Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2013drilling progress report▼ Bad
The rig is at Lesedi 1A but on standby rate while specialist down-hole equipment arrives from Australia. The Lesedi wells are now expected to be completed by 4Q13. Recovery of equipment stuck in Selemo 1B is being planned, with a remedial completion after current drilling and testing.
4 Oct 2013annual report● Neutral
Printed-format 2013 annual report re-released, with the same chairman's letter and managing director's report as the 19 September version. It now says pilot drilling completion and first gas flows are expected in 4Q13. Financial detail is not visible in the truncated text.
30 Sept 2013drilling result▼ BadMajor
Selemo 1B was suspended at 969 m after loose rock repeatedly caved in and trapped the drill string, leaving the bottom hole assembly stuck. The company says drilling there may not resume in this campaign. The rig moves to the Lesedi pod, and Selemo 1A-R will be completed for testing.
19 Sept 2013annual report● Neutral
Annual report for the year to 30 June 2013 lodged, with a cover letter saying the printed version follows in early October. The visible chairman's letter repeats known plans: pilot drilling done 3Q13 and first gas 4Q13. Financial statements are not visible in the text provided.
18 Sept 2013drilling progress report▼ Bad
Selemo 1B is drilling within the target coal at 768 m. Tlou now expects the drilling program to finish in early November, about one month behind the original schedule, because of delays on the first well.
3 Sept 2013drilling progress report● Neutral
Drilling began on Selemo 1B, the second Selemo lateral, reaching 357 m measured depth. The drilling review led to changes: streamlined motor procedures, a modified drilling fluid system, and an alternate backup motor.
27 Aug 2013drilling progress report● Neutral
Selemo 1A-R has now intersected the Selemo 1P vertical well, resolving the earlier missed-intercept problem. The well is suspended pending completion and the rig moves to Selemo 1B. The review will add cost to 1A-R, but the rig and steering contractors agreed to adjust rates for later wells.
19 Aug 2013drilling progress report▼ Bad
Drilling of the Selemo 1A-R horizontal branch is paused because of persistent down-hole motor problems; a review is expected to finish by end of month. Good quality coal was found along the whole horizontal path. This extends the rig problems flagged on 16 August.
16 Aug 2013drilling progress report▼ Bad
Selemo 1A-R's horizontal section ran 1,475 m through good quality coal but missed the Selemo 1P vertical well on initial attempts, due to magnetic effects on survey tools. A new branch is being drilled. Delays are blamed on remoteness and rig equipment deficiencies; lost time is hoped to be recovered.
26 July 2013drilling progress report● Neutral
Selemo 1A-R reached 716 m measured depth, landing in the target coal seam, with 7 inch casing set at 577 m. The ~750 m horizontal section is about to start, expected over the next week; the schedule is described as on track.
10 July 2013drilling progress report● Neutral
The lateral drilling phase has started: the Buffalo rig was accepted on contract on 9 July and began on Selemo 1A-R, with 9-5/8 inch casing run to 202 m. Operations are described as proceeding to program.
8 July 2013drilling progress report● Neutral
All top-hole drilling is finished; Selemo 1P reached 560 m. The Buffalo rig arrived on 7 July and is rigging up to start the first lateral well, Selemo 1A-R. Q3 completion is still the target.
1 July 2013drilling progress report● Neutral
Vertical well Lesedi 1P was completed at 492 m total depth, and the rig moved to Selemo 1P. The Buffalo rig is due to be mobilised later that week for the lateral wells.
20 June 2013drilling progress report● Neutral
Lesedi 1B top hole finished at 180 m and Lesedi 1P, the final top hole, was at 126 m. Surface casing will then be cemented on all six wells, with the Buffalo rig due in early July.
17 June 2013drilling progress report● Neutral
Lesedi 1A top hole is done (153 m) and Lesedi 1B is nearly complete, with Lesedi 1P next. The Buffalo rig is expected on site in early July; the program is described as on schedule.
12 June 2013drilling progress report● Neutral
Top-hole drilling began on the Lesedi pod, starting with Lesedi 1A on 11 June. Lateral sections with the larger Buffalo rig are scheduled for early July, with the Q3 completion target unchanged.
11 June 2013investor presentation● Neutral
Updated June 2013 investor presentation by CEO Tony Gilby. The text provided is only disclaimers and is truncated, so no new information can be drawn from it.
11 June 2013investor presentation● Neutral
Presentation by a regional manager at the Botswana Resource Sector Conference, 11-12 June 2013. The text provided is only disclaimers and is truncated, so no new information is visible.
3 June 2013drilling progress report● Neutral
Top-hole drilling is complete on Selemo 1A-R (218 m) and the vertical Selemo 1P (469 m, suspended). The Lesedi pod top holes start 8 June, with the schedule described as on track.
24 May 2013drilling progress report● Neutral
Selemo 1B's top hole was finished at 220 m and the redrill of Selemo 1A (1A-R) started, after the earlier casing cementing failure. Tlou chose redrilling as more cost effective than recovering the original well, and says the timetable is on track.
17 May 2013drilling progress report▼ Bad
Selemo 1B began drilling, but Selemo 1A had a cementing failure on its surface casing and will be redrilled, taking about 2 days. A small early setback; the Q3 completion target is unchanged.
13 May 2013drilling spud▲ GoodMajor
Tlou began its six-well Karoo Central pilot programme, spudding Selemo 1A on 11 May 2013 in PL 002/2004. Drilling is due to finish in Q3 2013 with testing from Q4, following the contracts signed in April.
18 Apr 2013contract award▲ Good
Tlou signed drilling, directional survey and wireline logging contracts for its Karoo Central pilot wells, with DWD Drilling and Mitchell Drilling International. Drilling is expected to start around the end of April, pending environmental approval.
9 Apr 2013other▲ GoodMajor
Tlou began trading on the ASX after its $10 million IPO at $0.50, valuing it at $51.5 million. Funds are for testing commercial gas flows at Karoo Central; pilot wells start this month, with first gas flows targeted for 4Q13.
8 Apr 2013other● Neutral
Tlou's company constitution was released as a pre-quotation document. Administrative; no new information on operations or finances.
8 Apr 2013annual report● Neutral
2012 annual report, released as a pre-listing document. It records Tlou's first Karoo Central contingent resource: 152 BCF (2C) and 2,322 BCF (3C), plus a 49% stake in Zimbabwe's Exporien Mining. Historical.
8 Apr 2013annual report● Neutral
2010 annual report, released as a pre-listing document. Tlou, formed in 2009 after a $20 million raising, had completed nine coal bed methane core wells in Botswana, with a Saber Energy transaction pending after year end. Historical.
8 Apr 2013regulatory community update▲ Good
Botswana extended the three Karoo Central prospecting licences, which were due to expire 31 March 2013, to 31 March 2015. This secures the company's most advanced project area for two more years.
8 Apr 2013other● Neutral
Administrative list of pre-quotation documents released on listing (constitution, top 20 holders, escrow statements, past annual reports, half-year accounts, licence status). No new substance itself.
8 Apr 2013other● Neutral
Top 20 holders report as at 5 April 2013: top 20 hold 75.04% of 103,003,758 shares. Talon Metals is largest at 16.37%, then Arcturus Capital at 12.25%. Administrative disclosure.
