Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 July 2015quarterly activities report● Neutral
June 2015 quarter cash flow: A$5.1m raised, net outflow before financing A$2.55m, leaving cash of A$7.2m (from A$4.6m). Estimated spending next quarter is A$4.66m. No revenue, no debt. New shares 39.4m at A$0.14; total 187.16m.
24 July 2015quarterly activities report● Neutral
June quarter report: entitlement offer completed (~A$5.5m) and expanded Selemo drilling under way. Gas sales negotiations continue; first gas sales targeted for 2016, and funding options include a partner, pre-payments or an AIM dual listing. Cash A$7.2m, no debt.
7 July 2015drilling progress report● Neutral
Expanded Selemo drilling is on schedule: vertical wells Selemo 2P and 3P are drilled, while Selemo 4P and the first lateral, 2A, have started. Cash is about A$7.2m at 30 June 2015, with no debt; about 187m shares on issue.
29 June 2015investor presentation● Neutral
June 2015 corporate presentation. Only disclaimers and the competent person statement (resource figures from the 9 April 2015 release, unchanged) are visible; no new information can be seen in the text provided.
25 June 2015capital raising announcement▲ GoodMajor
The A$5.5m entitlement offer at A$0.14 is complete. Valid applications covered 61% of shares offered (about A$3.3m); sub-underwriters took the A$2.2m shortfall. Funds the expanded Selemo drilling, overheads and working capital. New shares allot 29 June.
11 June 2015drilling spud▲ Good
Drilling began 8 June 2015 on the expanded Selemo program, starting with the Selemo 3P vertical well at about 149m. It aims to lift long-term gas flow and support initial reserves. The entitlement offer closes 22 June.
26 May 2015capital raising announcement● Neutral
Letter telling ineligible (mostly overseas) shareholders they cannot take part in the entitlement offer and get no value for their entitlements. Post-offer shares are expected to reach 187,156,138 (up 39.4m). Administrative.
25 May 2015investor presentation● Neutral
Capital raising presentation supporting the A$0.14 entitlement offer. Its content is not visible beyond disclaimers in the text provided; the offer terms are covered in the main announcement.
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.
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.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter cash flow: net outflow of A$1.19m, leaving cash of A$4.6m (from A$5.8m). Estimated spending next quarter is A$2.74m. No revenue and no debt.
30 Apr 2015quarterly activities report● Neutral
March quarter report: Selemo long-term testing continues and equipment is mobilised for an expanded Selemo drilling program next quarter. Lesedi licences PL001-003 renewed to 31 March 2017. Repeats the resource upgrade and CNG and GE agreements; gas sales talks continue.
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.
6 Nov 2014agm notice● Neutral
All resolutions passed at the 6 November 2014 AGM, including the remuneration report, Martin McIver's re-election, share ratification and the 10% placement capacity. Administrative; no new business information.
29 Oct 2014quarterly activities report● Neutral
September 2014 quarter: Selemo was repaired and reached critical desorption pressure again, Mopani 2P is building pressure, and Lesedi 2P drilling began. Lesedi remediation is due late October. No commercial gas rate yet shown. Malawi application is stated as successful.
