Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2014quarterly activities report● Neutral
Appendix 5B for September 2014 quarter: cash fell to about A$7.7m from A$9.1m, with a A$1.3m operating outflow. Next-quarter outflow is estimated at A$1.6m. Mamba permits PL237-241/2014 are recorded at 100%. No debt or new shares.
13 Oct 2014production update▲ Good
Selemo has again reached critical desorption pressure after its repair. Lesedi 2P drilling began 9 October, and the Lesedi remediation rig is arriving. Mopani 2P wellhead pressure keeps rising. No commercial gas rate has yet been reported.
3 Oct 2014annual report● Neutral
Re-release of the 2014 annual report in the printed layout, repeating the chairman's and MD's letters already released on 23 September. No new information visible.
25 Sept 2014production update▲ Good
Selemo repair is complete and testing resumed in mid-September. Mopani 2P, the reworked 2011 well, reached desorption pressure with wellhead pressure rising. Lesedi repair is set for October, and a new vertical well, Lesedi 2P, will be drilled.
23 Sept 2014annual report● Neutral
Annual report for year to 30 June 2014. Chairman cites the A$13.4m raising, Selemo reaching desorption pressure, and Mamba's ~4,500 km2. A mining licence application is planned for 2015. The MD notes operational setbacks and delays.
1 Sept 2014production update● Neutral
Selemo repair, running 5-1/2 inch casing inside the existing casing, is to start in September. Lesedi water source is still being evaluated. Tlou is reworking the 2011 Mopani 2 well and a core-hole as single vertical pilots, and is planning a new lateral pilot.
29 July 2014quarterly activities report● Neutral
Appendix 5B for June 2014 quarter: cash fell from A$11.3m to A$9.1m, with net operating outflow of A$2.26m. Estimated outflow next quarter is A$2.2m. The Zimbabwe 49% interests are shown as divested to 0%.
29 July 2014quarterly activities report● Neutral
Quarter to 30 June 2014: Selemo reached critical desorption pressure in early July but is suspended for a casing fix; Lesedi pumping is stopped over water influx. Core-hole results are favourable, Mamba (~4,500 km2) is awarded, and Zimbabwe interests are divested. Cash about A$9.1m.
25 July 2014production update▼ BadMajor
Selemo pumping is stopped to fix a casing integrity issue that has flattened the gas pressure build-up. Tlou acknowledges this delays flow testing and flaring of gas. Cash was about A$9.1m at 30 June.
11 July 2014production update▲ GoodMajor
Selemo has again reached critical gas desorption pressure after restart, a milestone but not yet a flow rate. Tlou was awarded the new Mamba licences next to Lesedi (application lodged earlier), and will relinquish Karoo West given low prospectivity.
26 June 2014production update▼ BadMajor
Selemo is dewatering smoothly, with critical desorption pressure expected within weeks and gas testing in Q3 2014. Lesedi pumping is stopped because of an anomalous water influx. Tlou is divesting its 49% Zimbabwe interests for nominal consideration, as previously flagged for sale.
3 June 2014production update▼ Bad
Selemo built good gas pressure but a blocked pump intake forced a temporary halt; the well must be brought back down through critical desorption pressure. Lesedi pump lift was upgraded in mid-May. This is a setback to the 19 May first-gas sign.
23 May 2014investor presentation● Neutral
Updated corporate presentation by CEO Gilby for ASX Spotlight Asia (Hong Kong 27 May, Singapore 29 May). Visible text is only the disclaimer and competent person statement, so no new information can be seen.
22 May 2014investor presentation● Neutral
Corporate presentation for ASX Spotlight Asia in Hong Kong (27 May) and Singapore (29 May). Visible text is only the disclaimer and competent person statement, so no new information can be seen.
19 May 2014production update▲ GoodMajor
Selemo reached critical gas desorption pressure, with casing pressure building over the past week. Tlou expects gas to flow in the near future. This is the first sign of gas, though no flow rate is reported. Lesedi is still dewatering.
1 May 2014production update● Neutral
Larger down-hole pumps were installed in Lesedi 1P and Selemo 1P and the wells flushed to total depth. Dewatering has restarted, with first gas anticipated in 2Q14.
28 Apr 2014quarterly activities report● Neutral
Quarter to 31 March 2014: three core-holes drilled on time and within budget; pods still dewatering, with pump recompletions from mid-April. First gas now expected 2Q14 and reserves certification in 2014 (earlier mid-2014). Cash fell to about A$11.3m, no debt.
10 Apr 2014drilling result▲ Good
The three-well coring program was completed on 1 April 2014. Cores intersected well-developed coal, in line with pre-drill expectations, with 80 gas desorption tests under way and early Lower Morupule results described as encouraging. Data supports reserves certification.
25 Mar 2014production update▼ Bad
Both pods are approaching critical desorption pressure, with Lesedi closest, but dewatering is taking longer than expected because wells are more productive than estimated. This slips the earlier end-of-March first-gas estimate. Two core-holes are complete and the third began 22 March.
11 Mar 2014half year report▼ BadMajor
Half-year loss to 31 December 2013 was A$4.14m, driven by about A$2.9m impairment of Karoo West and Zimbabwe. Karoo West licences are being relinquished and Zimbabwe interests offered for sale, to focus on Lesedi. This reverses earlier plans for Zimbabwe drilling. A Mamba area application is lodged in Botswana.
28 Feb 2014other● Neutral
Notice that 7,197,130 shares will be released from voluntary escrow on 28 February 2014. Administrative notice with no new company information.
25 Feb 2014drilling spud▲ Good
The first of three 2014 core-holes was spudded on 21 February 2014 at Lesedi. The program feeds the aim of certifying Botswana's first 2P CBM reserves from the Lesedi project in mid-2014.
25 Feb 2014investor presentation● Neutral
Corporate presentation to the Queensland Exploration Council by the CFO. Gives market cap of about A$47m, 148m shares and A$13.5m cash (Dec 2013), with the current project described as fully funded. Visible text repeats known facts; the rest is truncated.
18 Feb 2014production update● Neutral
Both pods are dewatering with greater-than-expected water flows, so pump lift capacity was increased. First gas breakthrough is now estimated before the end of March 2014. The first core-hole is delayed slightly and expected to start shortly.
30 Jan 2014quarterly activities report● Neutral
Quarter to 31 December 2013: 2013 pilot drilling completed and production testing began on both pods. Cash was about A$13.5m after the raising, with about 148m shares on issue. Gas flows are expected in 1Q14, and reserves certification in mid-2014.
28 Jan 2014production update● Neutral
Both pods are still dewatering, with higher-than-expected water rates prompting pump upgrades. Core drilling is due to start in early February with contracts signed (DWD Drilling). Colm Cloonan replaces Don Langdon as CFO.
17 Jan 2014other● Neutral
Notice that 4,483,314 restricted shares will be released from escrow on 30 January 2014. Administrative notice with no new company information.
27 Dec 2013capital raising announcement▲ GoodMajor
The retail offer raised about A$4.8m, completing the A$13.4m raising at A$0.30. Valid applications covered 75% of the 16m shares offered (A$3.6m); underwriters or sub-underwriters took the roughly 4m-share (A$1.2m) shortfall. Shares issue 27 December, trading 30 December.
What it means for a shareholder
16.0m new shares at about A$0.300 to raise about A$4.8m. That's 36% dilution: every existing holder's slice gets 36% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.0117% to 0.00747% of the company. To keep it you'd need 1,864 more shares - about A$559 at the issue price.
Create a free account to see this worked out for your own holding.
17 Dec 2013production update▲ Good
Selemo pod, dewatering since 17 November, is approaching the point where gas starts to release, with first significant gas flow expected in early 2014 if trends hold. Lesedi, dewatering since 5 December, shows early positive pressure trends. No gas rates given.
12 Dec 2013drilling scheduled▲ GoodMajor
The rig was released on 29 November. A three-well coring program is planned from late January 2014 near the Selemo and Lesedi pods, as a precursor to certifying Botswana's first CBM reserves, aimed for mid-2014. Selemo was completed as a single-lateral pod.
