Tlou achieves significant increase in gas reserves in Botswana
Wednesday, Feb 15, 2017
Tlou Energy Limited, the AIM and ASX listed company focused on delivering power in Botswana and southern Africa through the development of coal bed methane (“CBM”) announced a significant upgrade of Reserves for the Lesedi CBM Project (“Lesedi”) and initial Reserves for the Mamba Project in Botswana. This latest Reserves assessment has been independently certified by Dr Bruce McConachie of SRK Consulting (Australasia) Pty Ltd (“SRK”).Highlights:
- additional certified Reserves in the Lesedi Project area (PL 002) based on a southern extension of the Selemo pilot area; and
- 44% increase in 2P (Proved and Probable) Gas Reserves to 3.9 billion cubic feet (BCF)
- 390% increase in 3P (Proved, Probable and Possible) Gas Reserves to 261 BCF
- The increases comprise:
- initial certified Reserves in the Mamba Project area (PL’s 238 and 240) based on a western extension of the Selemo pilot area.
Tlou Managing Director Tony Gilby 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.”
In accordance with the Society of Petroleum Engineers (“SPE”) 2007 Petroleum Resource Management System (“PRMS”) Guidelines, as well as the 2011 Guidelines for Application of the PRMS approved by the SPE, SRK has attributed Gas Reserves to Tlou’s 100% interest in the Lesedi and Mamba Project permits using the deterministic method of petroleum Reserves estimation as at 1 January 2017.
For more information, please visit: http://tlouenergy.com/For additional information on this project, please visit our ProjectsOGP database