Announcement • Sep 25
Tlou Energy Limited, Annual General Meeting, Nov 25, 2025 Tlou Energy Limited, Annual General Meeting, Nov 25, 2025. Announcement • Mar 13
Tlou Energy Limited Announces Management Changes Tlou Energy Limited announced that Ian Campbell and Allan Sullivan have been appointed to the Board as Non-Executive Chairman and Non-Executive Director respectively. In addition to the above changes, the role of Martin McIver the current Chairman, will revert to a Non-Executive Director role, Gabaake Gabaake will be appointed as Deputy Chairman and Colm Cloonan will become the Company Secretary following the resignation of Solomon Rowland. Dr. Ian Campbell holds a PhD in Electrical Engineering from the University of New South Wales and has over 50 years of experience in industry, software and electronic commerce. He has played a key role in successful commercial ventures in Australia, Asia, and USA, both as an investor and operator. Ian holds a controlling interest in ILC Investments Pty Ltd, which is Tlou's larger shareholder. Dr. Allan Sullivan holds a Doctor of Engineering from the University of Sydney and has amassed 50 years of diverse experience across various fields. His career has taken him across multiple regions, including Asia, Australia, and Europe where he has worked for global engineering companies including Landis & Gyr, ABB and Siemens where he participated on their subsidiary executive boards. Allan has served as a director for several listed entities. Mr. Solomon Rowland has resigned from his position as Company Secretary following an offer from another entity. Following these changes the board of Tlou Energy Limited is as follows: Ian Campbell - Non-Executive Chairman; Anthony Gilby - Managing Director & Chief Executive Officer; Gabaake Gabaake - Executive Director & Deputy Chairman; Colm Cloonan - Finance Director & Company Secretary; Hugh Swire - Non-Executive Director; Martin McIver - Non-Executive Director and Allan Sullivan - Non-Executive Director. Announcement • Nov 25
Tlou Energy Limited Announces Electrical Substation At Lesedi Nearing Completion Tlou Energy Limited announced Electrical substation at Lesedi nearing completion. Gas has been flowing from the Lesedi 4 and Lesedi 6 gas wells. The gas flow has been surging with work ongoing to produce a more constant rate. This is required to facilitate generation of power. The key issue has been coal fines or particles that have caused the downhole pump to block and have constrained the dewatering process. Tlou's operations team are fully focused on this issue at the present time. Once resolved, the aim is to maximise water drawdown to produce higher and more consistent gas flows over the coming months. Tlou's gas Reserves and Contingent Resources have been independently certified by SRK Consulting (Australasia) Pty Ltd. The Company's 2P Reserves are 40.8 Billion Cubic Feet (BCF) which is an energy equivalence of ~6.8 million barrels of oil (MMboe). A 10MW project is estimated to require less than 30 BCF of methane over a 25-year period. Tlou's 3P Reserves are 426.6 BCF. The 66kV power line connecting Lesedi to the Serowe substation is virtually complete and is designed to take up to 25MW of power. Some minor finishing works, such as the addition of switchgear at the Serowe substation, will be carried out prior to the line being energised. The power line is effectively under care and maintenance until Tlou is ready to bring it online. The Lesedi substation is over 90% complete with the Serowe extension ready for commissioning. A 5MVA step-up transformer was delivered to the project site on 20 November 2024. This is a key component to finalise the substation. With the transformer now in place, work will continue onsite with completion anticipated before the end of the year. The 5MVA transformer will facilitate around 5MW of generation. Further transformers will be added as the project grows with the substation designed for expansion up to 25MW. The Company has progressed discussions with a global power generation supplier to install a power generation facility at Lesedi using reciprocating 1,375 kW Cummins branded gas engines with GE generators. Should an agreement be put in place, the units will be delivered, installed and commissioned by the provider, who will also handle ongoing operations and maintenance. It is envisaged that power generators will be supplied and installed in phases, commensurate with gas production capacity. The lead time to get generators onsite is currently expected to be 6-8 weeks from order. The proposed generators can take up to 220m3 of methane per hour with actual power generation output subject to various factors including the temperature and altitude. The generator set includes a lower 20-foot container which houses a Cummins 1,375 kW engine and generator with an upper container including a radiator and the generator cooling system. The power station is anticipated to be installed, commissioned and tested ahead of first generation in mid-2025, subject to receiving adequate funding and flowing sufficient and consistent gas from existing and proposed production wells. Initial generation is planned to start with up to 2MW of power and as additional gas wells are drilled this will increase to 10MW in line with the Power Purchase Agreement (PPA) that is already in place with Botswana Power Corporation (BPC). The PPA is valid for an initial five-year term and upon successful completion of the first 10MW and prior to the end of the five-year term, the Government and BPC are committed to extending the existing PPA for at least a further five years and/or agreeing a new long term PPA with Tlou with increased power delivery beyond the initial 10MW. Thereafter expansion is planned to match the nominal 25MW of power that could be transmitted on the 66kV transmission line to Serowe that Tlou has constructed. Expansion beyond 25MW would involve building a new power line either to the east to join the existing 220kV grid at Mahalapye or to the northwest minerals province. Both of these markets have a power requirement in the order of 100MW or more. Additionally, the Southern African Power Pool reaches over 500 million potential electricity consumers providing virtually unlimited expansion potential. This, combined with the Company's 100% owned gas prospective acreage, sets the stage for considerable future growth potential. The Company's production and exploration licences are ideally located in Botswana's Central district with direct access to the grid. The Lesedi development, which includes the generation site, substations, gas production wells and operations camp is located on Tlou's 40km2 property which forms part of Tlou's production licence, which is valid until 2042. Additionally, Tlou's prospecting licences cover a very large area ensuring continuing exploration and development potential. Announcement • Oct 28
Tlou Energy Proposes Voluntary Cancellation of Ordinary Shares of Admission to AIM Tlou Energy Limited announced the proposed cancellation of the admission of its Ordinary Shares to trading on AIM in accordance with Rule 41 of the AIM Rules for Companies ("AIM Rules"), subject to shareholder approval for the Cancellation at the Company's Annual General Meeting which is expected to take place on 26 November 2024. Following the AIM Delisting, the Company's shares will remain listed on the Botswana Stock Exchange ("BSE") and on the ASX, which will remain the primary trading venue for its equity securities. Securities in the Company will be publicly tradeable in the form of ASX-listed shares or on the Botswana Stock Exchange. The Company is providing an opportunity for shareholders to deposit their Ordinary Shares with the Company's ASX depositary in exchange for delivery of ASX shares, without cost, in connection with the AIM Delisting whether prior, on, or subsequent to 31 December 2024. The Company was admitted to AIM in 2015, at a time when there was good support from the UK market for African based projects and exploration companies such as Tlou. However, in recent years the level of support has dropped significantly especially in relation to exploration and fossil fuels despite the need for more exploration, mining and energy to power worldwide economies. This has been evident across many stock exchanges with the decline or delisting of many junior explorers. This pattern was a key factor in the decision to delist, with the Company not expecting the trend to change in the foreseeable future. The Directors believe that current challenging conditions within the UK market, particularly for exploration stocks, are making it challenging to raise capital for the Company in the UK with large discounts required where funds could be raised and lack of long-term support from investors compounding this issue. The Directors believe this is counterproductive for the Company's existing shareholders, and the Company does not believe this situation will change within a timeframe which will make remaining on AIM worthwhile. The considerable cost of maintaining admission to trading on AIM, including fees payable to its professional advisers, including the nominated adviser and broker, AIM fees payable to the London Stock Exchange as well as incremental legal, insurance, accounting and auditing fees, along with the considerable amount of management time and regulatory burden associated with maintaining the Company's admission to trading on AIM are, in the Directors' opinion, disproportionate to the benefits to the Company at this time. The Directors believe that the time and cost savings associated with maintaining the Company's admission to trading on AIM could be better utilised for the benefit of the Company and its shareholders in growing the business and in pursuing other opportunities; and It is the opinion of the Board that streamlining the Company share listings will not impact existing shareholders as shareholders will still be able to trade on the ASX, whilst bringing a reduction in administrative costs. Expected last day of dealings in the Ordinary Shares on AIM will be on 30 December 2024. Announcement • Oct 01
Tlou Energy Limited, Annual General Meeting, Nov 26, 2024 Tlou Energy Limited, Annual General Meeting, Nov 26, 2024. Location: bdo brisbane, level 10, 12 creek street, brisbane qld 4000. Australia New Risk • Sep 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (€23.7m market cap, or US$26.4m). Announcement • Aug 23
Tlou Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.995787 million. Tlou Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.995787 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,198,413
Price\Range: AUD 0.035
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,252,655
Price\Range: AUD 0.035
Transaction Features: Subsequent Direct Listing New Risk • Jul 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (€26.8m market cap, or US$29.1m). New Risk • Apr 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% 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 Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€33.3m market cap, or US$35.7m). New Risk • Mar 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% 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 Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€31.8m market cap, or US$34.4m). Announcement • Feb 23
Tlou Energy Limited Announces Project Update: Progress Towards Electricity Generation Tlou Energy Limited announced Project Update: Progress Towards Electricity Generation. Lesedi production wells: The Lesedi 4P and 6P production wells are continuing to flow gas as the water level is being gradually lowered to just above the coal. Once the wells stabilise and stop surging (gas and water), gas flow rates will be measured. Tlou is confident that with the in-house knowledge gained from recent drilling efforts, extracting more and more gas out of the coal reservoir will become progressively simpler and more cost effective due to economies of scale. Transmission line: The 66kV electricity transmission line connecting Tlou's Lesedi power generation site to the power grid has been constructed and the line has been connected to the Serowe substation. Any minor finishing works and the addition of switchgear at the Serowe substation will be done prior to the line being energised. The line will be energised as soon as the substation at Lesedi is complete which is expected around the middle of the year subject to funding. The transmission line is a vital element of the Lesedi project. With the completion of the transmission line, the Lesedi project is no longer isolated from Botswana's electricity market and is now connected to the broader Southern African Power Pool. Lesedi Substation: The Lesedi substation, which will connect Tlou's power generators to the transmission line, is approximately 38% complete. Installation of the earth mat is complete with the control room currently being constructed. Generators: Gas fired generators will be installed adjacent to the Lesedi substation on Tlou's 100% owned land. Consultant engineers are evaluating generator options and obtaining quotes from suppliers. Funding: The Company is in discussions with several strategic parties to secure the remaining funds required for project completion. The aim is to secure funding this quarter. The Company remains committed to delivering electricity into the grid at the earliest opportunity, with power sales contracted under the existing 10MW Power Purchase Agreement with Botswana Power Corporation. Announcement • Nov 24
Tlou Energy Limited announced that it has received AUD 3 million in funding from Ilc Investments Pty Ltd and another investor On November 24, 2023, Tlou Energy Limited closed the transaction. The company has received AUD 1,000,000 in second and final tranche. New Risk • Sep 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 7.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (€18.6m market cap, or US$19.8m). Announcement • Sep 12
Tlou Energy Limited Completes Lesedi 4 and 6 Drilling Tlou Energy Limited announced that the successful redrill of both lateral wells of the Lesedi 4 production pod has been completed. As reported previously, drilling has also been completed at the new Lesedi 6 pod with both lateral wells (Lesedi 6A and Lesedi 6B) successfully intersecting the target vertical well (Lesedi 6P). The aim of redrilling the Lesedi 4 wells is to provide straighter lateral sections compared to the original wells. The Lesedi 4 pod has flowed gas for a number of years and these straighter laterals are expected to assist with removing water from the reservoir to more efficiently dewater and flow gas. Following completion of the redrill, both Lesedi 4 and Lesedi 6 pods will be flushed to clear the wells and then have production equipment installed to commence dewatering ahead of gas production. Construction of the transmission lines to connect the Lesedi power project to the existing power grid is progressing. Overall progress to date is approximately 90%. Key items outstanding include a road crossing and further stringing of the line. Transmission line work is on track to be completed later this year and well in advance of planned first power into the grid. Separately, work on the substations which are required at either end of the transmission line is also continuing. The contractors are onsite at Lesedi carrying out initial work including site clearing and further updates will be provided in due course. Announcement • Sep 11
Tlou Energy Limited, Annual General Meeting, Oct 31, 2023 Tlou Energy Limited, Annual General Meeting, Oct 31, 2023, at 10:01 E. Australia Standard Time. New Risk • Sep 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10m free cash flow). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Earnings have declined by 7.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (€18.9m market cap, or US$20.3m). New Risk • Jun 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 71% 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 Less than 1 year of cash runway based on free cash flow trend (-AU$10m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 7.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€23.9m market cap, or US$26.0m). Announcement • Jun 14
Tlou Energy Limited Announces Drilling and Operational Update Tlou Energy Limited announced that it is currently drilling the Lesedi 6 gas production pod. The pod will comprise one vertical production well (Lesedi 6P) intersected by two lateral wells (Lesedi 6A and Lesedi 6B) drilled horizontally through the target reservoir section for several hundred metres. Lesedi 6P - Vertical Production Well; This well has been drilled to a depth of 589m and intersected 6m of the target lower Morupule coal. Well casing was cemented in place, with fiberglass casing at the target coal seam underreamed to expose the coal to the well bore to facilitate dewatering and gas flow. Core-hole drilling; The objective of the core-hole is to provide additional geological control in the vicinity of the Lesedi 6 gas production pod. In addition to providing coal and gas content data, the core-hole accurately determined the top and bottom of the target coal seam close to where the lateral section of Lesedi 6A and Lesedi 6B will enter the coal. This is important data for drilling of the lateral section of each well. The core-hole was completed and logged after reaching a total depth of 535m and intersecting 6m of coal. 18 coal samples were taken and placed in desorption canisters for further analysis. Transmission Lines; Work on the transmission lines to connect Tlou's Lesedi power project to the existing power grid is progressing. Overall progress to date is 73%. This work is expected to be completed in 3Q23. The 100 Km line includes planting wooden and steel pole structures. Most of the wooden poles have been erected and work has begun on the steel structures. Line stringing is also underway with 30km of the phase conductor and 67km of the GSW earth wire complete. Substations; Substations are required at either end of the transmission line, one to tie Tlou's generators to the transmission line at Lesedi and another to integrate the line with the existing Botswana Power Corporation (BPC) substation at Serowe. OptiPower, a division of Murray & Roberts Ltd. has been contracted to complete this work. OptiPower has established a site in Serowe and appointed subcontractors for detailed engineering design and civils works with geotechnical assessments, soil resistivity and topographical surveys now complete. The substations are expected to be commissioned in 2Q24. Operations and generation facility; Work is continuing on a purpose-built operations facility for the initial 10MW development and to allow for project expansion thereafter. This project is being managed by African Gas Services on behalf of Tlou and it is expected to be completed later this year. This facility will also include the power generation site and the Company has engaged external advisors to provide technical and commercial advice relating to site based power generation design, procurement, construction and operation. Board Change • Jan 27
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. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Hugh Swire was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jan 26
Tlou Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 3.067865 million. Tlou Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 3.067865 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 87,653,278
Price\Range: AUD 0.035
Transaction Features: Subsequent Direct Listing Announcement • Dec 19
Tlou Energy Limited, Annual General Meeting, Jan 18, 2023 Tlou Energy Limited, Annual General Meeting, Jan 18, 2023, at 10:01 E. Australia Standard Time. Location: BDO, Level 10, 12 Creek Street, BRISBANE Australia Agenda: To consider the Ratification of previous issue of Placement Shares under Listing Rule 7.1A to (entities controlled by) Dr Ian Campbell; to consider the Ratification of previous issue of Placement Shares under Listing Rule 7.1 to (entities controlled by) Dr Ian Campbell; to consider and Approval to issue Placement Shares to IC Australia (No 2) Pty Ltd, an entity controlled by Dr Ian Campbell (or entities controlled by him); to consider and Approval to issue Placement Shares to Solomon Rowland; to consider and Approval to issue Placement Shares to Solomon Rowland; to consider and Approval to issue Placement Shares to investors introduced by Dr Ian Campbell; and to consider other matters. Board Change • Apr 27
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. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Hugh Swire was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.