Tlou Energy posts a pre-tax loss of $3.1m for the year to the end of June compared with $2.7m in 2015.
- Government of Botswana proposed the delivery of 100MW of CBM power to be incorporated into its future generation supply plans
* Post period end proposal in place for Tlou to tender for and develop a 50MW CBM project at Lesedi
- Significant operational progress:
* Completion of dewatering and the commencement of gas testing at the Selemo production wells
* Sustained gas flow rate achieved
* Aiming to book initial independently certified reserves later this year
* Dual listed on the London Stock Exchange's AIM Market raising £1.2 million
* Submitted full development Environmental Impact Statement - a precursor to the award of a mining licence for Lesedi
Executive director Gabaake Gabaake said: "This has been a highly active year for Tlou and I am delighted with the progress we have made at Lesedi resulting in our recent confirmation from the Botswana Government that we have been selected to tender for and develop a 50MW CBM project, which is five times larger than initially expected.
"Our team has made significant efforts on the ground with sustained gas flow rates achieved at Selemo. Subject to ongoing testing we are looking at booking our initial independently certified reserves by the end of the 2016 calendar year.
"Separately, I am delighted to say that Tony Gilby has returned to a much more active role with the company following his recent illness. Both Tony and I look forward to providing further updates during this exciting time for Tlou."
At 3:04pm: (LON:TLOU) Tlou Energy Limited Ord Npv Di share price was +0.5p at 8.75p