Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2017capital raising announcement● Neutral
The Share Purchase Plan from the March raising, at A$0.10 per share with A$1,000-A$15,000 applications, was extended from 13 April to 21 April 2017 to allow for the Easter holidays. Administrative timetable change only.
4 Apr 2017regulatory community update● Neutral
A magnitude 6.5 earthquake (preliminary) struck Botswana near the Lesedi project area. Tlou's team reported no damage to the field camp, production testing or monitoring at this stage, and will update if needed.
3 Apr 2017regulatory community update▲ GoodMajor
Botswana's ministry renewed the three 2004 Lesedi prospecting licences (PL001-003) for two years to 31 March 2019. This resolves the open renewal thread. Tlou may convert part of the area to a mining licence, which is needed before full field development.
30 Mar 2017other● Neutral
Tlou published an audio interview with IPC chief executive Peter Earl, whose firm signed the binding Heads of Agreement for the up-to-100MW project. The announcement itself contains no new information.
29 Mar 2017investor presentation● Neutral
March 2017 corporate presentation issued in connection with the placing. Visible text is only disclaimers; no new information is visible.
27 Mar 2017capital raising announcement● NeutralMajor
Tlou raised A$5.2m by placing 51.79m shares at A$0.10 (17.9% of enlarged capital), a 12-19% discount to the 10-day average price. Funds go to 2D seismic, shallow cored wells, licensing studies and Selemo testing. An SPP of up to A$2m was also offered. Shares on issue rise to 288.99m.
What it means for a shareholder
51.8m new shares at A$0.100 to raise about A$5.2m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00422% to 0.00346% of the company. To keep it you'd need 2,183 more shares - about A$218 at the issue price.
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9 Mar 2017regulatory community update▲ Good
SRK reprocessed existing aeromagnetic data over Lesedi and Mamba. It found dolerite sills and dykes have minimal impact on gas production or coal continuity. New 2D seismic is still needed to confirm coal continuity. Supports future reserve assessments; no new reserve numbers.
28 Feb 2017farm in farm out agreement▲ GoodMajor
Tlou signed a binding Heads of Agreement with UK-based Independent Power Corporation to jointly develop and bid for the up-to-100MW CBM power project. IPC has letters of interest for funding and will fund half of external tender costs, up to US$200,000. Exclusivity runs to 31 December 2017; the agreement is subject to board approvals.
20 Feb 2017half year report● Neutral
Half-year report to 31 December 2016 shows a loss of A$1.15m, down from A$1.99m a year earlier, and no revenue. Operations text repeats known reserves, licence renewals and the February 2017 reserves upgrade. Balance sheet not visible.
15 Feb 2017resource reserve update▲ GoodMajor
SRK upgraded reserves as at 1 January 2017: 2P up 44% to 3.9 BCF and 3P up 390% to 261 BCF. This includes the first Mamba reserves, from a western extension of the Selemo pilot area. Builds on October's maiden reserves.
10 Feb 2017security holder rights change● Neutral
Tlou is issuing 2.0m performance rights to its four directors, as approved at the 10 November 2016 AGM, plus 2.55m to staff and consultants. Half vest if the share price holds at A$0.21, the rest at A$0.28 (versus A$0.14 on 10 Nov) for 10 trading days.
31 Jan 2017quarterly activities report● Neutral
December quarter report recaps the reserves certification, the 100MW RFP, the GE/IK extension and SRK's work on future exploration. Renewal applications for the three 2004 Lesedi licences (expiring March 2017) were lodged in December. No new results.
10 Jan 2017contract award▲ GoodMajor
Tlou received a formal government Request for Proposal to develop up to 100MW of CBM power; it is one of two companies selected to bid. Tender closes 12 July 2017. This is a step toward a binding offtake agreement, not an award.
22 Dec 2016director officer appointment▲ GoodMajor
Anthony Gilby, on illness leave since January 2016, returns as Managing Director from 1 January 2017, on A$260,837 salary (50% of his contracted pay). Gabaake Gabaake reverts to Executive Director. Resolves the open question of Gilby's return.
1 Dec 2016regulatory community update● Neutral
Update on Lesedi: SRK engaged to recommend development and exploration targets, Selemo flow testing continues, and a field development plan is due by end-2016. Plans include running field power on produced gas, and off-take terms and funding options for the 10MW-to-50MW project remain to be settled.
28 Nov 2016material agreement● Neutral
Tlou extended its co-operation agreement with GE and IK Holdings, due to expire 30 November 2016, to 28 February 2017. It covers the 50MW project, Orapa 90MW gas supply and the proposed 300MW plant. Continues the earlier non-binding arrangement.
10 Nov 2016investor presentation● Neutral
Managing Director's AGM presentation, titled 'Gas to Power in Botswana', refers to the Lesedi reserves and resources released 12 October 2016. Visible text is only disclaimers and a competent person's statement; no new information is visible.
10 Nov 2016investor presentation● Neutral
Chairman's AGM address recaps maiden reserves (12 Oct 2016), EIS approval and government pre-approval of the 50MW project. Next steps are technical studies and negotiating a gas supply or power purchase agreement with the government. Nothing new.
10 Nov 2016agm notice● Neutral
Proxy results for the 2016 AGM. Visible items, including the remuneration report, director re-election and performance rights for directors, had large proxy majorities in favour. The ratification of shares drew 6.65m discretionary votes; the 10% placement capacity vote had 13.0m against.
28 Oct 2016quarterly activities report▲ Good
September quarter report recaps reserves certification, 50 MW project approval, GE/IK agreement renewal, EIS approval and the A$3m placement. Selemo gas rates are expected to grow. Key 50 MW terms with government are still to be agreed; company says it is fully funded for planned activities.
20 Oct 2016annual report● Neutral
Corporate governance checklist (Appendix 4G) for the year to 30 June 2016, pointing to pages 61-72 of the annual report. Administrative filing with no new substance.
12 Oct 2016resource reserve update▲ GoodMajor
SRK certified Tlou's first reserves, Botswana's first for CBM: 1P 0.1 BCF, 2P 2.7 BCF, 3P 52.9 BCF at Lesedi (Lower Morupule seam). 3C contingent resources fall slightly to 3,243 BCF. Resolves the reserves thread; SRK indicates economic development is possible.
11 Oct 2016annual report● Neutral
Annual report lodged again in a reformatted version. The visible chairman's letter repeats known points, including the target to book reserves by end-2016 and talks on a 50 MW off-take agreement. No new information seen.
29 Sept 2016regulatory community update▲ GoodMajor
Botswana's environmental department approved the Lesedi Environmental Impact Statement after public review, ahead of the Q4 expectation. This clears the way to apply for a 20-30 year mining licence for the 50 MW project, moving Tlou from exploration toward development.
14 Sept 2016annual report● Neutral
Re-lodgement of the 2016 annual report, with the same visible content as the 13 September filing. No new information seen.
13 Sept 2016annual report● Neutral
Annual report for year to 30 June 2016. The visible chairman's letter repeats known points: 50 MW project, Selemo 4 potential, EIS review in Q4, and a target to book first certified reserves by end-2016. Financial figures not visible in the text provided.
7 Sept 2016admin correction● Neutral
Required dilution disclosure for the placement: 30.84m shares issued under capacity 7.1 and 0.74m under 7.1A (to IK Botswana Investments), total 15.4% dilution. Shares on issue rise from 205.6m to 237.2m. No new substance.
31 Aug 2016capital raising announcement● NeutralMajor
Tlou raised A$3m through a placement of 31.58m shares at A$0.095 (15.4% of shares), a 9-19% discount to the 20-day average. IK Botswana Investments takes 7.115m shares. Funds go to Selemo testing, first reserves certification and licence approvals; ends the run of falling cash.
What it means for a shareholder
31.6m new shares at A$0.095 to raise about A$3.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (10,526 at the issue price), your slice goes from 0.00512% to 0.00444% of the company. To keep it you'd need 1,617 more shares - about A$154 at the issue price.
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23 Aug 2016material agreement▲ GoodMajor
Tlou renewed its non-binding co-operation agreement with General Electric and IK Holdings, covering the 50 MW project, Orapa gas supply and a proposed 300 MW plant. It expires 30 November 2016 and can be terminated anytime; it binds no one to a deal. Follows the earlier MOU's expiry.
4 Aug 2016regulatory community update▲ GoodMajor
Botswana's environmental department confirmed the Lesedi Environmental Impact Statement, submitted December 2015 for up to 200 pods, adequately assesses impacts. It now goes to public review, with final approval expected in Q4 2016. This is a prerequisite for a 20-30 year mining licence.
