REG - Tlou Energy Ltd - Result of AGM and Update on AIM Cancellation

TLOU EnergyAnnouncement

26/11/2024 07:00

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RNS Number : 6019N  Tlou Energy Ltd  26 November 2024

 

26 November 2024

 

Tlou Energy Limited

("Tlou" or "the Company")

 

Results of Annual General Meeting and Chairman's Address

Update on delisting from AIM

 

 

The Company's Annual General Meeting was held earlier today and all
resolutions were duly passed. A summary of the results is available on the
Company's website https://tlouenergy.com/news (https://tlouenergy.com/news) .

 

Among the resolutions passed by shareholders was a resolution for the
cancellation of the admission of the Company's Ordinary Shares to trading on
AIM. Accordingly, it is expected that the last day of dealings in the
Company's Ordinary Shares on AIM will be 30 December 2024 and that
cancellation of their admission to trading on AIM will take place at 7.00 a.m.
(UK time) on Tuesday, 31 December 2024.

 

The Company's Ordinary Shares will continue to be listed on the Botswana Stock
Exchange (BSE) and on the Australian Securities Exchange (ASX), which will
remain the primary trading venue for its equity securities.

 

The Chairman's Statement, given at the meeting by Tlou Chairman Martin McIver,
is set out below.

 

Chairman's address - AGM

 

The past year has marked another period of significant progress and growing
momentum for Tlou Energy. As the Lesedi gas-to-power project nears grid
connection, the key milestone of selling power for the first time is coming
within reach. We are positioned to make a transformative leap forward.

 

A standout accomplishment during the year was the virtual completion of the
100km transmission line connecting the Lesedi project to the power grid. This
vital piece of infrastructure will provide a pathway for us to monetise the
Company's gas Reserves.

 

Additionally, we have made excellent progress on the Lesedi electrical
substation, with the 5MVA transformer arriving on site this week and the work
over 90% complete putting us on track for completion in the coming weeks. With
the substation designed to accommodate up to 25MW of power, it ensures that we
have the capacity to scale quickly as we grow, driving further value for
shareholders.

 

The Company has also progressed discussions with a global power generation
supplier to install a power generation facility at Lesedi with a proposed lead
time to get generators onsite currently expected to be 6-8 weeks from order.

 

 

Our drilling and gas production team have also been exceptionally busy this
year. The Lesedi 6 production well was brought online during the year and the
Lesedi 4 production well had two additional lateral wells added. Work is now
ongoing to stabilise and enhance gas production at Lesedi 4 ahead of first
power generation.

 

Under the leadership of our Chief Operations Officer, the operations team also
completed construction of a new state of the art operations facility at
Lesedi. This facility allows a level of self-sufficiency and operational
control that will serve us well as we enter this new phase of growth.

 

None of these achievements would be possible without the ongoing support of
our shareholders. This is your company and your belief in our vision has been
instrumental in driving our progress to date. I want to thank you sincerely
for your continued backing both in the market and outside it.

 

While the past year has seen great progress, I look forward to an exciting 12
months ahead. Grid connection and first power sales will mark a historic
milestone and the start of a new chapter in our journey - not only for Tlou
Energy, but for Botswana's energy landscape. This achievement will be proof
that Botswana's own natural resources can power homes, businesses, and
industries, providing cleaner, more reliable energy.

 

Years of meticulous work - from geological assessments, exploratory drilling,
gas production to infrastructure development - have brought us to the brink of
achieving our goal of the first gas-to-power sales. Our success in this goal
will demonstrate that Tlou's gas can contribute to a viable solution to the
country's energy needs, creating jobs, stimulating economic growth, and
contributing to Botswana's energy security.

 

This is just the beginning, as once connected we aim to expand rapidly to
produce as much power as possible, delivering upside for our shareholders and
making a meaningful, lasting impact on Botswana's future.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

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, Elliot Peters

 Zeus Capital (UK Broker)                        +44 (0)20 3829 5000
 Simon Johnson

 Investor Relations                              +44 (0) 7891 677 441
 FlowComms Ltd - Sasha Sethi (UK)

 

About Tlou

Tlou is developing energy solutions in Sub-Saharan Africa through gas-fired
power and ancillary projects. 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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