25 May 2015capital raising announcement● Neutral
Standard notice to option holders: they must exercise options before the 29 May record date if they want to take part in the entitlement offer. No new terms; administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 May 2015capital raising announcement● Neutral
Offer booklet for the 4-for-15 entitlement offer at A$0.14 raising about A$5.5m. It opens 3 June and closes 22 June 2015. Repeats terms already announced; administrative documentation.
25 May 2015capital raising announcement● NeutralMajor
Tlou launched a fully underwritten 4-for-15 entitlement offer at A$0.14 per share to raise about A$5.5m, a 30% discount to the last price of A$0.20. Underwritten by Morgans, it funds up to two flanking Selemo pilot pods and a possible step-out well.
22 Apr 2015material agreement▲ GoodMajor
Tlou signed a co-operation agreement with General Electric and IK Holdings on a proposed gas-to-power framework for the 90MW Orapa station and a proposed 300MW plant. It is non-binding, can be terminated by any party, and expires 30 November 2015.
9 Apr 2015resource reserve update▲ GoodMajor
Independent certifier SRK lifted Lesedi contingent resources: first 1C of 4.9 BCF, 2C up 57% to 239.1 BCF, 3C up 42% to 3,295.5 BCF versus the 2013 certification. No reserves booked yet; Tlou expects them later in 2015 after further production testing.
9 Apr 2015security holder rights change● Neutral
The 41,473,904 escrowed shares flagged on 25 March were released from escrow on 9 April 2015, with quotation being sought. Total shares on issue are unchanged; the Appendix 3B notes about 106.3m were already quoted.
25 Mar 2015security holder rights change● Neutral
41,473,904 restricted shares come out of escrow on 9 April 2015, mostly held by Talon Metals (14.3m) and directors. Those holders say they have no current intention to sell. Total shares on issue remain 147.75m.
23 Mar 2015material agreement▲ GoodMajor
Tlou signed a non-binding-style gas sales co-operation agreement with South African CNG Holdings, a framework for selling gas for power and compressed gas to industrial customers, including up to 30 MW of power. Binding agreements are still to be finalised.
19 Mar 2015investor presentation● Neutral
Technical presentation on the Botswana CBM project to a Brisbane industry society by the exploration manager. Its resource estimates are the 2013 prospectus figures, confirmed unchanged. Repeats known facts; no new information visible.
16 Mar 2015investor presentation● Neutral
March 2015 corporate presentation by the MD. Its resource estimates are the 2013 prospectus figures, which Tlou confirms are unchanged. Presentation repeating known facts; no new announcement visible in the text provided.
12 Mar 2015half year report● Neutral
Half-year to 31 December 2014: loss of A$1.14m (A$4.14m a year earlier) and about A$1.9m spent on exploration. Repeats the Selemo peak of about 400,000 cfd. No revenue yet.
11 Mar 2015director officer appointment● Neutral
Founding non-executive director Christopher Pieters resigned after nearly six years. Botswana-based African Regional Manager Gabaake Gabaake, a former senior Botswana government official, joins the board as an executive director at about A$140,000 remuneration.
25 Feb 2015production update● Neutral
Selemo 1P longer-term testing restarted 14 February and Mopani 2P on 15 February, to gather data that Tlou expects to lead to a higher contingent resource and initial reserves. Lesedi 2P flow testing is expected in about two weeks. Gas sales talks continue.
30 Jan 2015quarterly activities report● NeutralMajor
December 2014 quarter: repeats the Selemo peak of about 395,000 cfd. Tlou will focus most resources on Selemo and may shut in Mopani and Lesedi until resources allow. Gas sales talks are advancing, with Orapa Power Station as the target. Cash about A$5.8m.
6 Jan 2015flow test result▲ GoodMajor
Selemo short-term tests peaked at about 395,000 cubic feet a day, the first quantified gas rate after months of delays. Tlou says results suggest the economic threshold for development has been met. The tests were short-term, and methane content was not measured.
1 Dec 2014flow test result▲ Good
Selemo 1P gas flow is steadily increasing, and Tlou says results suggest a commercial development is achievable, citing high expected gas prices and low costs. No flow rate figure is given. Mopani 2P is testing; Lesedi 1P and 2P are still dewatering.
19 Nov 2014flow test result▲ GoodMajor
Initial gas flows achieved and flared at Selemo 1P and Mopani 2P, as flagged at the AGM. This is the first gas to surface, though no commercial rate is shown yet. Lesedi 1P dewatering restarted after remediation; Lesedi 2P is dewatering.
6 Nov 2014investor presentation▲ Good
AGM presentations: casing pressures on 5 Nov were 1,133 kPa at Selemo 1P and 551 kPa at Mopani 2. Tlou interprets this as both wells being ready to flow first gas in November. Lesedi 1P remediation is underway; Lesedi 2P drilled.
13 Oct 2014production update▲ Good
Selemo has again reached critical desorption pressure after its repair. Lesedi 2P drilling began 9 October, and the Lesedi remediation rig is arriving. Mopani 2P wellhead pressure keeps rising. No commercial gas rate has yet been reported.
3 Oct 2014annual report● Neutral
Re-release of the 2014 annual report in the printed layout, repeating the chairman's and MD's letters already released on 23 September. No new information visible.
25 Sept 2014production update▲ Good
Selemo repair is complete and testing resumed in mid-September. Mopani 2P, the reworked 2011 well, reached desorption pressure with wellhead pressure rising. Lesedi repair is set for October, and a new vertical well, Lesedi 2P, will be drilled.
23 Sept 2014annual report● Neutral
Annual report for year to 30 June 2014. Chairman cites the A$13.4m raising, Selemo reaching desorption pressure, and Mamba's ~4,500 km2. A mining licence application is planned for 2015. The MD notes operational setbacks and delays.
1 Sept 2014production update● Neutral
Selemo repair, running 5-1/2 inch casing inside the existing casing, is to start in September. Lesedi water source is still being evaluated. Tlou is reworking the 2011 Mopani 2 well and a core-hole as single vertical pilots, and is planning a new lateral pilot.
25 July 2014production update▼ BadMajor
Selemo pumping is stopped to fix a casing integrity issue that has flattened the gas pressure build-up. Tlou acknowledges this delays flow testing and flaring of gas. Cash was about A$9.1m at 30 June.
11 July 2014production update▲ GoodMajor
Selemo has again reached critical gas desorption pressure after restart, a milestone but not yet a flow rate. Tlou was awarded the new Mamba licences next to Lesedi (application lodged earlier), and will relinquish Karoo West given low prospectivity.
26 June 2014production update▼ BadMajor
Selemo is dewatering smoothly, with critical desorption pressure expected within weeks and gas testing in Q3 2014. Lesedi pumping is stopped because of an anomalous water influx. Tlou is divesting its 49% Zimbabwe interests for nominal consideration, as previously flagged for sale.
3 June 2014production update▼ Bad
Selemo built good gas pressure but a blocked pump intake forced a temporary halt; the well must be brought back down through critical desorption pressure. Lesedi pump lift was upgraded in mid-May. This is a setback to the 19 May first-gas sign.
23 May 2014investor presentation● Neutral
Updated corporate presentation by CEO Gilby for ASX Spotlight Asia (Hong Kong 27 May, Singapore 29 May). Visible text is only the disclaimer and competent person statement, so no new information can be seen.
22 May 2014investor presentation● Neutral
Corporate presentation for ASX Spotlight Asia in Hong Kong (27 May) and Singapore (29 May). Visible text is only the disclaimer and competent person statement, so no new information can be seen.
19 May 2014production update▲ GoodMajor
Selemo reached critical gas desorption pressure, with casing pressure building over the past week. Tlou expects gas to flow in the near future. This is the first sign of gas, though no flow rate is reported. Lesedi is still dewatering.