effect                                                                      -             - 
 TOTAL OTHER COMPREHENSIVE INCOME/(LOSS)                                 (935,201)       167,611 
                                                                      ------------  ------------ 
 TOTAL COMPREHENSIVE INCOME/(LOSS)                                     (2,003,447)   (1,402,076) 
                                                                      ------------  ------------ 
 
 Earnings per share 
                                                                             Cents         Cents 
 Basic loss per share                                                        (0.2)         (0.3) 
 Diluted loss per share                                                      (0.2)         (0.3) 
 

Consolidated statement of financial position

as at 31 December 2020

 
                                                      Consolidated 
                                        Note     Dec 2020      June 2020 
                                                    $              $ 
 CURRENT ASSETS 
 Cash and cash equivalents                        3,031,957      1,576,471 
 Trade and other receivables                        254,672        206,799 
 Other current assets                                48,286         87,682 
 TOTAL CURRENT ASSETS                             3,334,915      1,870,952 
                                              -------------  ------------- 
 
 NON-CURRENT ASSETS 
 Exploration and evaluation assets       3       47,737,940     48,163,968 
 Other non-current assets                           691,568        708,908 
 Property, plant and equipment           4        1,027,186      1,273,953 
 TOTAL NON-CURRENT ASSETS                        49,456,694     50,146,829 
                                              -------------  ------------- 
 TOTAL ASSETS                                    52,791,609     52,017,781 
                                              -------------  ------------- 
 
 
 CURRENT LIABILITIES 
 Trade and other payables                           251,490        161,463 
 Provisions                                         202,775        236,010 
 TOTAL CURRENT LIABILITIES                          454,265        397,473 
                                              -------------  ------------- 
 
 NON-CURRENT LIABILITIES 
 Provisions                                         114,000        114,000 
 TOTAL NON-CURRENT LIABILITIES                      114,000        114,000 
                                              -------------  ------------- 
 TOTAL LIABILITIES                                  568,265        511,473 
                                              -------------  ------------- 
 
 NET ASSETS                                      52,223,344     51,506,308 
                                              -------------  ------------- 
 
 
 EQUITY 
 Contributed equity                      6      102,284,970     99,753,504 
 Reserves                                       (5,861,951)    (5,115,767) 
 Accumulated losses                            (44,199,675)   (43,131,429) 
                                              -------------  ------------- 
 TOTAL EQUITY                                    52,223,344     51,506,308 
                                              -------------  ------------- 
 

Consolidated statement of changes in equity

for the half-year ended 31 December 2020

 
                       Contributed Equity      Share Based        Foreign Currency    Accumulated Losses      Total 
                                             Payments Reserve       Translation 
                                                                      Reserve 
                               $                    $                    $                    $                 $ 
 Consolidated 
 Balance at 1 July 
  2019                         99,753,504              686,706          (1,858,760)         (30,180,828)    68,400,622 
                      -------------------  -------------------  -------------------  -------------------  ------------ 
 Loss for the period                    -                    -                    -          (1,569,687)   (1,569,687) 
 Other comprehensive 
  income, net of tax                    -                    -              167,611                    -       167,611 
 Total comprehensive 
  income                                -                    -              167,611          (1,569,687)   (1,402,076) 
                      -------------------  -------------------  -------------------  -------------------  ------------ 
 
 Transactions with owners in their 
 capacity as owners 
 Share based 
  payments                              -               49,881                    -                    -        49,881 
                                        -               49,881                    -                    -        49,881 
                      -------------------  -------------------  -------------------  -------------------  ------------ 
 Balance at 31 
  December 2019                99,753,504              736,587          (1,691,149)         (31,750,515)    67,048,427 
                      -------------------  -------------------  -------------------  -------------------  ------------ 
 
 
 Balance at 1 July 
  2020                         99,753,504              736,587          (5,852,354)         (43,131,429)    51,506,308 
                      -------------------  -------------------  -------------------  -------------------  ------------ 
 Loss for the period                    -                    -                    -          (1,068,246)   (1,068,246) 
 Other comprehensive 
  income, net of tax                    -                    -            (935,201)                    -     (935,201) 
 Total comprehensive 
  income                                -                    -            (935,201)          (1,068,246)   (2,003,447) 
                      -------------------  -------------------  -------------------  -------------------  ------------ 
 
 Transactions with owners in their capacity as owners 
 Share based 
  payments                              -              189,017                    -                    -       189,017 
 Shares issued, net 
  of costs                      2,531,466                    -                    -                    -     2,531,466 
                                2,531,466              189,017                    -                    -     2,720,483 
                      -------------------  -------------------  -------------------  -------------------  ------------ 
 Balance at 31 
  December 2020               102,284,970              925,604          (6,787,555)         (44,199,675)    52,223,344 
                      -------------------  -------------------  -------------------  -------------------  ------------ 
 

Consolidated statement of cash flows

for the half-year ended 31 December 2020

 
                                                                           Consolidated 
                                                                      Dec 2020     Dec 2019 
                                                                          $            $ 
 
 CASH FLOWS FROM OPERATING ACTIVITIES 
 Payments to suppliers and employees (inclusive of GST and VAT)       (819,217)   (1,271,026) 
 Interest received                                                          399           340 
 Other receipts                                                          50,000             - 
 GST and VAT received                                                    19,548       306,397 
 NET CASH USED IN OPERATING ACTIVITIES                                (749,270)     (964,289) 
                                                                     ----------  ------------ 
 
 CASH FLOWS FROM INVESTING ACTIVITIES 
 Payments for exploration and evaluation assets                       (512,549)   (1,078,191) 
 Payment for property, plant and equipment                             (38,972)     (151,196) 
 NET CASH USED IN INVESTING ACTIVITIES                                (551,521)   (1,229,387) 
                                                                     ----------  ------------ 
 
 CASH FLOWS FROM FINANCING ACTIVITIES 
 Proceeds from issue of shares                                        3,000,754             - 
 Share issue costs                                                    (280,271)             - 
 NET CASH PROVIDED BY FINANCING ACTIVITIES                            2,720,483             - 
                                                                     ----------  ------------ 
 
 Net (decrease)/increase in cash held                                 1,419,692   (2,193,676) 
 Cash at the beginning of the period                                  1,576,471     5,204,948 
 Effects of exchange rate changes on cash                                35,794      (53,388) 
                                                                     ----------  ------------ 
 
 CASH AND CASH EQUIVALENTS AT THE OF THE PERIOD                   3,031,957     2,957,884 
                                                                     ----------  ------------ 
 

Notes to the consolidated financial statements

for the half-year ended 31 December 2020

   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 2020 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. The financial report is presented in Australian dollars.

The accounting policies and methods of computation applied by the Consolidated Entity in the consolidated interim financial report are the same as those applied by the Consolidated Entity in its consolidated financial report as at and for the year ended 30 June 2020, except as noted below.

New and revised standards

A number of new or amended standards became applicable for the current reporting period. The impact of the adoption of these standards did not have any impact on the group's accounting policies and did not require retrospective adjustments.

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 financial liabilities approximate their carrying values. No financial assets or financial 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.

Exploration & evaluation assets

In a prior period the Consolidated Entity converted a prospecting licence into a mining licence. A mining licence allows the commencement of commercial development. Despite this management believe that it is not practical to commence amortisation of the exploration and evaluation assets held in relation to the mining licence as the Consolidated Entity has not yet entered into production of a commercially viable resource.

   Note 2.    Expenses 
 
 Loss before income tax includes the following specific expenses:              Dec 2020        Dec 2019 
                                                                                   $               $ 
 Other expenses 
                                    Stock exchange and secretarial 
                --                   fees                                          135,919         140,801 
                --                  Engineers and consultants                      196,764          20,760 
 
   Note 3.    Exploration and evaluation expenditure 

Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. Such expenditures comprise net direct costs and an appropriate portion of related overhead expenditure but do not include overheads or administration expenditure not having a specific nexus with a particular area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves and active or significant operations in relation to the area are continuing.

Accumulated costs in relation to an area no longer considered viable are written off in full in the year the decision is made. Regular reviews are undertaken on each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

 
                                                                        Dec 2020    June 2020 
                                                                           $            $ 
 
 Exploration and evaluation assets                                     47,737,940   48,163,968 
                                                                       47,737,940   48,163,968 
                                                                      -----------  ----------- 
 
                                                                        Dec 2020     Dec 2019 
                                                                           $            $ 
 Movements in exploration and evaluation phase 
 Balance at the beginning of period                                    48,163,968   60,896,127 
 Exploration and evaluation expenditure during the half-year              418,103    1,053,501 
 Foreign currency translation                                           (844,131)      166,383 
 Balance at the end of period                                          47,737,940   62,116,011 
                                                                      -----------  ----------- 
 

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 4.    Property, plant and equipment 

Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding freehold land) over their expected useful lives as follows:

Plant and equipment 3-7 years

Leasehold property 25 Years

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.

 
                                                                                Dec 2020      June 2020 
                                                                                    $             $ 
 Property, plant and equipment at cost                                           4,072,780     4,101,326 
 Accumulated depreciation                                                      (3,045,594)   (2,827,373) 
                                                                                 1,027,186     1,273,953 
                                                                              ------------  ------------ 
 
 Movements in Carrying Amounts                                                  Dec 2020      Dec 2019 
 Movement in the carrying amount of property, plant and equipment between           $             $ 
 the beginning and 
 the end of the current period: 
 
 Balance at the beginning of year                                                1,273,953     1,867,025 
 Additions                                                                          73,074       137,874 
 Depreciation                                                                    (286,999)     (311,775) 
 Foreign exchange movements                                                       (32,842)         7,061 
 Carrying amount at the end of year                                              1,027,186     1,700,185 
                                                                              ------------  ------------ 
 
   Note 5.    Contingent liabilities 

The Directors are not aware of any contingent liabilities at 31 December 2020.

   Note 6.    Contributed equity 

Issued and paid up capital is recognised at the fair value of the consideration received by the consolidated entity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
                                                                                     Consolidated 
                                                    Dec 2020      June 2020     Dec 2020     June 2020 
                                                     Shares        Shares           $            $ 
 Opening balance                                   450,180,185   450,180,185    99,753,504   99,753,504 
 Issue of ordinary shares during the year*          75,018,854             -     3,000,754            - 
 Share issue costs                                           -             -     (469,288)            - 
 Ordinary shares -- fully paid                     525,199,039   450,180,185   102,284,970   99,753,504 
                                                  ------------  ------------  ------------  ----------- 
 

*Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of, and amounts paid on, the shares held. The fully paid ordinary shares have no par value. On a show of hands every member present at a meeting, in person or by proxy, shall have one vote and upon a poll, each share shall have one vote. The Company does not have authorised capital or par value in respect of its issued shares.

Options and performance rights

At 31 December 2020, the following options for ordinary shares in Tlou Energy Limited and performance rights were on issue.

Options

 
 Issued to:           Exercise Price   Expiry Date    30/12/2020   31/12/2019 
 Shareholders             $0.08        20 July 2022   37,509,400            - 
 Service providers        $0.08        20 July 2022   20,000,000            - 
                                                      57,509,400            - 
                                                     -----------  ----------- 
 

Performance shares

The following table shows the number, movements and exercise price of performance rights for the period ended 31 December 2020.

 
 Issue Date          Hurdle    Conditions   1/07/2020          Issued               Exercised                 Expired               31/12/2020 
                      Price 
 31 January 2017      $0.28     See (i)      2,275,000                     -                      -                         -             2,275,000 
 19 October 2018     $0.165     See (ii)     2,475,000                     -                      -                         -             2,475,000 
 19 October 2018      $0.22    See (iii)     2,475,000                     -                      -                         -             2,475,000 
                                             7,225,000                     -                      -                         -             7,225,000 
                                           -----------  --------------------  ---------------------  ------------------------  -------------------- 
 
 

The outstanding performance shares have the following key terms and conditions:

 
         Number      Performance condition 
 (i)     2,275,000   The shares 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. 
        ----------  ----------------------------------------------------------------------------------------------- 
 (ii)    2,475,000   The shares will only vest once the share price of the Company's securities listed on the ASX 
                      reaches $0.165 and closes at that price or above for a period of 10 consecutive trading days. 
        ----------  ----------------------------------------------------------------------------------------------- 
 (iii)   2,475,000   The shares will only vest once the share price of the Company's securities listed on the ASX 
                      reaches $0.22 and closes at that price or above for a period of 10 consecutive trading days. 
        ----------  ----------------------------------------------------------------------------------------------- 
      The Performance Shares will lapse if: 
        *    None of the pricing conditions are met; or 
 
 
        *    the participant does not meet the service conditions. 
 
   Note 7.    Share-based payments 

Options may be granted on terms determined by the directors or otherwise approved by the company at a general meeting. The options are granted for no consideration. Options and entitlements to the options are vested on a time basis and/or for services provided or on specific performance-based criteria. Options granted as described above carry no dividend or voting rights. When exercisable, each option is convertible to one ordinary share.

During the half-year 20 million options were granted for the performance of services. The amount recognised for the period under the share-based payment reserve in relation to share based payments amounts to $189,017. The fair value of options at grant date is determined using generally accepted valuation techniques that take into account exercise price, the term of the option, the impact of dilution, the share price at grant date, the expected price volatility of the underlying share, the expected dividend yield and the risk-free rate for the term of the option/performance right and an appropriate probability weighting to factor the likelihood of the satisfaction of non-vesting conditions.

Inputs used to calculate the value of options granted during the year are as follows:

 
 Grant date                      20/07/2020 
 Dividend yield                           - 
  (%) 
 Expected volatility 
  (%)                                    81 
 Risk-free interest 
  rate (%)                             0.26 
 Expected life of 
  options (years)                         2 
 Exercise price 
  ($)                                 $0.08 
 Model used                   Black Scholes 
 
   Note 8.    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 and power generation in southern Africa.

Segment revenue

As at 31 December 2020 no revenue has been derived from its operations (2019: $nil).

Segment assets

Segment non-current assets are allocated to countries based on where the assets are located as outlined below.

 
                      Dec 2020    June 2020 
                         $            $ 
 Botswana            49,453,611   50,142,417 
 Australia                3,083        4,412 
                     49,456,694   50,146,829 
                    -----------  ----------- 
 
   Note 9.    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.

Directors' declaration

In the directors' opinion:

(a) the attached financial statements and notes are in accordance with the Corporations Act 2001 including:

(i) the attached financial statements and notes thereto comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

(ii) the attached financial statements and notes thereto give a true and fair view of the consolidated entity's financial position as at 31 December 2020 and of its performance for the financial half-year ended on that date; and

(iii) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

Anthony Gilby

Managing Director

Dated at Brisbane this 26(th) day of February 2021

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