Tlou Energy Ltd Results of Annual General Meeting (8026O)
November 10 2016 - 1:00AM
UK Regulatory
TIDMTLOU
RNS Number : 8026O
Tlou Energy Ltd
10 November 2016
10 November 2016
Tlou Energy Limited
("Tlou" or "the Company")
Results of Annual General Meeting
Tlou Energy Limited, the AIM and ASX listed company focused on
delivering power in Botswana and Southern Africa through the
development of coal bed methane ('CBM') projects, wishes to advise
that, at the Annual General Meeting held earlier today, all
resolutions were duly passed.
The Chairman's Statement, given by Tlou Chairman Martin McIver,
is set out below. A presentation given by Tlou Managing Director,
Anthony Gilby, is available on the Company's website
http://tlouenergy.com/
For further information regarding this announcement please
contact:
Tlou Energy Limited +61 7 3012 9793
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Gabaake Gabaake, Executive
Director
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Solomon Rowland, Company Secretary
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Grant Thornton (Nominated
Adviser) +44 (0)20 7383 5100
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Samantha Harrison, Colin Aaronson,
Harrison Clarke
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Brandon Hill Capital (Financial
Adviser and Joint broker) +44 (0)20 3463 5016
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Jonathan Evans, Alex Walker
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Optiva Securities Limited
(Joint broker) +44 (0)20 3137 1904
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Jeremy King, Christian Dennis
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St Brides Partners Limited +44 (0) 20 7236
(Public Relations) 1177
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Elisabeth Cowell, Lottie Brocklehurst
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FlowComms Limited (Investor +44 (0) 7891 677
Relations) 441
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Sasha Sethi
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Company Information
Tlou Energy is an AIM and ASX listed company focused on
delivering power in Botswana through the development of coal bed
methane ('CBM') projects. Botswana has a severe energy shortage and
is currently relying on expensive imported power and diesel
generation to deliver its requirements. However, as the 100% owners
of the most advanced gas project in the country, the Lesedi CBM
Project ('Lesedi'), Tlou Energy provides investors with access to
an immediate and longer term opportunity using domestic gas to
produce power at lower costs than the current arrangements.
The Company is led by an experienced Board, management and
advisory team including individuals with successful track records
in the Australian CBM industry.
Since establishment in 2009 the Company has significantly
de-risked the project in pursuit of its goal to become a
significant gas to power producer and the Company has the most
advanced CBM project in Botswana. It holds 10 prospecting licences
covering an area of 8,300Km2 and the Lesedi project already
benefits from significant, independently certified contingent gas
resources of 3.3 trillion cubic feet (TCF) (3C) as well as an
initial independent gas reserve certification.
The first planned gas-to-power solution is expected to be
delivered through a scalable project with the Botswana Government.
Following successful implementation of this project the Company
plans larger projects to provide further power to Botswana and the
southern African region.
Chairman's address - AGM
It gives me great pleasure to deliver the Chairman's address at
Tlou's fourth AGM as a listed entity.
The past year has been an exciting one for Tlou, with the
company hitting a number of significant milestones which will help
us to reach our future goal of being the first CBM project in
Botswana to move into production.
Tlou's primary focus over the years has been on developing the
Botswana Lesedi CBM project through the drilling of exploration and
pilot wells in order to prove up reserves. We were pleased to reach
this goal and announced our maiden reserves on 12 October 2016. In
addition to this, the project has progressed and reached a number
of other significant milestones. Operationally speaking, the
project received an approved Environmental Impact Statement and
commercially, the Botswana Government has pre-approved Tlou's
development of a 50MW power project. These are great milestones
which Tony will discuss further in his address.
We are continuing production testing of the pilot wells, while
working on the next steps in the Lesedi CBM project's development
plan. This includes completing a number of technical and
engineering studies as well as negotiating a gas supply or power
purchase agreement with the Botswanan Government.
We remain committed to building shareholder wealth through
progressing the Lesedi CBM project towards production.
Tlou is excited by the development of a CBM gas industry in
Botswana. The establishment of this industry will not only help the
country manage the current energy shortage it faces but will also
provide a new industry, and associated employment. CBM will create
an alternative and cleaner energy source for the country and its
citizens.
Finally and most importantly, I would like to take this
opportunity to recognise the continuing support of our
shareholders, without whom our project would not be possible.
Thank you.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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