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Monday, June 30, 2014
Tlou Energy is divesting itself of its assets in Zimbabwe. The company said in an effort to focus its attentions on its Lesedi CBM project in Botswana it would not be allocating any more funds toward Zimbabwe. Tlow is currently in the process of divesting its 49% interest in the two special grants to the 51% interest holder for nominal consideration and that this process will be completed in the coming days.
Tlou also provided an update on operations in Botswana, which include the Lesdi CBM Project and the Selema Pilot Pod. The company advises that following the recent workover, the Selema Pilot Pod continues to dewater smoothly with water levels in the wells being consistently reduced each day. The production testing of the pod indicates excellent pressure communication between the vertical and horizontal wells. Under the current dewatering schedule, critical gas desorption pressure (CDP) is expected to be achieved at the Selemo Pod within the next few weeks. Once CDP is achieved Tlou expects to see a corresponding build-up of gas pressure leading to commencement of gas production testing during Q3 2014.
At the Lesedi Pilot Pod pump lift capacity was upgraded in mid-May to enhance the dewatering process given the high water flow rates being experienced. However, despite increasing the pump capacity, the new configuration has not led to the expected drawdown of water levels in the Lesedi pod due to an anomalous water influx. Consequently, Tlou has temporarily discontinued pumping the well in order to investigate the source of the water influx and finalize a remediation plan. The aim of the remediation plan is to enable pumping operations to recommence with a dewatering profile more consistent to that seen on the Selemo Pod.
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