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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter report: the $10m IPO at $0.50 completed and Tlou listed on 9 April 2013. Karoo Central licences were renewed to 1 April 2015, and the rig for the six-well pilot is due to mobilise 1 May. First gas is still targeted for 4Q13.
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.
8 Apr 2013other● Neutral
ASX notice that Tlou was admitted to the official list on 8 April 2013, with 57,046,540 ordinary shares quoted from 9 April. Administrative; repeats the circular.
8 Apr 2013half year report● Neutral
Reviewed half-year accounts to December 2012 show a $4.04 million loss, including a $1.9 million option expense. Management said more funds were needed; a $2.0 million rights issue followed in January 2013, ahead of the IPO.
8 Apr 2013other● Neutral
ASX confirmed Tlou's admission to the official list, with quotation starting 9 April 2013 under code TOU. The $10 million IPO issued 20 million shares at $0.50, leaving 57,046,540 quoted shares; 41.5 million shares are escrowed to April 2015.
8 Apr 2013other● Neutral
Voluntary escrow statement: 7,197,130 shares are voluntarily escrowed from first quotation until the earlier of the December 2013 half-year results or 28 February 2014. Administrative.
8 Apr 2013other● Neutral
Distribution schedule as at 5 April 2013: 432 holders, with 66 holders of over 100,000 shares owning 90.23% of the 103,003,758 shares. Administrative disclosure.
8 Apr 2013other● Neutral
ASX escrow statement: 41,473,904 shares escrowed 24 months from quotation, 4,483,314 shares for 12 months from 30 January 2013, and 15,170,055 options for 24 months. Administrative.
8 Apr 2013annual report● Neutral
2011 annual report, released as a pre-listing document. Tlou acquired Saber Energy's assets, giving 100% of Karoo Central and Karoo West and 85% of Masama; the year's loss was $8.5 million. A rights issue followed. Historical.
2 Apr 2013capital raising announcement▲ GoodMajor
Tlou Energy issued a replacement prospectus for its ASX listing, offering 20 million new shares at $0.50 to raise $10 million. This is the company's route onto the ASX.
What it means for a shareholder
20.0m new shares at A$0.500 to raise about A$10.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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