Botswana and southern Africa-focused coalbed methane developer Tlou Energy announced on Wednesday that it has received an initial Independent Reserve Certification from SRK Consulting, for the Lesedi CBM Project located in prospecting licence PL002/2004 in Botswana.
“I am absolutely delighted with this news; it is a very significant achievement for Tlou,” said chief executive of the AIM and ASX-traded firm, Gabaake Gabaake.
“Initial reserve certification is a major milestone and demonstrates the commerciality of the Lesedi CBM Project.
“As the first in Botswana to attain independently certified CBM reserves we are in a very strong position to progress the project further for the benefit of our shareholders and to bring a much needed and clean source of power to the people of Botswana.”
Gabaake said the company’s plan is to now continue to build reserves and upgrade the category of these reserves as further production data from Lesedi is collected.
“The initial reserves assessment is based on the production data obtained to date from the three pilot production wells in the Selemo Pilot and extrapolating this production data over a potential field development at Selemo to support a 50 MW power generation project.”
He said it was also pleasing that SRK indicated that the produced gas from the Selemo Pilot is capable of supporting an economic development for the Lesedi Project.
“It has been a very important and successful period for the company over the past few months, with funding secured through the recent placement, our Environmental Impact Statement approved and now independently certified reserves booked.
“These are significant steps in our aim to become a mid-tier gas to power producer in southern Africa and I look forward to updating the market further as we build upon this success.”