Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2019quarterly activities report● Neutral
June 2019 quarter report: Lesedi 3 and 4 are dewatering and producing gas, with no commercial flow rate yet announced. Tlou passed the tender's financial stage and is negotiating a power purchase agreement with the government. Downstream environmental approval secured.
10 July 2019flow test result▲ Good
Lesedi 4 has also reached critical desorption pressure, and a short gas flow test at Lesedi 3 gave what Tlou calls a positive result. No flow rate is disclosed, and a commercial rate has still to be shown.
19 June 2019well test result▲ Good
Lesedi 3 has reached critical desorption pressure, meaning gas is starting to come out of the coal after dewatering. Lesedi 4 is still being dewatered. No flow rate is given yet; the aim remains a commercial rate.
21 May 2019contract award▲ GoodMajor
Tlou has written confirmation from Botswana's government that it is a preferred bidder in the 100MW gas-power tender, resolving the pending decision; project agreements are still to be finalised. It cites the most competitive cost of energy, and cash of about A$6.5m with no debt.
15 May 2019regulatory community update● Neutral
A Botswana procurement board decision published 14 May approved government negotiations with both Tlou and rival Sekaname on the 100MW tender. Tlou will seek official clarity; no preferred bidder or award is yet confirmed.
1 May 2019regulatory community update▲ GoodMajor
Botswana's environmental department approved the downstream environmental statement for up to 20MW of gas power, a 66kV line to Serowe and a solar farm of up to 20MW, valid 30 years. Tlou calls it the final environmental approval needed; this closes the open EIA thread.
29 Apr 2019quarterly activities report● Neutral
March 2019 quarter report: Lesedi 3 and 4 drilling finished on time and on budget and production testing is under way. Tlou passed the tender's eligibility and technical stages, with the financial stage still being assessed. Cash was A$2.5m at quarter end, before the A$4.1m raised after it.
16 Apr 2019capital raising announcement▲ GoodMajor
Tlou raised BWP21.8m (~A$2.9m) from Botswana investors, issuing 29,066,650 shares at BWP0.75 (~A$0.10). The Botswana Public Officers Pension Fund took 28m shares, lifting it to 10.49%. Total shares rise to 450,180,185.
11 Apr 2019capital raising announcement● Neutral
Administrative notice for the 8 April placement: 12,000,000 shares issued at A$0.10 under the 7.1A capacity, diluting existing holders by about 2.85%. No new information beyond the placement already announced.
What it means for a shareholder
12.0m new shares at A$0.100 to raise about A$1.2m. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00237% to 0.00231% of the company. To keep it you'd need 285 more shares - about A$29 at the issue price.
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8 Apr 2019capital raising announcement▲ GoodMajor
Tlou raised about A$1.2m via 12,000,000 shares at A$0.10 (about a 5% premium to the last close) from two existing shareholders, escrowed 12 months. Management says it removes near-term funding pressure. The tender outcome is expected in coming weeks.
What it means for a shareholder
12.0m new shares at A$0.100 to raise about A$1.2m. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00244% to 0.00237% of the company. To keep it you'd need 293 more shares - about A$29 at the issue price.
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1 Apr 2019regulatory community update▲ GoodMajor
Tlou was awarded a new ~1,000 km2 prospecting licence, Boomslang (PL011/2019), for an initial three years, adjacent to Lesedi. Total licence area rises to ~9,300 km2.
18 Mar 2019drilling result▲ GoodMajor
All six wells for pods Lesedi 3 and 4 are drilled, on time and in line with budget, and are dewatering. Strong gas was seen bubbling when laterals met the vertical wells, especially Lesedi 4P. Controlled gas pressure indications are expected in Q2 2019.
13 Mar 2019material agreement▲ GoodMajor
Tlou passed the technical stage of the 100MW gas-to-power tender, scoring 89.8% against rival Sekaname's 86.4%. The procurement board approved opening both financial proposals, the final stage. This advances the October 2018 re-tender response, though no award has been made.
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.
23 Jan 2019quarterly activities report● Neutral
December 2018 quarter report: top-hole drilling for Lesedi pods 3 and 4 completed, lateral drilling to finish in early 2019. The downstream environmental assessment was submitted and the 100MW re-tender response still awaited. PL001/003 renewal applications were lodged in December 2018 (expiry March 2019).
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.
30 Oct 2018quarterly activities report● Neutral
September 2018 quarter report: the re-tender proposal was submitted on 10 October (up to 10MW initial) and the first pilot well spudded in October. PL035/037 renewals are expected in November 2018. Mostly recaps known events.
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.
17 Oct 2018agm notice● Neutral
Proxy voting summary for the 2018 AGM resolutions, including the remuneration report, re-election of Gabaake Gabaake and performance rights for all six directors. Administrative; proxy votes in favour exceeded those against on each resolution shown.
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.
