Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Feb 2019half year report● Neutral
Half-year report to 31 December 2018. The Managing Director says the key near-term goals are enhanced gas flow from the Lesedi wells and a clear route to selling gas as power. No revenue has been earned. Financial figures are not visible in the provided text.
25 Feb 2019well test result● Neutral
Production testing (dewatering) has started at Lesedi 3, with initial performance data expected in Q2 2019. Lesedi 4A was drilled (~1,435m) and 4B is underway. The tender is still being assessed by government.
12 Feb 2019drilling result▲ Good
Lesedi 3, the first development pod, is fully drilled: laterals 3A (~1,437m) and 3B (~1,440m) both intersected vertical well 3P. Dewatering and gas flow testing follow once production equipment is installed; the rig moves to Lesedi 4.
6 Feb 2019listing compliance notice▼ Bad
ASX queried Tlou's cash position after the December quarter showed operating outflow of $3.398m, cash of $5.521m and forecast outflow of $3.327m. Tlou replied it expects negative operating cash flows to continue as an explorer. The rest of the reply is truncated.
15 Jan 2019drilling progress report● Neutral
Lateral drilling on pods Lesedi 3 and 4 has recommenced after the Christmas break; production testing follows completion. The downstream environmental assessment has been submitted, and the company awaits the 100MW tender response while talking to other offtakers and financiers. Reserves unchanged (2P ~41 BCF).
4 Dec 2018drilling progress report▲ Good
Top-hole drilling for pods Lesedi 3 and 4, plus optional pod 5, is complete, on time and on budget. Lateral drilling continues into early 2019. PL035 and PL037 were renewed to 30 September 2020, resolving that open renewal. Tender response still awaited.
20 Nov 2018drilling progress report▲ Good
Lesedi 4P reached 577m and found a very good coal horizon; Lesedi 5P top-hole is drilled and lateral drilling has begun. The company says drilling is on budget. Still awaiting government feedback on the 100MW tender.
6 Nov 2018drilling progress report▲ Good
Lesedi 3P reached 575m total depth and intersected the Lower Morupule target coal seam. The second vertical well, Lesedi 4P, was spudded on 4 November, planned to about 580m. Production start-up is still targeted for early 2019.
22 Oct 2018drilling spud▲ GoodMajor
First pilot production well, Lesedi 3P, was spudded on 16 October, planned to 580m. It is the first of the dual-lateral pods, resolving the October spud expectation. Production start-up is targeted for early 2019; power licence and offtake work continues.
17 Oct 2018investor presentation● Neutral
AGM presentation dated 17 October 2018. Visible text is disclaimers and a competent person statement confirming the 20 February 2018 reserves and resources are unchanged. No new information can be confirmed from the text provided.
17 Oct 2018other● Neutral
Chairman's AGM address says the first pilot production well was spudded the previous night, with wells drilled into early 2019 near the proposed central processing facility. Production testing follows. It restates known plans.
11 Oct 2018material agreement▲ GoodMajor
Tlou submitted its response to the government's 100MW coal bed methane power tender, proposing a staged project starting with up to 10MW (first 2MW). No date for a government response is known; assessment is on eligibility, technical and funding criteria. Drilling is due very soon.
20 Sept 2018other● Neutral
Corporate governance statement for the year to 30 June 2018, current at 28 August 2018. It describes board structure (six directors) and which ASX governance recommendations are followed. Administrative; no operational or financial news.
20 Sept 2018annual report● Neutral
Appendix 4G for the year to 30 June 2018, pointing to the governance statement on pages 63-73 of the annual report. A required compliance form with no new company information.
17 Sept 2018drilling progress report● Neutral
Pilot well locations agreed and site preparation begun; first well spud now expected in October, slipping from September, pending final equipment. Up to three pods planned. Initial project is up to 10MW starting with 2MW, grid connection planned at Serowe, about 100km away.
7 Sept 2018regulatory community update● Neutral
The 100MW tender closing date was extended from 12 September to 10 October 2018, not at Tlou's request. Tlou still expects an initial response in early 2019 and plans to bid for an initial staged project of up to 10MW.
30 Aug 2018annual report● Neutral
Annual report for year to 30 June 2018. The chairman says the Ministry did not approve the September 2017 submission for not meeting some requirements, and an amended 100MW RFP was reissued, with resubmission due September. Financial figures not visible in the text provided.
27 Aug 2018investor presentation● Neutral
August 2018 conference presentation. Visible text is disclaimers and a competent person statement confirming the 20 February 2018 reserves and resources are unchanged. No new information can be confirmed.
14 Aug 2018drilling scheduled● Neutral
Pilot production drilling of up to three pods is expected to start in September once long-lead items arrive. Core-hole drilling is now likely to follow the pods. Pre-tender meeting was described as positive, but the company notes no guarantee of success; bids close 12 September.
31 July 2018investor presentation● Neutral
Presentation built on a Mott MacDonald southern African power market study, showing projected demand growth (+52% peak by 2030) and low regional tariffs, plus Tlou's pod method and timeline. Mostly market background and known company facts; no new company results visible.
30 July 2018regulatory community update▲ GoodMajor
Botswana government released the 100MW re-tender, inviting Tlou and local firm Sekaname. A compulsory pre-tender meeting is on 9 August and bids close 12 September 2018. This resolves the long wait for the re-tender document, though winning is not assured.
19 July 2018drilling progress report● Neutral
Core rig has arrived at the Lesedi field camp. Long-lead items are ordered and rig selection for the production pods is progressing, with the first pod scheduled later this quarter. A pod location report is nearly complete. Voting shares total 409,113,535 after the offer.
11 July 2018capital raising announcement▲ GoodMajor
Entitlement offer closed: A$3.7m of applications for 37.16m shares at A$0.10, and brokers placed the 17.75m-share shortfall for about A$1.8m. With the June placement, Tlou has raised about A$8m, with projected cash of about A$12.4m, and plans up to three production pods this year.
What it means for a shareholder
37.2m new shares at A$0.100 to raise about A$3.7m. That's 8.8% dilution: every existing holder's slice gets 8.8% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.0026% to 0.00237% of the company. To keep it you'd need 967 more shares - about A$97 at the issue price.
Create a free account to see this worked out for your own holding.
28 June 2018drilling scheduled● Neutral
Core rig due on site in July; first dual-lateral production pod well is scheduled to begin in Q3 2018 with long-lead items ordered. Tlou still awaits the government's re-tender document, with positive but unconfirmed signs it may be substantially different.
20 June 2018admin correction● Neutral
Confirms the entitlement offer booklet and personalised forms were mailed to eligible shareholders on 20 June 2018, with identifiers for the entitlement. Administrative notice with no new information.
20 June 2018capital raising announcement● Neutral
Tlou issued the 24,752,582 placement shares at A$0.10 (about A$2.475m), completing the placement announced on 6 June. The notice is the required compliance statement.
8 June 2018admin correction● Neutral
Letter telling shareholders outside Australia, New Zealand and the UK that they are ineligible for the entitlement offer and will receive no value for their entitlements. Administrative; no new information.
7 June 2018capital raising announcement● Neutral
Offer booklet for the 1-for-6 entitlement offer at A$0.10 to raise up to about A$5.49m, partly underwritten by Taylor Collison. Offer runs 20 June to 6 July 2018; new shares quoted around 13 July. Detail of terms already announced on 6 June.
7 June 2018admin correction● Neutral
Compliance notice under the Corporations Act allowing the entitlement offer without a prospectus. Says the offer is not expected to affect control; shareholders who do not take up their entitlement will be diluted.
7 June 2018investor presentation● Neutral
June 2018 investor presentation issued in connection with the placement and entitlement offer. The visible text is only disclaimers; no new information can be confirmed.
