Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2016quarterly activities report▲ Good
June quarter report repeats known points: Selemo 4 sustained gas flow, the Selemo 1 workover, and selection for a 50 MW power project, with the government's 100 MW CBM plan covering generation from 2018. Tlou says it is confident of a strategic partner in the near term; no partner named.
29 July 2016quarterly activities report● Neutral
June 2016 quarter: cash fell to A$1.224m from A$1.942m after a A$731k outflow, with no financing. Estimated September-quarter spend is A$595k. Shares unchanged at 205.6m; the 10.575m options at $0.625 reached their 30 April 2016 expiry date.
5 July 2016contract award▲ GoodMajor
Botswana's procurement board confirmed Tlou's selection for a power project expected to be 50 MW, five times the 10 MW originally applied for. Full details are still awaited from the ministry, and off-take terms, network access and funding are still to be negotiated. Resolves the pilot application thread.
5 July 2016investor presentation● Neutral
Q3 2016 investor presentation 'Gas to Power in Botswana'. Only disclaimers and the competent person statement are visible, which refers back to the 9 April 2015 resource estimates as unchanged. No new information seen.
29 June 2016flow test result▲ GoodMajor
Selemo 4 achieved sustained gas flow, beating expectations and possibly becoming a second key producer beside Selemo 1. A coal-fines workover at Selemo 1 is done and testing restarted. Gas so far comes mainly from vertical sections; no rates given. Tony Gilby's health has improved and he is expected to take on more duties in the second half.
21 June 2016regulatory community update▲ GoodMajor
Botswana's government proposed including 100 MW of coal bed methane power in its future supply plans. Tlou still awaits the result of its tender for a 10 MW pilot within that plan. Gas testing continues after maintenance; Orapa gas supply talks remain unresolved.
28 Apr 2016quarterly activities report▲ Good
March quarter report: after quarter end, sustained gas flow was achieved at Selemo 1, the first such milestone from the long-term test begun in February. Gas rates are expected to rise. Talks with the Botswana government on the gas-to-power application are described as positive; no flow rates given.
28 Apr 2016quarterly activities report● Neutral
March 2016 quarter: cash fell to A$1.94m from A$2.915m, with A$986k operating and investing outflow and no new financing. Estimated June-quarter spend is A$853k. Shares unchanged at 205.6m; debt nil.
21 Apr 2016flow test result▲ Good
Gas testing widened from Selemo 1 to include Selemo 2 and 4, with pressure drops increased and communication between wells observed; water is manageable. Management is confident of a near-term favourable government reply on the gas-to-power pilot. No flow rates given.
11 Mar 2016half year report● Neutral
Half-year to 31 December 2015: loss A$1.99m (A$1.14m prior year), with a substantial part from AIM admission costs. About A$4m was spent on exploration, mainly expanding Selemo. Gas testing results will be released progressively.
1 Mar 2016investor presentation● Neutral
Q1 2016 investor presentation 'Gas to Power in Botswana'. Only disclaimers and the competent person statement are visible, which refers back to the 9 April 2015 resource figures as unchanged. No new information seen.
25 Feb 2016flow test result▲ GoodMajor
Long-term gas testing began 8 February at Selemo 1, with the two new flanking wells shielding it from water; the problem that cut short its 2014 test. Flows are consistent and building, with gas flared. Data is meant to support Botswana's first certified reserves.
12 Feb 2016director officer appointment● NeutralMajor
Chairman Nathan Mitchell resigned to focus on other commitments and stays on as adviser. Director Martin McIver became Non-Executive Chairman. CFO Colm Cloonan joined the board as Finance Director on his existing A$220,000 salary, based in Ireland to serve the AIM listing.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter: Selemo testing moved to the gas-flow stage, the EIS was submitted and the AIM listing completed with the A$2.6m placement. Options issued to Brandon Hill (1.5m) and Optiva (0.5m), both at A$0.14. Funds are for flow testing, 2016 reserves booking and approvals.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter cash flow: cash rose to A$2.9m from A$2.4m after A$1.5m of financing, against A$1.1m operating outflow. Next-quarter spending is estimated at A$1.15m. Shares on issue are 205.6m after 18.46m new at A$0.14.
15 Jan 2016material agreement● Neutral
Optiva Securities was appointed joint broker on AIM. Tlou issued Optiva 500,000 options exercisable at A$0.14 for two years. Administrative follow-up to the AIM listing.
6 Jan 2016director officer appointment▼ BadMajor
Managing Director Anthony Gilby has taken extended sick leave, length undetermined. Executive Director Gabaake Gabaake is acting MD/CEO, with CFO Colm Cloonan assisting as Deputy CEO. This is a temporary leadership change during the Selemo testing phase.
17 Dec 2015regulatory community update▲ GoodMajor
Tlou submitted its final Environmental Impact Statement for Lesedi, covering up to 200 production pods; approval is expected in the first half of 2016 and is a precursor to a mining licence. Extended gas testing is expected in the coming weeks once pressures plateau.
4 Dec 2015capital raising announcement▲ GoodMajor
Tlou began trading on London's AIM on 30 November 2015 (ticker TLOU), alongside ASX. It placed 18,462,973 shares at A$0.14 (£0.065), raising about A$2.6m, completing the dual listing and the minimum placement announced in October.
What it means for a shareholder
18.5m new shares at A$0.140 to raise about A$2.6m. That's 8.2% dilution: every existing holder's slice gets 8.2% smaller. If you held A$1,000 of shares (7,143 at the issue price), your slice goes from 0.00347% to 0.00319% of the company. To keep it you'd need 641 more shares - about A$90 at the issue price.
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27 Nov 2015agm notice● Neutral
Chairman's AGM address and Managing Director presentation for the 2015 AGM. They repeat known points: Selemo testing under way, then a small pilot production project contingent on commercial flow rates and a gas supply or power purchase agreement. No new information visible.
16 Nov 2015production update▲ Good
After about 60 days of dewatering, all three Selemo wells are below critical desorption pressure with wellhead pressure rising, as expected. Step-rate gas testing is planned for December 2015; good results could let Tlou book reserves. Partner talks for a 10 MW gas-to-power project continue.
30 Oct 2015quarterly activities report● Neutral
September 2015 quarter: the two new Selemo lateral wells were finished on 3 September and production testing began, with gas pressure building as expected. Cash fell to about A$2.4m from A$7.2m, no debt. AIM listing steps lodged, with a £1.5m placement planned.
28 Oct 2015investor presentation● Neutral
Investor presentation 'Gas to Power in Botswana' for the AIM admission and share placing. Only disclaimers are visible in the text provided; terms are covered in the main placement announcement.
28 Oct 2015annual report● Neutral
Re-lodged 2015 annual report in designed format. Repeats earlier letters: A$5.5m raising, April resource upgrade, ~400,000 cfd peak flow, first gas sales targeted 2016. Financial statements not visible in the text provided.
28 Oct 2015capital raising announcement▲ GoodMajor
Tlou is dual listing on London's AIM (expected about 30 November 2015, ticker TLOU) with a placement of up to £1.5m, £1.2m (A$2.6m) committed, at £0.065 or A$0.14 per share. Conditional on shareholder approval at the 27 November AGM and AIM admission.
6 Oct 2015production update● Neutral
The two new Selemo pods are completed for testing; dewatering will take weeks before gas flows. Directors cut fees 50% for six months and other roles are being restructured, to conserve funds ahead of a possible AIM listing.
7 Sept 2015drilling result▲ Good
Selemo 4A, the second lateral well, was completed on 3 September, finishing the expanded Selemo drilling. Tlou says final cost was very pleasing (no figure given). Pumps and testing equipment come next, with longer-term gas testing through the rest of 2015.
1 Sept 2015annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to pages 61-72. Administrative; no new business information.
1 Sept 2015annual report● Neutral
2015 annual report for the year to 30 June. Letters repeat known points: A$5.5m raising, April resource upgrade, ~400,000 cfd peak Selemo flow, first gas sales targeted 2016. Financial statements are not visible in the text provided.
19 Aug 2015director officer appointment● Neutral
Selemo 2A, the first of two new lateral wells, was drilled on 18 August; the rig moves to the second, Selemo 4A. Tlou has engaged advisers on a possible AIM (London) dual listing, with a decision in coming months. Solomon Rowland replaces retiring Stephen Rodgers as Company Secretary.
