Source - LSE Regulatory
RNS Number : 7944R
Tlou Energy Ltd
31 October 2023
 

 

31 October 2023

 

Tlou Energy Limited

("Tlou" or "the Company")

 

Results of Annual General Meeting and Chairman's Address

 

 

The Company's Annual General Meeting was held earlier today and all resolutions were duly passed. A presentation provided at the Annual General Meeting by Managing Director, Tony Gilby, is available on the Company's website https://tlouenergy.com/news. The Chairman's Statement, given by Tlou Chairman Martin McIver, is set out below.

 

Chairman's address - AGM

 

It gives me great pleasure to deliver the Chairman's address at Tlou's fourteenth AGM as a listed entity. 

 

We continue to make excellent progress towards establishing ourselves as a key power player in Botswana and Southern Africa through the exploration and evaluation of our gas to power project.  

 

During the year Tlou progressed the construction of transmission lines to connect the Lesedi project to the grid, acquired a 4,000-hectare farm for the central processing facility, contracted the construction of the Lesedi substations, and the next phase of the production drilling commenced.

 

One of the final stages in the evaluation of the Lesedi project is the commencement of the 10MW gas to electricity operation. To connect this project to Botswana power grid, Tlou engaged Zismo Engineering Pty Ltd to construct a 100km transmission line from the Lesedi project to Serowe. Construction of the 66kV transmission line is over 95% complete and is expected to be fully completed in the coming months. Tlou has also engaged South African based Optipower, a division of Murray & Roberts Ltd to undertake the construction of associated substations as part of the grid connection.

 

We are privileged to have the continued support of the government of Botswana and the inclusion of coal bed methane (CBM) as part of the country's forward plan to combat power deficiency.

 

During the year, production drilling recommenced with the completion of the Lesedi 6 production pod and the drilling of the new lateral sections of the Lesedi 4 pod. Lesedi 6 is the first of a series of new pods, funds permitting, that the Company with drill to supply gas for the initial 10MW project. While Lesedi 4 has produced gas for several years, redrilling of the laterals is aimed at providing straighter lateral sections to improve dewatering and gas flow. Tlou's current 2P gas reserves stand at approximately 41 billion cubic feet (~7.2m BOE).

 

The Company's Mamba and Boomslang project areas are located adjacent to the Lesedi project. Tlou will continue to evaluate these projects and successful results could allow the Company to progress these areas separately to Lesedi, with the potential for gas-fired power.

 

During the 12-month period ending 30 June 2023, the Company successfully raised approximately AUD 14.8 million in equity and AUD 2.0 million loan funding to support ongoing project development. The Company's major shareholder ILC Investments Pty Ltd (ILC) now holds 34.86% of the Company's ordinary shares.

 

This has been a highly active year for Tlou. We look forward to another successful year ahead. Finally, and most importantly, I would like to take this opportunity to recognise the continuing support of our shareholders, without whom our project would not be possible.

Thank you.

 

 

 

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 3040 9084

Tony Gilby, Managing Director

 

Solomon Rowland, General Manager

 

 

 

Grant Thornton (Nominated Adviser)

+44 (0)20 7383 5100

Harrison Clarke, Colin Aaronson, Ciara Donnelly

 

 

 

Zeus Capital (UK Broker)

+44 (0)20 3829 5000

Simon Johnson




Investor Relations


Ashley Seller (Australia)

+61 418 556 875

FlowComms Ltd - Sasha Sethi (UK)

+44 (0) 7891 677 441

 

About Tlou

Tlou is developing energy solutions in Sub-Saharan Africa through gas-fired power and ancillary projects. The Company is listed on the ASX (Australia), AIM (UK) and the BSE (Botswana). The Lesedi Gas-to-Power Project ("Lesedi") is 100% owned and is the Company's most advanced project. Tlou's competitive advantages include the ability to drill cost effectively for gas, operational experience and Lesedi's strategic location in relation to energy customers. All major government approvals have been achieved.

 

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. Save as required by any applicable law or regulation, Tlou Energy Limited undertakes no obligation to update any forward-looking statements.

 

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