Announcement • May 30
Botala Energy Ltd Principal Commercial Production Well Pitse Pilot Well 3.5B Reaches Total Depth And Intersects Coal Seams As Planned Botala Energy Ltd. principal commercial production well, Pitse Pilot well 3.5B, at its 100%-owned Serowe Coal Bed Methane (CBM) Project in Botswana reached Total Depth (TD) of 449m on 26 May 2026. TD was called by the on-site geologist on confirmation that the target coal seam interval had been fully intersected. The Exploration Geophysics wireline logging team arrived on site the same day, with open-hole logging commencing overnight. Rock chip samples confirm the Serowe coal seams were intersected at approximately 377m depth and demonstrate that the coal intervals are indicative of initial estimates and correlate with offset Pitse wells 3.1 and 3.5A, confirming the well is in the expected structural position. Formal characterisation of the coal seam intervals will follow wireline logging, with results expected to be reported to the market early next week. Completion readiness is well advanced with stimulation chemicals on site, the cementing system function-tested, 5½" production casing staged, and water storage infrastructure in place for the stimulation program. Zero recordable safety incidents. Well 3.5B was spudded on 28 March 2026 and reached total depth of 449m on 26 May 2026. The drilling phase included three casing and cementation stages, continuous geological sampling, coordination with production activities across four support wells, and the mobilisation of key completion materials to site. Learnings from Pitse Pilot well 3.5B are expected to support more efficient drilling and completion cycles as Botala advances subsequent wells within the Serowe development program. The Phase-1 Pitse Pilot at Botala’s Serowe CBM Project in Botswana is designed to establish a production pathway to 3.5 petajoules of LNG per year. Step Detail Status Drill to Total Depth 449m TD reached 26 May 2026 — depth called by geologist on coal seam intersection Complete Open-hole wireline logging Exploration Geophysics team on site 26 May; logging commences 27 May Underway Run 5½" production casing Casing staged at Thabala; stimulation chemicals on site; cement system function-tested Mobilised Cement Bond Log (CBL) Confirms cement placement before perforation Upcoming Perforation of coal seams Serowe seam interval Upcoming DSIT & step rate test Reservoir injectivity; stimulation design parameters Upcoming Main stimulation program Multi-stage strata stimulation Upcoming Extended flow testing 90-day production period; CPR dataset for reserves reclassification Upcoming Rock chip samples collected continuously during drilling provide a complete stratigraphic record from surface to total depth. The sequence encountered is consistent throughout with the regional geological model for the Serowe area, and every expected formation appeared at the predicted depth. The character of chip returns changed at approximately 317m, where carbonaceous material was noted in the diverter pond foam — the first direct indicator of organic-rich material from the Morupule Formation. By 357m, chip returns included vitrinite stringers and minor coal chips, confirming the well was entering the coal seam interval. The geologist confirmed the main Serowe coal seam intersection at approximately 377m depth, with a thickness in line with estimates which will be confirmed in the logging. Preliminary information indicates the presence of the Serowe and Upper Morupule as predicted pre-drill. The current logging program will confirm thickness. Structural correlation with Pitse Pilot wells 3.1 and 3.5A confirms the well is on the planned 3-1 /3-2 fault block, approximately 15m deeper than well 3.5A, exactly consistent with the 20m fault displacement incorporated into the well design. The geological model has been validated by the drill. The open-hole wireline logging program starting on 27 May will formally quantify what the chip samples have qualitatively identified. The key log outputs — gamma ray (seam boundary definition), resistivity (gas saturation proxy), density/porosity (coal quality), and caliper (borehole geometry for perforation design) — will define the net coal thickness, depth and quality of the Serowe and Upper Morupule seam intervals with the precision required for perforation and stimulation planning. These results, expected early next week, are the first data from this well suitable for formal reserves assessment by an independent Competent Persons assessor. 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 targeting LNG production of 3.5 petajoules (PJ) per year from 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 estimated at 10m and is currently being logged. 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. Gas is the target hydrocarbon and will be measured once well is completed. Water volumes will be tested in subsequent flow-testing. Announcement • Apr 21
Botala Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 1.45 million. Botala Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 1.45 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,000,000
Price\Range: AUD 0.05
Transaction Features: Subsequent Direct Listing Announcement • Apr 17
Botala Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million. Botala Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 35,807,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 24,193,009
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Feb 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 43% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Revenue is less than US$1m (AU$13k revenue, or US$8.9k). Minor Risk Market cap is less than US$100m (AU$16.8m market cap, or US$11.9m). Announcement • Feb 04
Botala Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million. Botala Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 35,807,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 24,193,009
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Transaction Features: Subsequent Direct Listing Board Change • Jan 05
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director Peter Grant was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 