Australia's Tlou Energy Raises Funds for Botswana CBM Project

Australia listed Tlou Energy has successfully raised A$4.8 million to fund the expansion of coal bed methane project at Karoo Central in Botswana.

The placement and institutional components of the offer was settled on 6 December 2013 and raised approximately A$8.6 million, the company said. The company has now raised gross proceeds $13.4 million from the combined retail, placement and institutional components of the offer.

The Brisbane based firm plans an expanded pilot and core hole program at Karoo Central involving up to two core wells and two additional pilot pods.

Tlou Energy is a CBM and unconventional gas explorer with interests in Southern Africa.

Company's principle assets are in Botswana, which Tlou says is one of the most advanced CBM exploration projects in the region.

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