Results of Annual General Meeting

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	[phone]
Gabaake Gabaake, Executive Director
Solomon Rowland, Company Secretary
Grant Thornton (Nominated Adviser)	[phone]
Samantha Harrison, Colin Aaronson, Harrison Clarke
Brandon Hill Capital (Financial Adviser and Joint broker)	[phone]
Jonathan Evans, Alex Walker
Optiva Securities Limited (Joint broker)	[phone]
Jeremy King, Christian Dennis
St Brides Partners Limited (Public Relations)	[phone]
Elisabeth Cowell, Lottie Brocklehurst
FlowComms Limited (Investor Relations)	[phone]
Sasha Sethi

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.

 

END

 

 

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