Tlou Energy raises A$200,000 to fund Botswana CBM project
Australia’s Tlou Energy has raised A$200,000 ($132,877) via a placement of new ordinary shares at an issue price of A$0.035/share, it said on March 27. The funds have been raised from Australia-based sophisticated investors and will go towards the development of Tlou’s Lesedi CBM project in Botswana.
The issue price represents approximately a 5.4% discount to the closing ASX share price on March 24 of A$0.037/share and a 3.8% discount to the 15-day volume weighted average price for Tlou’s shares traded on the ASX of A$0.0363/share.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
Tlou recently started work on the next phase of drilling at its Lesedi project. Lesedi 6 is the first well of a planned drilling programme to expand gas production at the Lesedi project.
Gas from Lesedi 6 is planned to be used for electricity generation for the existing 10 MW power purchase agreement with Botswana Power Corporation once the transmission line, substations and associated electrical infrastructure are in place.