Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 July 2018quarterly activities report● Neutral
June 2018 quarter: core rig on site, about A$8m raised, and preparations under way for pilot production wells. PL035/037 renewal applications are lodged. The board met the Minister, who was concerned the tender had not progressed. Re-tender document still awaited at time of writing.
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.
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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.
6 June 2018capital raising announcement● NeutralMajor
Tlou raised A$2.5m via a placement of 24.75m shares at A$0.10, and launched a 1-for-6 entitlement offer of up to 54.9m shares at A$0.10 (up to A$5.5m), partly underwritten to A$1.37m. Funds go to production pod drilling in H2 2018 and core-holes.
What it means for a shareholder
24.8m new shares at A$0.100 to raise about A$2.5m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00304% to 0.00282% of the company. To keep it you'd need 751 more shares - about A$75 at the issue price.
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17 May 2018investor presentation● Neutral
Q2 2018 corporate presentation, citing the 20 February 2018 reserves and resources announcement as unchanged. Repeats known facts; no new information is visible in the text provided.
23 Apr 2018quarterly activities report● Neutral
Cash flow report for the March 2018 quarter: operating outflow A$796k, investing A$535k (equipment), and cash fell from A$7.46m to A$5.92m. No debt facilities are shown.
23 Apr 2018quarterly activities report● Neutral
March 2018 quarter: first Mamba core-hole completed, a core drilling rig bought (on site May 2018), and the 100MW power tender is to be re-tendered. Tlou proposed a smaller pilot project, and reserves upgrade (2P 40.8 BCF) is recapped.
26 Feb 2018investor presentation● Neutral
Project Montage slide pack repeating known facts: 100% of Lesedi and Mamba, 25-year Mining Licence, reserves (2P 41, 3P 427 BCF), and A$7.4m cash at 31 December 2017 with no debt. No new announcement content.
22 Feb 2018half year report● Neutral
Half-year report to 31 December 2017. The managing director's letter recaps the 944% 2P reserve increase, the Mining Licence, over 18 months of Selemo gas production and the strategy of growing reserves and selling power to the grid. Financial figures are not visible.
21 Feb 2018resource reserve update▲ GoodMajor
SRK upgraded Lesedi and Mamba reserves to 2P 40.8 BCF (up 944% from 3.9) and 3P 426.6 BCF (up 63% from 261.1), as at 31 December 2017. Based on seismic and core-hole thickness data; gas analysis from the core-holes is not yet included.
16 Feb 2018regulatory community update● Neutral
Ministry said neither bid met compliance requirements, many of which only an operating producer could meet. Tlou believes the Ministry will amend the tender and will propose a separate smaller pilot project first. Follows the 13 February cancellation.
13 Feb 2018regulatory community update▼ BadMajor
The Ministry cancelled the 100MW CBM power tender and asked for a re-tender between the same two bidders, Tlou and Sekaname. This sets back the September 2017 bid; Tlou will assess the re-tender before deciding whether to take part, and is pursuing other regional sales.
23 Jan 2018quarterly activities report● Neutral
December 2017 quarter report recaps the completed seismic survey, two Lesedi core-holes that intersected gassy coals, the third core-hole starting at Mamba, and the BSE listing with the P33m (about A$4.1m) African Alliance raising. Results and SRK report expected early 2018.
19 Dec 2017drilling result▲ Good
Two core-holes at Lesedi are complete; the Lower Morupule seam looks similar in thickness and quality to earlier holes. A third is planned at Mamba in early 2018. Desorption results are due Q1 2018 and may support reserve growth.
18 Dec 2017admin correction● Neutral
Notice from share registry Link Market Services of a new Brisbane address, listing many companies including Tlou. No substance for Tlou's business.
14 Dec 2017capital raising announcement▲ GoodMajor
The Botswana Stock Exchange listing was approved and trading began 13 December 2017. 21,153,845 shares were issued to African Alliance funds at P1.56 (about A$4.1m), resolving the conditional subscription. Issued capital is now 327,196,693 shares.
