Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2017drilling progress report▲ Good
Seismic field acquisition (~250 km) is complete and processing continues. One of three planned core-holes is finished with samples sent for analysis. SRK interpretation report is expected early Q1 2018, so no reserve change yet.
21 Nov 2017capital raising announcement▲ GoodMajor
Tlou signed conditional deals with African Alliance-managed Botswana funds to subscribe about 21.2m shares at P1.56 (about A$0.20), raising P33m (about A$4.1m). It depends on a Botswana Stock Exchange listing expected mid-December 2017; funds would finish appraisal and begin first-phase development drilling.
What it means for a shareholder
21.2m new shares at about A$0.1934 to raise about A$4.1m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held A$1,000 of shares (5,171 at the issue price), your slice goes from 0.00169% to 0.00158% of the company. To keep it you'd need 359 more shares - about A$69 at the issue price.
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9 Nov 2017annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2017, pointing to pages 64-74 of the annual report. Administrative filing with no new operational or financial information.
7 Nov 2017drilling spud▲ GoodMajor
Core-hole drilling began at Lesedi at a location picked from early seismic data, while the survey nears completion. Aims to confirm coal quality and gas content and support reserve growth. Development is planned for 2018, subject to the 100MW tender outcome.
25 Oct 2017agm notice● Neutral
AGM proxy voting summary: all resolutions had votes in favour and none against, including Swire and Mohohlo elections, McIver re-election and the 10% placement capacity. Routine administrative result.
25 Oct 2017agm notice● Neutral
Chairman's AGM address recaps the Mining Licence, the 100MW tender submission and reserves, and says next steps are the 250 km seismic survey and a core-well program. No new information.
25 Oct 2017investor presentation● Neutral
AGM corporate presentation of 25 October 2017. Visible text is only disclaimers and a competent persons statement citing the 15 February 2017 reserves; no new information is visible.
24 Oct 2017quarterly activities report● Neutral
September 2017 quarter report recaps the Mining Licence (to August 2042), the tender response, Linah Mohohlo's appointment and the seismic start. Development financing talks are ongoing with various parties. No decision on the tender is known yet. No new results.
24 Oct 2017drilling progress report● Neutral
Seismic survey started 8 October and is about 40% done, on time and on budget, with data quality described as excellent. It should run into November. Results will be used by SRK to try to expand reserves; no reserve change yet.
9 Oct 2017drilling progress report● Neutral
Tlou announced that work had started on the planned 250 km 2D seismic program over Lesedi and Mamba, run by Velseis. It aims to find areas to add gas reserves and to site core wells; no results were given.
21 Sept 2017regulatory community update▲ GoodMajor
Tlou lodged its response to the up-to-100MW CBM power tender, starting with up to 10MW, before the 20 September deadline. Only two companies bid and no decision date is known. All five Mamba licences were renewed to 30 June 2019, resolving the earlier three-month extension.
11 Sept 2017annual report● Neutral
Annual report for the year to 30 June 2017. The visible text is the chairman's letter recapping the Mining Licence, the 100MW tender response, the IPC partnership and the 3.9 BCF 2P and 261 BCF 3P reserves. Financial statements are not visible.
31 Aug 2017regulatory community update▲ Good
Mining Licence terms confirmed: 25 years from 21 August 2017 to 2042, about 900 km2, fee about US$9,000 a year, 3% royalty, no minimum spend. Government chose not to take a shareholding. Follows the 21 August award announcement.
24 Aug 2017regulatory community update● Neutral
The Ministry extended the 100MW CBM power tender deadline again, from 23 August to 20 September 2017. Tlou was one of two groups to receive the RFP; its response is complete. Bid evaluation is pushed back, and Tlou turns to the seismic survey and core wells.
21 Aug 2017regulatory community update▲ GoodMajor
Botswana granted Tlou a Mining Licence over about 900 km2 at Lesedi (the old PL002/2004), the first CBM mining licence of its kind there. It follows the July application, gives security of tenure and moves the project from appraisal toward development. Mamba licences extended three months pending renewal.
20 July 2017investor presentation● Neutral
July 2017 corporate presentation for the Noosa Mining Conference. Visible text is only disclaimers and a competent persons statement citing the 15 February 2017 reserves; no new information is visible.
19 July 2017quarterly activities report● Neutral
June 2017 quarter report recaps the Velseis 250 km seismic contract (start Q3), the mining licence application, first gas-to-power at Selemo and two new directors. No new results are visible in the text shown.
14 July 2017regulatory community update● Neutral
Botswana's Ministry confirmed the closing date for the up-to-100MW CBM power tender is extended from 12 July to 23 August 2017, as some supporting documents are not yet released. This settles the date left open on 3 July.
12 July 2017director officer appointment● Neutral
Linah Mohohlo, Bank of Botswana governor from 1999 to 2016 and a Debswana board member, joined as non-executive director. She holds no shares in Tlou.
3 July 2017regulatory community update▲ GoodMajor
Tlou lodged a mining licence application for Lesedi, which it describes as the first of its kind in Botswana; a licence is needed to sell gas. The Ministry will extend the 12 July tender closing date, with no new date yet.
22 June 2017director officer appointment● Neutral
Hugh Swire, a London-based investor and shareholder since 2009, joined the board as non-executive director. He and his spouse hold 3,064,366 shares (1.01%).
20 June 2017production update▲ GoodMajor
Tlou generated its first power from its own coal bed methane gas, using a 60 kVA gas generator at the Selemo pilot to replace a diesel unit. Expected to cut diesel use by about 50,000 litres a year; a second unit is planned. A small proof of concept.
31 May 2017contract award▲ GoodMajor
Tlou appointed Velseis for a fully funded 250 km 2D seismic survey over Lesedi and Mamba, due to start Q3 2017. It follows the earlier need for seismic and aims to expand gas reserves and guide coring wells. Tender proposal still due July 2017.
10 May 2017investor presentation● Neutral
May 2017 corporate presentation. Visible text is only disclaimers and a competent persons statement referring to the 12 October 2016 reserves release; no new information is visible.
28 Apr 2017quarterly activities report● Neutral
March 2017 quarter report recaps the up-to-100MW tender RFP, the February reserves upgrade (2P 3.9 BCF, 3P 261 BCF), IPC as development partner and the PL001-003 renewal to March 2019. Tlou says it is fully funded for appraisal and feasibility work. No new results.
27 Apr 2017security holder rights change● Neutral
Chairman Martin McIver took up 150,000 shares for A$15,000 in the Share Purchase Plan on 27 April 2017. Routine director interest notice.
27 Apr 2017security holder rights change● Neutral
Finance Director Colm Cloonan's spouse acquired 150,000 shares for A$15,000 through the Share Purchase Plan on 27 April 2017. Routine director interest notice.
27 Apr 2017security holder rights change● Neutral
Managing Director Tony Gilby bought 150,000 shares for A$15,000 through the Share Purchase Plan on 27 April 2017. Routine director interest notice.
26 Apr 2017capital raising announcement● NeutralMajor
The SPP raised about A$0.8m (8.28m shares at A$0.10, no scale-back) and an additional placement of 6.78m shares added about A$0.7m. Total raised since March is A$6.7m. Shares on issue rise to 304.04m. Funds go to seismic, cored wells and licensing.
What it means for a shareholder
8.3m new shares at A$0.100 to raise about A$800,000. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00346% to 0.00336% of the company. To keep it you'd need 287 more shares - about A$29 at the issue price.
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13 Apr 2017joint venture update▲ Good
Tlou noted that partner IPC has formed QG Power Africa with a US$250m Quantum Global investment vehicle and Tomé International to develop sub-Saharan power assets. Botswana is in the first phase, and Tlou's project is a potential investment. Not a funding commitment.
