Tlou Energy Ltd Results of AGM and Chairman's Address (7944R)
October 31 2023 - 2:00AM
UK Regulatory
TIDMTLOU
RNS Number : 7944R
Tlou Energy Ltd
31 October 2023
31 October 2023
Tlou Energy Limited
("Tlou" or "the Company")
Results of Annual General Meeting and Chairman's Address
The Company's Annual General Meeting was held earlier today and
all resolutions were duly passed. A presentation provided at the
Annual General Meeting by Managing Director, Tony Gilby, is
available on the Company's website https://tlouenergy.com/news. The
Chairman's Statement, given by Tlou Chairman Martin McIver, is set
out below.
Chairman's address - AGM
It gives me great pleasure to deliver the Chairman's address at
Tlou's fourteenth AGM as a listed entity.
We continue to make excellent progress towards establishing
ourselves as a key power player in Botswana and Southern Africa
through the exploration and evaluation of our gas to power
project.
During the year Tlou progressed the construction of transmission
lines to connect the Lesedi project to the grid, acquired a
4,000-hectare farm for the central processing facility, contracted
the construction of the Lesedi substations, and the next phase of
the production drilling commenced.
One of the final stages in the evaluation of the Lesedi project
is the commencement of the 10MW gas to electricity operation. To
connect this project to Botswana power grid, Tlou engaged Zismo
Engineering Pty Ltd to construct a 100km transmission line from the
Lesedi project to Serowe. Construction of the 66kV transmission
line is over 95% complete and is expected to be fully completed in
the coming months. Tlou has also engaged South African based
Optipower, a division of Murray & Roberts Ltd to undertake the
construction of associated substations as part of the grid
connection.
We are privileged to have the continued support of the
government of Botswana and the inclusion of coal bed methane (CBM)
as part of the country's forward plan to combat power
deficiency.
During the year, production drilling recommenced with the
completion of the Lesedi 6 production pod and the drilling of the
new lateral sections of the Lesedi 4 pod. Lesedi 6 is the first of
a series of new pods, funds permitting, that the Company with drill
to supply gas for the initial 10MW project. While Lesedi 4 has
produced gas for several years, redrilling of the laterals is aimed
at providing straighter lateral sections to improve dewatering and
gas flow. Tlou's current 2P gas reserves stand at approximately 41
billion cubic feet (7.2m BOE).
The Company's Mamba and Boomslang project areas are located
adjacent to the Lesedi project. Tlou will continue to evaluate
these projects and successful results could allow the Company to
progress these areas separately to Lesedi, with the potential for
gas-fired power.
During the 12-month period ending 30 June 2023, the Company
successfully raised approximately AUD 14.8 million in equity and
AUD 2.0 million loan funding to support ongoing project
development. The Company's major shareholder ILC Investments Pty
Ltd (ILC) now holds 34.86% of the Company's ordinary shares.
This has been a highly active year for Tlou. We look forward to
another successful year ahead. 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.
By Authority of the Board of Directors
Mr. Anthony Gilby
Managing Director
****
For further information regarding this announcement please
contact:
Tlou Energy Limited +61 7 3040 9084
Tony Gilby, Managing Director
----------------------
Solomon Rowland, General Manager
----------------------
Grant Thornton (Nominated Adviser) +44 (0)20 7383 5100
----------------------
Harrison Clarke, Colin Aaronson, Ciara Donnelly
----------------------
Zeus Capital (UK Broker) +44 (0)20 3829 5000
----------------------
Simon Johnson
----------------------
Investor Relations
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Ashley Seller (Australia) +61 418 556 875
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FlowComms Ltd - Sasha Sethi (UK) +44 (0) 7891 677 441
----------------------
About Tlou
Tlou is developing energy solutions in Sub-Saharan Africa
through gas-fired power and ancillary projects. The Company is
listed on the ASX (Australia), AIM (UK) and the BSE (Botswana). The
Lesedi Gas-to-Power Project ("Lesedi") is 100% owned and is the
Company's most advanced project. Tlou's competitive advantages
include the ability to drill cost effectively for gas, operational
experience and Lesedi's strategic location in relation to energy
customers. All major government approvals have been achieved.
Forward-Looking Statements
This announcement may contain certain forward-looking
statements. Actual results may differ materially from those
projected or implied in any forward-looking statements. Such
forward-looking information involves risks and uncertainties that
could significantly affect expected results. No representation is
made that any of those statements or forecasts will come to pass or
that any forecast results will be achieved. You are cautioned not
to place any reliance on such statements or forecasts. Those
forward-looking and other statements speak only as at the date of
this announcement. Save as required by any applicable law or
regulation, Tlou Energy Limited undertakes no obligation to update
any forward-looking statements.
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END
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