Results of AGM and Chairman's Address

RNS Number : 2725E

Tlou Energy Ltd

17 October 2018

 

17 October 2018

Tlou Energy Limited

("Tlou" or "the Company")

Results of Annual General Meeting and Chairman's Address

Tlou Energy Limited, the ASX, AIM and BSE listed company focused on developing gas-to-power projects in southern Africa using coal bed methane ("CBM") natural gas from its gas field in Botswana, 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.  

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 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 year has been on developing the Lesedi CBM project including completing a 250km seismic survey and the drilling of core-holes.  This work contributed to a significant upgrade of Gas Reserves in February 2018.  Additionally, we have recently lodged our response to the Government of Botswana's 100MW tender and field development work is currently underway with the first of the new pilot production wells being spudded last night.  These new wells will be drilled into early 2019 and are situated close to Tlou's proposed central processing facility to optimise future development activities.

We will commence production testing of the pilot wells once completed, while concurrently working on the next steps in the Lesedi CBM project's development plan.  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,

Martin McIver

A presentation given by Tlou Managing Director, Anthony Gilby, is available on the Company's website http://tlouenergy.com/presentations

For further information regarding this announcement please contact:

Tlou Energy Limited	[phone]
Tony Gilby, Managing Director
Solomon Rowland, General Manager
Grant Thornton (Nominated Adviser)	[phone]
Samantha Harrison, Colin Aaronson, Harrison Clarke
Shore Capital (Broker)	[phone]
Jerry Keen, Toby Gibbs, Mark Percy
FlowComms Limited (Investor Relations)	[phone]
Sasha Sethi

Company Information

Tlou Energy is focused on delivering Gas-to-Power solutions in Botswana and southern Africa to alleviate some of the chronic power shortage in the region.  Tlou is developing projects using coal bed methane ("CBM") natural gas.  Botswana has a significant energy shortage and generally relies on expensive imported power and diesel generation to fulfil its power requirements.  As 100% owner of the most advanced gas project in the country, the Lesedi CBM Project, Tlou Energy provides investors with access to a compelling opportunity using domestic gas to produce power and displace expensive diesel and imported power.

The Company is listed on the Australian Securities Exchange, London's AIM market and the Botswana Stock Exchange and is led by an experienced Board, management and advisory team including individuals with successful track records in the CBM industry.

Since establishment, the Company has significantly de-risked the project in consideration of its goal to become a significant gas-to-power producer.  The Company flared its first gas in 2014, 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.  Following successful implementation of this first scalable project, the Company looks forward to evaluating longer-term prospects for the delivery of electricity generated from CBM in Botswana to neighbouring countries.

 

END

 

 

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