Tlou Energy Ltd - Company developing power solutions for Botswana through gas-fired power and ancillary projects - Drills the Lesedi 6P vertical production well to a depth of 589 million and intersects 6 metres of the target lower Morupule coal. Notes that the top sections of Lesedi 6A and Lesedi 6B lateral wells have also been drilled, both to a depth of 150 metres, plus an additional two metres following cementing. Explains the objective of the core-hole drilling is to provide additional geological control in the vicinity of the Lesedi 6 gas production pod. Adds that the core-hole 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. The core-hole was completed and logged after reaching a total depth of 535 metres and intersecting 6 metres of coal.

Company adds that work on the transmission lines to connect its Lesedi power project to the existing power grid is progressing. Notes overall progress to-date is around 73%. The work is expected to be completed in the third quarter of 2023. Says substations required at either end of the transmission line are expected to be commissioned in the second quarter of 2024. Adds that work is continuing on a purpose-built operations facility for the initial 10 megawatt development and to allow for project expansion thereafter.

Current stock price: 2.00 pence, down 2.4% in London on Wednesday afternoon

12-month change: up 87%

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