Results of Annual General Meeting

RNS Number : 5546U

Tlou Energy Ltd

25 October 2017

 

25 October 2017

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]
Tony Gilby, Managing Director
Solomon Rowland, Company Secretary
Grant Thornton (Nominated Adviser)	[phone]
Samantha Harrison, Colin Aaronson, Harrison Clarke
Shore Capital (Joint Broker)	[phone]
Jerry Keen, Mark Percy, Toby Gibbs
Optiva Securities Limited (Joint Broker)	[phone]
Jeremy King, Christian Dennis
St Brides Partners Limited (Public Relations)	[phone]
Lottie Wadham, Megan Dennison, Susie Geliher
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") gas.  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, Tlou Energy provides investors with access to a compelling immediate and longer-term opportunity using domestic gas to produce power and displace expensive diesel and imported power.

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 consideration of its goal to become a significant gas-to-power producer.  The Company has the most advanced CBM project in Botswana and flared its first gas in 2014.  It holds a Mining Licence and nine Prospecting Licences, covering an area of ~8,300Km² in total, and the Lesedi Project already benefits from significant independently certified Contingent Gas Resources of ~3.2 trillion cubic feet (3C) and independently certified Gas Reserves of ~261 billion cubic feet (3P).

The Company is planning an initial scalable gas-to-power project in Botswana.  Following successful implementation of this first scalable project, the Company plans to expand 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 fifth 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 and then another upgrade in January 2017. In addition to this, the project has progressed and reached a number of other significant milestones. Operationally speaking, the project received the first Mining Licence ever awarded for CBM by the Botswana Government and converted the field to be powered by gas. Commercially, the team submitted a compelling tender for the Botswana Government's tender to development of up to 100MW CBM power projects.  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 250km seismic survey and a program to drill a number core wells. 

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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