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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 (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
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.
By Authority of the Board of Directors
Mr. Anthony Gilby
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
Ashley Seller (Australia) +61 418 556 875
FlowComms Ltd - Sasha Sethi (UK) +44 (0) 7891 677 441
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.
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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