Announcement • Jul 03
Botala Energy Limited Announces Appointment of Rory Burn to Chief Financial Officer, Effective July 1, 2026 Botala Energy Limited appointed Mr. Rory Burn as Chief Financial Officer, effective July 1, 2026. Mr. Burn brings more than 20 years of finance and commercial experience with a track record of financing energy and resources projects and managing capital and risk allocation across a variety of operating jurisdictions. He has held senior Treasury and Commercial roles at Woodside Energy, managing key funding, mergers and acquisitions, project development and risk management initiatives across major LNG, oil and decarbonisation projects in Australia, the United States and West Africa. He also brought prior global institutional banking experience across the energy and resources sectors. This combination of project finance, treasury, capital management and commercial experience positions Mr. Burn to support Botala through the negotiation and structuring of gas sales arrangements and the expansion of joint venture and partnership structures as the Serowe CBM Project advances. Mr. Burn holds a Bachelor of Commerce from the University of Western Australia and a Master of Accounting from Curtin University. Mr. Craig Basson will continue in his existing roles as Director and Company Secretary. Mr. Burn's appointment expands Botala's finance leadership capacity as the Company's financial and commercial requirements increase. New Risk • Jun 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 39% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Revenue is less than US$1m (AU$28k revenue, or US$19k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$15.6m market cap, or US$10.8m). Announcement • Jun 18
Botala Energy Ltd Completes Pre-Stimulation Activities and Prepares Pitse Pilot Well 3.5B for Stimulation and Flow Testing Botala Energy Ltd. completed all planned pre-stimulation activities at the Pitse Pilot central production well 3.5B. The 5½" steel production casing has been cemented and successfully pressure tested. With integrity confirmed, the casing was perforated across the Serowe Seam which has a total thickness of 13m, including an 11m continuous coal column with no internal breaks, ideal for stimulation. The multi-stage stimulation program will commence with a step-rate test, a routine oil and gas procedure used to determine the stimulation point and permeability of the Serowe seam. A 90-day extended flow test is planned to follow stimulation to provide important data on gas flow rates, reservoir response and the potential commercial performance of the Pitse Pilot. Dewatering continues across the surrounding support well network, with gas already observed at two support wells. The production casing was run to total depth and cemented. A Cement Bond Log was subsequently completed across the cased wellbore. The results confirmed a good bond between casing, cement and formation across the Serowe seam. The cement bond provides the zonal isolation required to contain the stimulation treatment within the perforated intervals. It is intended to maximise the amount of stimulation energy directed into the target coal and its natural cleated network. Pressure testing of the casing was then completed, confirming the mechanical integrity of the well ahead of stimulation operations. With integrity confirmed, the team perforated four stimulation intervals across the Serowe Seam using the jetting methodology proven at Pitse Pilot well 3.3 in February 2026, where perforation and jetting delivered the strongest reservoir response recorded at the pilot. A wireline log confirmed the Serowe seam has a total thickness of 13m, including an 11m continuous clean coal column with no internal breaks, mudstone partings or weaker intercalations from top to base. Gamma ray and density logs confirm a high-vitrinite, low-ash coal, a type that carries materially higher gas content in Karoo-Kalahari CBM systems. Caliper data shows the borehole washed out beyond drilled diameter through the coal zones, confirming natural fracturing and a well-developed cleat network. The Serowe seam logs at 12–14m across all logged wells — only 2m of variation across the cluster footprint — with the Upper Morupule Seam at 10–11m. A datum-hung correlation across the six wells shows both seams stratigraphically continuous across the fault boundary. This lateral predictability is a fundamental requirement for the planned multi-well field development. The combined 23m of Serowe and Upper Morupule coal represents a materially larger resource in this wellbore than the pre-drill prognosis. However, the program remains focused on the Serowe seam as the primary, near-term production target. The Upper Morupule represents potential upside available later in the well’s life, as production from the Serowe seam matures. Diagnostic testing and step-rate test. Initial injection testing will provide the first direct reservoir pressure data from the well. The step-rate test is expected to be materially larger than at any previous Pitse well, reflecting the completion design and depth of well 3.5B. Main stimulation. A multi-stage stimulation program informed by the reservoir response data from Pitse Pilot well 3.3 in February 2026. 90-day extended flow test. The extended production period will generate the dataset required for an independent Competent Persons Report to support reclassification of contingent resources to 2P reserves. The stimulation rig moves directly to Serowe-3.2, which is already drilled and cased. The Serowe CBM Project in central Botswana is designed to develop a domestic source of natural gas to support power generation, industrial energy demand and LNG supply for Southern Africa. Project Pitse is the first of four development phases, targeting a cluster of six wells designed to demonstrate commercial CBM production and underpin the Bankable Feasibility Study for a Serowe-to-Leupane gas development, initially targeting LNG production of 3.5 petajoules (PJ) per year from approximately 108 wells. All environmental approvals are in place across the Serowe gasfield, LNG production facilities, energy hubs, and pipeline corridor. Well title is Serowe-3.5B and is an appraisal well targeting Coal Bed Methane. Serowe-3.5B is located at Latitude -22.24839 and Longitude 26.19624 in Mining Licence ML-52 (previously Prospecting Licence PL-400). Botala Energy Ltd. working interest is 100% in the well. Coal seam thickness is 23m in total consisting of 13m of Serowe Seam and 10m of Upper Morupule Seam. The Geological rock type is coal. The Serowe seam was encountered at a depth of 377m and the Upper Morupule seam was encountered at a depth of 397m. No flow testing to date – Just pressure testing of casing and cement. Gas is the target hydrocarbon and will be measured once well is completed. Water volumes will be tested in subsequent flow-testing. 
