Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Mar 2025farm in farm out agreement▲ GoodMajor
Binding agreement with Kala Data (the earlier unnamed developer) for a data centre at Lesedi. Kala funds wells and equipment via an interest-free loan; Tlou gets 25% of profits until repaid, then 50/50. Kala has five-year exclusivity. The 10MW BPC project is unchanged.
11 Sept 2023drilling result▲ Good
Lesedi 4 laterals have been redrilled, and Lesedi 6 laterals earlier intersected their vertical well. Dewatering ahead of gas production can now start on both pods. Transmission line about 90% complete, finishing later this year. No gas rates yet.
14 June 2023drilling progress report● Neutral
Lesedi 6 vertical well reached 589m, intersecting 6m of target coal; lateral top-holes are cased and the core-hole finished at 535m. Transmission line is 73% complete (3Q23 finish), substations now due 2Q24, a quarter later than before.
13 Apr 2023drilling spud▲ GoodMajor
Lesedi 6 production pod spudded on 10 April 2023, at about 59m depth. One vertical well with two lateral wells, next to the existing Lesedi 4 pod. Dewatering and gas flow testing follow completion. Delivers the 1Q23 drilling plan, slightly late.
15 Mar 2023drilling scheduled● Neutral
Core-hole C8-1X began (about 200m of ~550m planned) ahead of the Lesedi 6 pod, three wells with spud expected later in March. Transmission line now about 60% complete, targeted mid-year. Continues the 1Q23 drilling plan.
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.
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.
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 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.
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.
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.
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.
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.
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.
28 Nov 2017drilling progress report▲ Good
Seismic field acquisition (~250 km) is complete and processing continues. One of three planned core-holes is finished with samples sent for analysis. SRK interpretation report is expected early Q1 2018, so no reserve change yet.
7 Nov 2017drilling spud▲ GoodMajor
Core-hole drilling began at Lesedi at a location picked from early seismic data, while the survey nears completion. Aims to confirm coal quality and gas content and support reserve growth. Development is planned for 2018, subject to the 100MW tender outcome.
24 Oct 2017drilling progress report● Neutral
Seismic survey started 8 October and is about 40% done, on time and on budget, with data quality described as excellent. It should run into November. Results will be used by SRK to try to expand reserves; no reserve change yet.
9 Oct 2017drilling progress report● Neutral
Tlou announced that work had started on the planned 250 km 2D seismic program over Lesedi and Mamba, run by Velseis. It aims to find areas to add gas reserves and to site core wells; no results were given.
28 Feb 2017farm in farm out agreement▲ GoodMajor
Tlou signed a binding Heads of Agreement with UK-based Independent Power Corporation to jointly develop and bid for the up-to-100MW CBM power project. IPC has letters of interest for funding and will fund half of external tender costs, up to US$200,000. Exclusivity runs to 31 December 2017; the agreement is subject to board approvals.
15 Feb 2017resource reserve update▲ GoodMajor
SRK upgraded reserves as at 1 January 2017: 2P up 44% to 3.9 BCF and 3P up 390% to 261 BCF. This includes the first Mamba reserves, from a western extension of the Selemo pilot area. Builds on October's maiden reserves.
12 Oct 2016resource reserve update▲ GoodMajor
SRK certified Tlou's first reserves, Botswana's first for CBM: 1P 0.1 BCF, 2P 2.7 BCF, 3P 52.9 BCF at Lesedi (Lower Morupule seam). 3C contingent resources fall slightly to 3,243 BCF. Resolves the reserves thread; SRK indicates economic development is possible.
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.
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.
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.
9 Apr 2015resource reserve update▲ GoodMajor
Independent certifier SRK lifted Lesedi contingent resources: first 1C of 4.9 BCF, 2C up 57% to 239.1 BCF, 3C up 42% to 3,295.5 BCF versus the 2013 certification. No reserves booked yet; Tlou expects them later in 2015 after further production testing.
10 Apr 2014drilling result▲ Good
The three-well coring program was completed on 1 April 2014. Cores intersected well-developed coal, in line with pre-drill expectations, with 80 gas desorption tests under way and early Lower Morupule results described as encouraging. Data supports reserves certification.
