TIDMTLOU
RNS Number : 6548D
Tlou Energy Ltd
28 April 2017
28 April 2017
Tlou Energy Limited
("Tlou" or "the Company")
OPERATIONAL REPORT - QUARTERING 31 MARCH 2017
Tlou, the AIM and ASX listed company focused on delivering power
in Botswana and southern Africa through the development of coal bed
methane ('CBM'), is pleased to provide its operational report in
respect to its Lesedi Project in Botswana for the quarter ended 31
March 2017.
Highlights
-- Received a detailed Request for Proposal from the Government
of Botswana to develop up to 100MW of CBM power in Botswana
-- Tlou achieved a significant increase in Gas Reserves
o 44% increase in 2P (Proved and Probable) Gas Reserves to 3.9
billion cubic feet ('BCF')
o 390% increase in 3P (Proved, Probable and Possible) Gas
Reserves to 261 BCF
o The increases comprise:
-- additional certified Reserves in the Lesedi Project area;
and
-- initial certified Reserves in the Mamba Project area
-- Project development partner announced
o 100MW project plan being progressed
o Gas to be supplied from Tlou's 100% owned Lesedi Project
Area
-- Tlou fully funded to undertake additional field appraisal to
expand independent Gas Reserves, complete Feasibility Study and to
finalise licencing requirements prior to development of the Lesedi
CBM Project
TLOU ENERGY LIMITED PROJECTS
Lesedi CBM Project Area, Botswana
PLs 001-003/2004 and PLs 35 & 37/2000
Tlou Energy Limited 100%
The Lesedi project consists of five CBM prospecting licences in
Botswana covering an area of approximately 3,800km(2) . These
licences are currently the focal point for the Company's operations
and include the Selemo pilot project where the company has been
producing gas for approximately 12 months.
Renewal applications for three key prospecting licences (PL 001,
002, 003/2004) were submitted to Botswana's Ministry of Minerals,
Energy and Water Resources ("MMEWR") in December 2016. MMEWR
confirmed during the quarter that these licences have been renewed
for a further two-year term to 31 March 2019. The area covered by
these licences is of significant importance to Tlou and subject to
results of the ongoing field operations, the Company aims to
convert part of these prospecting licence areas to a Mining Licence
during the term of the current renewal period. A Mining Licence is
required prior to the commencement of full field development.
The status of all five Lesedi Area Prospecting Licences is as
follows:
Prospecting Licence Expiry Status
-------------------- --------------- --------
PL 001/2004 March 2019 Current
-------------------- --------------- --------
PL 002/2004 March 2019 Current
-------------------- --------------- --------
PL 003/2004 March 2019 Current
-------------------- --------------- --------
PL 035/2000 September 2018 Current
-------------------- --------------- --------
PL 037/2000 September 2018 Current
-------------------- --------------- --------
Request for Proposal for CBM Power Project
The Company received a detailed Request for Proposal ("RFP")
from the Ministry of Mineral Resources, Green Technology and Energy
Security ("the Ministry"). Tlou is one of two companies selected to
bid for the development of up to 100MW of power using CBM in
Botswana as an Independent Power Producer. The closing date for
this tender is Q3 2017. The RFP requires details of the proposed
field development, the installation of power generation facilities
and supply of power into the grid in Botswana.
Following receipt of the RFP the Company, in conjunction with
its project partner IPC (outlined further below), has commenced
work on the required submission to the Ministry. The submission is
effectively made up of two parts being the gas field development,
led by the Tlou team, and the power generation being led by
IPC.
Tlou, IPC and their funding partners visited Botswana and met
with various parties including the government to progress the RFP
process. The Company has since submitted initial responses to the
Ministry for further clarification and are awaiting a response.
Following clarification, the Feasibility Study for both the field
development and power generation can be finalised.
The current proposal is to submit a response to the RFP that
involves a scalable CBM-to-Power project. A scalable approach, with
power connected to the grid in phases would allow power to get to
the grid sooner, thereby generating revenue for the Company and
would require less capital expenditure upfront. IPC has
considerable experience working with General Electric ("GE")
equipment from previous projects. and have provided details of
suitable GE equipment that could be used for an initial and later
stage of a scaled proposal.
SRK Consulting (Australasia) Pty Ltd ("SRK"), an independent,
international group providing specialised consultancy services,
with expertise in extractive industries, provided upgraded reserves
certification and reinterpretation of aeromagnetic data during the
period resulting in the high-grading of areas for project
development at Lesedi. These areas are planned to be the initial
development areas and have been incorporated into the field
development plan. The final field plan will be determined following
the response from the Ministry as mentioned above.
Post quarter end the Company received a transmission line study
from an independent consultancy firm that outlined different routes
for connection of the Lesedi field to the power grid. Tlou has
chosen its preferred route and this will be submitted to the
relevant department for assessment as part of the RFP process. Due
to the sensitivities around the RFP process, the Company is unable
to provide details of the route, distance, or capacity of the
proposed lines. Following submission and agreement on the proposed
routes, the Company will immediately progress the required
transmission line environment assessments.
Reserves Upgrade
Tlou announced a significant upgrade of Reserves for the Lesedi
CBM Project and initial Reserves for the Mamba Project in Botswana.
This latest Reserves assessment has been independently certified by
Dr Bruce McConachie of SRK.
In accordance with the Society of Petroleum Engineers ("SPE")
2007 Petroleum Resource Management System ("PRMS") Guidelines, as
well as the 2011 Guidelines for Application of the PRMS approved by
the SPE, SRK has attributed Gas Reserves to Tlou's 100% interest in
the Lesedi and Mamba Project permits using the deterministic method
of petroleum Reserves estimation as at 1 January 2017.
The table below, in billion cubic feet (BCF) and petajoules
(PJ), summarises the Company's Reserves position for Lesedi and
Mamba as at 1 January 2017.
Table 1: Lesedi and Mamba Independent Gas Reserves Certification
(Lower Morupule seam only)
Tlou Interest Gas Reserves (BCF) Gas Reserves (PJ)
(100%) (1) (2)
---------------- ----------------------- ----------------------
01 January
2017
certification
by SRK 0.17 3.9 261.1 0.14 3.2 242.7
---------------- ------- ----- ------- ------- ---- -------
Notes to Tables 1 above:
1) Tlou's Gas Reserves have not been adjusted for fuel or
shrinkage and have been calculated at the wellhead (which is the
reference point for the purposes of ASX Listing Rule 5.26.5) for
the Lower Morupule seam only.
2) The energy content of the gas was determined by SRK at
different quantities for the Lower Morupule coal seam based on
corehole gas composition in the individual areas where Reserves
were certified.
SRK has consented to the information in this announcement being
released.
Additional information in relation to the Gas Reserve estimates
for PL002/2004 (Lesedi CBM Project) and PL's 238/2014 and 240/2014
(Mamba CBM Project), required to be disclosed pursuant to Chapter 5
of the ASX Listing Rules, is set out in Appendix 1 of the Company's
ASX announcement dated 15 February 2017.
The Lesedi Reserves Statement received from SRK represents an
updated independent certification that is based on SRK's review of
regional data surrounding the Selemo pilot area to the south and,
consistent with the prior Reserves assessment (announced to the
market on 12 October 2016), relates only to the Lower Morupule coal
seam.
The Mamba Reserves Statement received from SRK represents an
initial independent certification that is based on SRK's review of
regional data to the west of the Selemo pilot area and relates only
to the Lower Morupule coal seam. In both cases, the Reserves
estimates in these southern and western extension areas were based
on the high level of stratigraphic continuity of the Lower Morupule
coal seam and data about the reservoir and gas quality from prior
corehole and seismic data.
A current Gas Reserve and Resource statement for all of Tlou's
tenements as at 1 January 2017 is shown in Table 2 below, in
accordance with ASX Listing Rule 5.25.3. It should be noted that
the Reserves assessment by SRK did not include a review and
assessment of Contingent Resources in the Mamba Project area.
Table 2: Tlou Net Gas Reserves and Resources for all tenements
and seams - BCF
Tlou 100% interest
--------------------------------------------------------------------------------------
Lesedi
Karoo CBM (Lower
Basin Morupule
Botswana coal) 100% 0.15 3.5 117 4.3 67.4 470 -
(PL002/2004)
----------------------------- ----- ----- ---- ---- ----- ----- ------ ------
Lesedi
CBM (all
coal
Karoo seams)
Basin (PL001/2004,
Botswana PL002/2004)(4) 100% 0.15 3.5 117 4.3 235 3,183 -
----------- ----------------- ----- ----- ---- ---- ----- ----- ------ ------
Mamba
CBM
(Lower
Morupule
Karoo coal
Basin (PL238/2014 n/a n/a n/a
Botswana PL240/2014) 100% 0.02 0.4 144 (5) (5) (5) -
----------- ----------------- ----- ----- ---- ---- ----- ----- ------ ------
Karoo PL003/2004,
Basin PL035/2000, 8,596
Botswana PL037/2000 100% - - - - - - (6)
----------- ----------------- ----- ----- ---- ---- ----- ----- ------ ------
Notes to Table 2 above:
Gas Resource numbers have been rounded to the nearest tenth for
amounts less than 100 BCF, otherwise to the nearest whole number.
Refer to Competent Persons Statement in the Company's ASX
announcement dated 15 February 2017.
1) Tlou's Gas Reserves have not been adjusted for fuel or
shrinkage and have been calculated at the wellhead (which is the
reference point for the purposes of Listing Rule 5.26.5).
2) Contingent Gas Resources are (100%) Unrisked Gross and are
derived from the SRK certification at 31 March 2015 for all coal
seams (as previously announced by Tlou on 9 April 2015) with
adjustment for the gas volumes which have now been certified by SRK
in the Gas Reserves category.
3) ASX Listing Rule 5.28.2 Statement relating to Prospective
Resources:
The estimated quantities of petroleum gas that may potentially
be recovered by the application of a future development project(s)
relate to undiscovered accumulations. These estimates have both an
associated risk of discovery and a risk of development. Further
exploration appraisal and evaluation is required to determine the
existence of a significant quantity of potentially moveable
hydrocarbons.
4) The Gas Reserves and Contingent Gas Resources for all coal
seams in PL001/2004 and PL002/2004 shown in the second row of Table
2 includes the numbers for the Lower Morupule coal seam which are
shown in the first row of Table 2.
5) The current Reserves assessment by SRK which is the subject
of this announcement did not include a review and assessment of
Contingent Resources in the Mamba Project area.
6) Prospective Gas Resources are (100%) Unrisked Gross and are
derived from a report to Tlou from Netherland, Sewell and
Associates Inc (NSAI) dated 16th February 2012 regarding
certification for all coal seams located in the remaining
prospecting licences (as previously announced by Tlou in its
prospectus dated 20 February 2013).
Project Partner
In February 2017, Tlou signed a Heads of Agreement ("Agreement")
with IPC to jointly develop Tlou's proposed (up to) 100 MW CBM to
power project ("IPP Project").
IPC develops and operates power plants for governments, large
corporations and independent power producers. IPC has two decades
of experience in the development, operation and ownership of power
plants in Southern Africa, South America, the Middle East, Europe
and Central Asia with roughly 4,000 MW operated, developed or
owned. IPC's experience includes thermal and hydropower generation.
IPC's head office is located in London. For more information visit
www.indpow.co.uk.
Below is a summary of the key benefits of this Agreement to the
Company:
-- IPC is an experienced power station developer and will work
with Tlou on the RFP tender submission to the Botswana
Government;
-- IPC will fund 50% of external costs required to prepare the
feasibility and RFP tender (capped at US$200,000);
-- Tlou and IPC will jointly submit the RFP tender as
co-sponsors of the IPP Project (this relationship is not related to
the ultimate IPP Project ownership);
-- IPC has introduced funding partners who have provided letters
of interest for in-principle funding support for the downstream
infrastructure requirements of the IPP Project;
-- In effect, IPC and its funding partners plan to facilitate
the building and funding of the necessary power generation and
network access assets, enabling Tlou to commercialise its vast gas
resources;
-- Following execution of all necessary IPP contracts, IPC will
project manage the installation of the downstream components of the
project, and may operate these assets for a period of time prior to
handover to the assets owners. IPC will be remunerated for these
services under contract (to be agreed) by the asset owners;
-- Tlou retains 100% of the Lesedi CBM Project, including current and future gas Reserves;
-- Tlou plans to develop the gas field once appropriate offtake agreements are in place; and
-- Tlou also has retained the right to be a meaningful equity
participant (up to 50%) in the power generation assets.
Tlou believes the agreement with IPC is a major step forward in
commercialising its gas resources with highly experienced power
developers, funding groups and equipment suppliers.
Post quarter end, IPC announced that it has entered into a joint
venture partnership, QG Power Africa, with QG Africa Mezzanine LP,
a USD250 million investment vehicle which is part of the Quantum
Global Group, and Tomé International Limited, project management
consulting firm, to jointly develop power assets in sub-Saharan
Africa. This has potential positive implications for the future
funding of the proposed (up to) 100MW CBM-to-power project which is
being jointly developed by IPC and Tlou which will be situated at
Tlou's 100% owned Lesedi CBM Project in Botswana. QG Power Africa
plan to develop power assets across sub-Saharan Africa with
Botswana outlined as part of the first phase of development and
investment, where Tlou's project would be a potential investment
opportunity for QG Power Africa
Quantum Global is an international group of companies active in
the areas of private equity investments, investment management as
well as macroeconomic research and econometric modelling. The
group's main offices are located in Switzerland and Mauritius.
Quantum Global's private equity arm manages a family of funds
targeting direct investments in Africa in the sectors of
Agriculture, Healthcare, Hotels, Infrastructure, Mining and Timber
- as well as a sector agnostic Structured Equity fund. Quantum
Global's team combines a solid track record and proven expertise to
identify and execute unique investment opportunities with focus on
Africa. Quantum Global works in close partnership with key
stakeholders to maximise investment value and returns through
active management and value creation. For more information, visit
www.quantumglobalgroup.com.
Tomé International is an engineering consultancy dedicated to
the Project Management of large-scale infrastructure projects in
the sectors of Power, Petrochemical, Ports, Airports, Roads and
Rails. Their European headquarters are in Switzerland with an
African office in Angola. The team of multi-disciplinary experts
work with an international network who provide local insights of
African emerging market requirements and conditions, covering a
range of industries and countries. For more information visit
www.tomeinternational.com.
Conversion of field generation from diesel to gas
Power required to run pumps and metering at the Selemo wells is
currently supplied by diesel generators. The Company's operations
team is planning to replace these with gas fired generators, which
can then run on the gas being produced from Tlou's wells. Once
implemented, this will be a significant milestone and in effect be
proof of concept or 'first gas monetisation' by providing a cost
saving to the Company with a reduced diesel requirement. During the
quarter, the required Gas generation equipment arrived on site and
is currently being tested prior to implementation.
Mamba Project Area, Botswana
PLs 237-241/2014
Tlou Energy Limited 100%
The Mamba project consists of five CBM prospecting licences in
Botswana covering an area of approximately 4,500km(2) . The Mamba
area is considered to be highly prospective being situated adjacent
to Tlou's Lesedi CBM Project and being on-trend with the
encouraging results observed to date.
During the quarter SRK conducted a reinterpretation of existing
aeromagnetic data that covers part of the Mamba area. Following
this work and along with existing well data, the first CBM reserves
were booked in the Mamba area (refer to Table 2 above). In the
event of a gas field development by Tlou, the Mamba area provides
the Company with considerable flexibility and optionality.
Renewal applications were submitted for all five Licence area
during the quarter
Licence Expiry Status
------------ ---------- -------------------------------------------
PL 237/2014 June 2017 Renewal Application submitted - March 2017
------------ ---------- -------------------------------------------
PL 238/2014 June 2017 Renewal Application submitted - March 2017
------------ ---------- -------------------------------------------
PL 239/2014 June 2017 Renewal Application submitted - March 2017
------------ ---------- -------------------------------------------
PL 240/2014 June 2017 Renewal Application submitted - March 2017
------------ ---------- -------------------------------------------
PL 241/2014 June 2017 Renewal Application submitted - March 2017
------------ ---------- -------------------------------------------
Corporate
Prior to the end of the quarter, Tlou announced a Placement of
51,788,334 new ordinary shares at an issue price of A$0.10 or
GBP0.06 per share, raising approximately A$5.2 million (the
"Initial Placement"). Tlou has subsequently announced that it has
raised an additional A$1.5 million from a Share Purchase Plan and
additional placement at the same pricing as the Initial
Placement.
2017/18 Work Program
The proceeds of the above mentioned capital raisings total A$6.7
million and along with existing cash, will be applied by Tlou for
the following:
-- acquisition and interpretation of new 2D seismic data in
areas considered to be highly prospective for additional Reserves
by Tlou's reserve certifiers;
-- drilling a limited number of vertical (cored) wells along the
new seismic lines (with geophysical logging and coal core gas
sampling) to a depth of approximately 500 metres;
-- completing various studies required for the submission of the
mining licence application and tender for the Botswana Government's
100 MW CBM pilot project, including the project Feasibility
Study;
-- on-going production testing at Selemo, including installing
gas engines to run the pumps on the existing wells;
-- costs of the various capital raisings noted above; and
-- working capital for its Lesedi CBM Project and corporate costs.
The objective of the work program outlined above is to expand
the Company's independently certified gas Reserves and complete the
licencing requirements for the Lesedi CBM Project, as well as
continuing to progress the RFP with IPC, for the proposed up to 100
MW CBM to power project utilising the Company's gas reserves.
New Ventures
While Tlou is focussed on the Lesedi CBM project, the Company
will continue looking at potential areas of expansion should the
possibility arise.
****
Anthony Gilby
Managing Director
Tlou Energy Limited
Website: www.tlouenergy.com
For further information regarding this announcement please
contact:
Tony Gilby, Managing Director Solomon Rowland, Company
Secretary
Email: info@tlouenergy.com Email: info@tlouenergy.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information regarding this announcement please
contact:
Tlou Energy Limited +61 7 3012 9793
--------------------------------------- ---------------------
Tony Gilby, Managing Director
--------------------------------------- ---------------------
Solomon Rowland, Company Secretary
--------------------------------------- ---------------------
Grant Thornton (Nominated
Adviser) +44 (0)20 7383 5100
--------------------------------------- ---------------------
Samantha Harrison, Colin Aaronson,
Harrison Clarke
--------------------------------------- ---------------------
+44 (0) 207 408
Shore Capital (Joint Broker) 4090
--------------------------------------- ---------------------
Jerry Keen, Mark Percy, Toby
Gibbs
--------------------------------------- ---------------------
Optiva Securities Limited
(Joint Broker) +44 (0)20 3137 1904
--------------------------------------- ---------------------
Jeremy King, Christian Dennis
--------------------------------------- ---------------------
St Brides Partners Limited +44 (0) 20 7236
(Public Relations) 1177
--------------------------------------- ---------------------
Elisabeth Cowell, Lottie Brocklehurst
--------------------------------------- ---------------------
FlowComms Limited (Investor +44 (0) 7891 677
Relations) 441
--------------------------------------- ---------------------
Sasha Sethi
--------------------------------------- ---------------------
Company Information
Tlou Energy is an AIM and ASX listed company focused on
delivering power in Botswana through the development of clean gas
from 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,
Tlou Energy provides investors with access to a compelling
immediate and longer term opportunity using domestic gas to produce
power and displace the expensive diesel and import market.
The Company is led by an experienced Board, management and
advisory team including individuals with successful track records
in the Australian Coal Bed Methane ("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 10 Prospecting Licences covering an area of 8,300Km2 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.
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.
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-------------------------------------------
Tlou Energy Limited
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
79 136 739 967 31 March 2017
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000 (9 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (497) (1,413)
(b) development
(c) production
(d) staff costs (264) (697)
(e) administration
and corporate costs (325) (1,038)
1.3 Dividends received
(see note 3)
1.4 Interest received 1
1.5 Interest and other
costs of finance paid
1.6 Income taxes paid
1.7 Research and development
refunds
Other (provide details
1.8 if material) 21 69
---------------- -------------
Net cash from / (used
1.9 in) operating activities (1,065) (3,078)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment
(b) tenements (see
item 10)
(c) investments
(d) other non-current
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment (4)
(b) tenements (see
item 10)
(c) investments
(d) other non-current
assets
2.3 Cash flows from loans
to other entities
2.4 Dividends received
(see note 3)
2.5 Other (provide details
if material)
---------------- -------------
Net cash from / (used
2.6 in) investing activities (4)
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues
3.1 of shares 393 3,647
3.2 Proceeds from issue
of convertible notes
3.3 Proceeds from exercise
of share options
Transaction costs related
to issues of shares,
convertible notes or
3.4 options (57) (135)
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details
if material)
---------------- -------------
Net cash from / (used
3.10 in) financing activities 336 3,512
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 2,410 1,224
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (1,065) (3,078)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) (4)
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) 336 3,512
Effect of movement
in exchange rates on
4.5 cash held 67 94
---------------- -------------
Cash and cash equivalents
4.6 at end of period 1,748 1,748
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the quarter $A'000
(as shown in the consolidated
statement of cash flows)
to the related items
in the accounts
---- ------------------------------- ---------------- ---------
5.1 Bank balances 1,748 2,410
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- ---------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 1,748 2,410
---- ------------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 171
----------------
6.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3
----------------
6.3 Include below any explanation necessary
to understand the transactions included
in items 6.1 and 6.2
---- --------------------------------------------------------
Office rent, Directors fees and salaries
--------------------------------------------------------------
7. Payments to related entities of Current quarter
the entity and their associates $A'000
----------------
7.1 Aggregate amount of payments to
these parties included in item
1.2
----------------
7.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3
----------------
7.3 Include below any explanation necessary
to understand the transactions included
in items 7.1 and 7.2
---- --------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
8.1 Loan facilities
--------------- -------------
8.2 Credit standby arrangements
--------------- -------------
8.3 Other (please specify)
--------------- -------------
8.4 Include below a description of each facility
above, including the lender, interest rate
and whether it is secured or unsecured.
If any additional facilities have been entered
into or are proposed to be entered into
after quarter end, include details of those
facilities as well.
---- ------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
---- ------------------------------ -------
9.1 Exploration and evaluation 478
9.2 Development
9.3 Production
9.4 Staff costs 328
Administration and corporate
9.5 costs 284
9.6 Other (provide details if
material)
-------
9.7 Total estimated cash outflows 1,090
---- ------------------------------ -------
10. Changes in Tenement Nature of interest Interest Interest
tenements reference at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------------- -------------- ------------
10.1 Interests
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------------- -------------- ------------
10.2 Interests
in mining
tenements
and petroleum
tenements
acquired
or increased
----- ---------------------- -------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here: .....................................................
Date: .....28 April 2017.....
(Director/Company secretary)
Print name: ...... Solomon Rowland................
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with
Australian Accounting Standards, the definitions in, and provisions
of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this
quarterly report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A,
the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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