Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Aug 2016material agreement▲ GoodMajor
Tlou renewed its non-binding co-operation agreement with General Electric and IK Holdings, covering the 50 MW project, Orapa gas supply and a proposed 300 MW plant. It expires 30 November 2016 and can be terminated anytime; it binds no one to a deal. Follows the earlier MOU's expiry.
4 Aug 2016regulatory community update▲ GoodMajor
Botswana's environmental department confirmed the Lesedi Environmental Impact Statement, submitted December 2015 for up to 200 pods, adequately assesses impacts. It now goes to public review, with final approval expected in Q4 2016. This is a prerequisite for a 20-30 year mining licence.
5 July 2016contract award▲ GoodMajor
Botswana's procurement board confirmed Tlou's selection for a power project expected to be 50 MW, five times the 10 MW originally applied for. Full details are still awaited from the ministry, and off-take terms, network access and funding are still to be negotiated. Resolves the pilot application thread.
5 July 2016investor presentation● Neutral
Q3 2016 investor presentation 'Gas to Power in Botswana'. Only disclaimers and the competent person statement are visible, which refers back to the 9 April 2015 resource estimates as unchanged. No new information seen.
29 June 2016flow test result▲ GoodMajor
Selemo 4 achieved sustained gas flow, beating expectations and possibly becoming a second key producer beside Selemo 1. A coal-fines workover at Selemo 1 is done and testing restarted. Gas so far comes mainly from vertical sections; no rates given. Tony Gilby's health has improved and he is expected to take on more duties in the second half.
21 June 2016regulatory community update▲ GoodMajor
Botswana's government proposed including 100 MW of coal bed methane power in its future supply plans. Tlou still awaits the result of its tender for a 10 MW pilot within that plan. Gas testing continues after maintenance; Orapa gas supply talks remain unresolved.
21 Apr 2016flow test result▲ Good
Gas testing widened from Selemo 1 to include Selemo 2 and 4, with pressure drops increased and communication between wells observed; water is manageable. Management is confident of a near-term favourable government reply on the gas-to-power pilot. No flow rates given.
11 Mar 2016half year report● Neutral
Half-year to 31 December 2015: loss A$1.99m (A$1.14m prior year), with a substantial part from AIM admission costs. About A$4m was spent on exploration, mainly expanding Selemo. Gas testing results will be released progressively.
1 Mar 2016investor presentation● Neutral
Q1 2016 investor presentation 'Gas to Power in Botswana'. Only disclaimers and the competent person statement are visible, which refers back to the 9 April 2015 resource figures as unchanged. No new information seen.
25 Feb 2016flow test result▲ GoodMajor
Long-term gas testing began 8 February at Selemo 1, with the two new flanking wells shielding it from water; the problem that cut short its 2014 test. Flows are consistent and building, with gas flared. Data is meant to support Botswana's first certified reserves.
12 Feb 2016director officer appointment● NeutralMajor
Chairman Nathan Mitchell resigned to focus on other commitments and stays on as adviser. Director Martin McIver became Non-Executive Chairman. CFO Colm Cloonan joined the board as Finance Director on his existing A$220,000 salary, based in Ireland to serve the AIM listing.
15 Jan 2016material agreement● Neutral
Optiva Securities was appointed joint broker on AIM. Tlou issued Optiva 500,000 options exercisable at A$0.14 for two years. Administrative follow-up to the AIM listing.
6 Jan 2016director officer appointment▼ BadMajor
Managing Director Anthony Gilby has taken extended sick leave, length undetermined. Executive Director Gabaake Gabaake is acting MD/CEO, with CFO Colm Cloonan assisting as Deputy CEO. This is a temporary leadership change during the Selemo testing phase.
17 Dec 2015regulatory community update▲ GoodMajor
Tlou submitted its final Environmental Impact Statement for Lesedi, covering up to 200 production pods; approval is expected in the first half of 2016 and is a precursor to a mining licence. Extended gas testing is expected in the coming weeks once pressures plateau.
4 Dec 2015capital raising announcement▲ GoodMajor
Tlou began trading on London's AIM on 30 November 2015 (ticker TLOU), alongside ASX. It placed 18,462,973 shares at A$0.14 (£0.065), raising about A$2.6m, completing the dual listing and the minimum placement announced in October.
What it means for a shareholder
18.5m new shares at A$0.140 to raise about A$2.6m. That's 8.2% dilution: every existing holder's slice gets 8.2% smaller. If you held A$1,000 of shares (7,143 at the issue price), your slice goes from 0.00347% to 0.00319% of the company. To keep it you'd need 641 more shares - about A$90 at the issue price.
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16 Nov 2015production update▲ Good
After about 60 days of dewatering, all three Selemo wells are below critical desorption pressure with wellhead pressure rising, as expected. Step-rate gas testing is planned for December 2015; good results could let Tlou book reserves. Partner talks for a 10 MW gas-to-power project continue.
28 Oct 2015investor presentation● Neutral
Investor presentation 'Gas to Power in Botswana' for the AIM admission and share placing. Only disclaimers are visible in the text provided; terms are covered in the main placement announcement.
28 Oct 2015annual report● Neutral
Re-lodged 2015 annual report in designed format. Repeats earlier letters: A$5.5m raising, April resource upgrade, ~400,000 cfd peak flow, first gas sales targeted 2016. Financial statements not visible in the text provided.
28 Oct 2015capital raising announcement▲ GoodMajor
Tlou is dual listing on London's AIM (expected about 30 November 2015, ticker TLOU) with a placement of up to £1.5m, £1.2m (A$2.6m) committed, at £0.065 or A$0.14 per share. Conditional on shareholder approval at the 27 November AGM and AIM admission.
6 Oct 2015production update● Neutral
The two new Selemo pods are completed for testing; dewatering will take weeks before gas flows. Directors cut fees 50% for six months and other roles are being restructured, to conserve funds ahead of a possible AIM listing.
7 Sept 2015drilling result▲ Good
Selemo 4A, the second lateral well, was completed on 3 September, finishing the expanded Selemo drilling. Tlou says final cost was very pleasing (no figure given). Pumps and testing equipment come next, with longer-term gas testing through the rest of 2015.
1 Sept 2015annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to pages 61-72. Administrative; no new business information.
1 Sept 2015annual report● Neutral
2015 annual report for the year to 30 June. Letters repeat known points: A$5.5m raising, April resource upgrade, ~400,000 cfd peak Selemo flow, first gas sales targeted 2016. Financial statements are not visible in the text provided.
19 Aug 2015director officer appointment● Neutral
Selemo 2A, the first of two new lateral wells, was drilled on 18 August; the rig moves to the second, Selemo 4A. Tlou has engaged advisers on a possible AIM (London) dual listing, with a decision in coming months. Solomon Rowland replaces retiring Stephen Rodgers as Company Secretary.
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.
