Thursday, February 16, 2017
Tlou Energy saw a significant upgrade in reserves for its Lesedi CBM Project and initial reserves for its Mamba Project in Botswana. This latest reserves assessment was independently certified by Dr Bruce McConachie of SRK Consulting.
Under the assessment Tlou saw a 44% increase in 2P (Proved and Probable) gas reserves to 3.9 Bcf. Its 3P (Proved, Probable, and Possible) rose 390% to 261 Bcf. The increases are comprised of additional certified reserves in the Lesedi Project area (PL 002) based on a southern extension of the Selemo pilot area; and initial certified reserves in the Mamba Project area (PLs 238 and 240) based on a western extension of the Selemo pilot area.
Tlou MD, Tony Gilby, commenting on the increases said: “This significant upgrade in Reserves reinforces the commerciality of the Lesedi Gas Project. The success of the Selemo pilot in producing sustained gas flows for a substantial period suggests that there is significant gas production potential for the area. Our ongoing work to assess this continues in tandem with our planning for the staged delivery of a commercial CBM power facility, for which we have received a detailed Request for Proposal from the Government of Botswana. We are very pleased to have received the first gas Reserves in the Mamba Project area, which demonstrates the upside available within our portfolio. Together, we believe that the Lesedi and Mamba projects will continue to develop into a valuable resource for Tlou shareholders as we work towards increasing the certified gas Reserves in both areas. Furthermore, the Company is on track to become the first gas to power producer in Botswana.”