TIDMTLOU
RNS Number : 0799R
Tlou Energy Ltd
26 February 2019
26 February 2019
Tlou Energy Limited
("Tlou" or "the Company")
Interim Results
Tlou Energy Limited, the ASX, AIM and BSE listed company focused
on delivering power in Botswana and southern Africa through the
development of coal bed methane ('CBM'), is pleased to announce its
interim results for the six months ended 31 December 2018.
Managing Directors' report
The reporting period was focussed on preparations for the new
development wells located in the vicinity of the proposed central
gas processing and power generation facility. Additional activity
included working on the Environmental Impact Statement for the
planned downstream development comprising gas gathering, gas
processing, power generation and an electrical transmission line to
Serowe. A submission was also made in October in response to the
government of Botswana's request for a proposal in relation to a
gas-to-power re-tender.
As a result of the achievements during the period, we are in a
good position to make further significant advancements in the
months ahead. We are proceeding with a series of value adding field
operations, the most significant of which is the drilling of
initial development wells (Lesedi 3 and 4) which is on-going. These
wells have been positioned in the best technical location and
orientation to potentially result in enhanced gas flows compared to
what has already been achieved at Selemo. The results of the
recently acquired seismic data coupled with an extensive geological
review of our area by our independent geological consultants has
determined the optimum positioning for the current drilling
campaign.
In terms of gaining access to the power grid to ultimately
monetise our gas via electricity, we have continued to run parallel
processes of going down the path of the re-issued gas-to-power
tender (while recognising its challenges) as well as going it alone
by gaining all of the necessary approvals to independently connect
to the grid in any event. The Company notes that the Southern
African Power Pool region continues to suffer from inadequate
investment in electrical power generation capacity and sooner
rather than later will again experience significant electrical
energy shortages. This situation will be reinforced on the downside
for energy supply in southern Africa should any interruptions of
the Eskom supply from South Africa be experienced. The Tlou project
offers cost effective and relatively clean energy for Botswana
coupled with providing energy security and much needed jobs with
successful implementation.
The near-term objectives, aimed at negating the currently
perceived principal risks, are considered by the Company to be
achieving an enhanced gas flow from the Lesedi development wells
and obtaining a clear pathway to gas monetisation via a power
purchase agreement or equivalent. The first half of 2019 should see
significant advancements towards achieving one or both of these
objectives.
Review and results of operations
The loss for the half-year after income tax amounted to
$1,520,139 (December 2017: loss $1,676,624). The loss for the
half-year is marginally below that of the same period in the prior
year. This ties in with the Company's continued focus on reducing
corporate, administrative, and operating costs wherever possible,
where this can be done without any adverse effect on
performance.
Net spend on exploration activities during the period amounted
to $3,594,701. This is an increase on the comparative period and
relates mainly to the development wells that were commenced during
the reporting period.
Subject to the results of the ongoing drilling program and the
tender submission to the Government of Botswana, the coming months
could be transformational for the Company and we look forward to
updating the market as the project progresses.
Thanks to all our shareholders, staff, consultants, advisors,
and management for their support during the period.
The Half-year report is available on the Company's website at
www.tlouenergy.com/reports
****
For further information regarding this announcement please
contact:
Tlou Energy Limited +61 7 3012 9793
Tony Gilby, Managing Director
Solomon Rowland, General Manager
Grant Thornton (Nominated Adviser) +44 (0)20 7383 5100
Samantha Harrison, Colin Aaronson,
Harrison Clarke, Seamus Fricker
Shore Capital (Broker) +44 (0) 207 408 4090
Jerry Keen, Toby Gibbs, Mark Percy
FlowComms Limited (Investor Relations) +44 (0) 7891 677 441
Sasha Sethi
Company Information
Tlou Energy is focused on delivering Gas-to-Power solutions in
Botswana and southern Africa to alleviate some of the chronic power
shortage in the region. Tlou is developing projects using coal bed
methane ('CBM') natural gas. Botswana has a significant energy
shortage and generally relies on imported power and diesel
generation to fulfil its power requirements. As 100% owner of the
most advanced gas project in the country, the Lesedi CBM Project,
Tlou Energy provides investors with access to a compelling
opportunity using domestic gas to produce power and displace
expensive diesel and imported power.
The Company is listed on the Australian Securities Exchange,
London's AIM market and the Botswana Stock Exchange and is led by
an experienced Board, management and advisory team including
individuals with successful track records in the CBM industry.
Since establishment, the Company has significantly de-risked the
project in consideration of its goal to become a significant
gas-to-power producer. The Company flared its first gas in 2014 and
has a 100% interest in a Mining Licence and nine Prospecting
Licences covering an area of 8,300 Km(2) in total. The Lesedi and
Mamba Projects already benefit from significant independently
certified 2P gas Reserves of 41 BCF. In addition, 3P gas Reserves
of 427 BCF and Contingent Gas Resources of 3,044 BCF provide
significant additional potential.
The Company is planning an initial scalable gas-to-power
project. Following successful implementation of this first scalable
project, the Company looks forward to evaluating longer-term
prospects for the delivery of electricity generated from CBM in
Botswana to neighbouring countries.
****
Consolidated statement of comprehensive income
for the half-year ended 31 December 2018
Consolidated
Period ended Period ended
Note Dec 2018 Dec 2017
$ $
Interest income 5,446 820
Expenses
Employee benefits expense (587,147) (426,980)
Depreciation and amortisation expense (238,742) (88,289)
Foreign exchange gain/(loss) 82,659 90,736
Share issue costs - (176,685)
Performance rights expense (128,060) (199,624)
Professional fees (44,485) (89,936)
Corporate expenses (5,369) (16,237)
Occupancy costs (33,543) (21,490)
Other expenses 2 (570,898) (748,939)
------------- -------------
LOSS BEFORE INCOME TAX (1,520,139) (1,676,624)
Income tax - -
------------- -------------
LOSS FOR THE PERIOD (1,520,139) (1,676,624)
------------- -------------
OTHER COMPREHENSIVE INCOME/(LOSS)
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations 597,713 629,253
Tax effect - -
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) 597,713 629,253
------------- -------------
TOTAL COMPREHENSIVE INCOME/(LOSS) (922,426) (1,047,371)
------------- -------------
Earnings per share
Cents Cents
Basic loss per share (0.4) (0.5)
Diluted loss per share (0.4) (0.5)
Consolidated statement of financial position
as at 31 December 2018
Consolidated
Note Dec 2018 June 2018
$ $
CURRENT ASSETS
Cash and cash equivalents 5,520,614 7,019,345
Trade and other receivables 457,780 194,814
Other current assets 10,764 364,956
TOTAL CURRENT ASSETS 5,989,158 7,579,115
------------- -------------
NON-CURRENT ASSETS
Exploration and evaluation assets 3 57,124,581 52,861,961
Other non-current assets 1,209,650 652,522
Property, plant and equipment 4 1,981,427 440,683
TOTAL NON-CURRENT ASSETS 60,315,658 53,955,166
------------- -------------
TOTAL ASSETS 66,304,816 61,534,281
------------- -------------
CURRENT LIABILITIES
Trade and other payables 662,941 258,024
Provisions 129,229 215,183
TOTAL CURRENT LIABILITIES 792,170 473,207
------------- -------------
NON-CURRENT LIABILITIES
Deferred tax liabilities 369,353 369,353
Provisions 114,000 97,000
TOTAL NON-CURRENT LIABILITIES 483,353 466,353
------------- -------------
TOTAL LIABILITIES 1,275,523 939,560
------------- -------------
NET ASSETS 65,029,293 60,594,721
------------- -------------
EQUITY
Contributed equity 6 95,692,760 90,463,822
Reserves (2,179,195) (2,904,968)
Accumulated losses (28,484,272) (26,964,133)
------------- -------------
TOTAL EQUITY 65,029,293 60,594,721
------------- -------------
Consolidated statement of changes in equity
for the half-year ended 31 December 2018
Contributed Equity Share Based Foreign Currency Accumulated Losses Total
Payments Reserve Translation
Reserve
$ $ $ $ $
Balance at 1 July
2017 83,380,184 520,500 (3,627,932) (24,153,403) 56,119,349
------------------- ------------------- ------------------- ------------------- ------------
Loss for the period - - - (1,676,624) (1,676,624)
Other comprehensive
income, net of tax - - 629,253 - 629,253
Total comprehensive
income - - 629,253 (1,676,624) (1,047,371)
------------------- ------------------- ------------------- ------------------- ------------
Transactions with owners in their capacity as owners
Share based
payments - 199,624 - - 199,624
Shares issued, net
of costs 4,407,047 - - - 4,407,047
4,407,047 199,624 - - 4,606,671
------------------- ------------------- ------------------- ------------------- ------------
Balance at 31
December 2017 87,787,231 720,124 (2,998,679) (25,830,027) 59,678,649
------------------- ------------------- ------------------- ------------------- ------------
Balance at 1 July
2018 90,463,822 309,401 (3,214,369) (26,964,133) 60,594,721
------------------- ------------------- ------------------- ------------------- ------------
Loss for the period - - - (1,520,139) (1,520,139)
Other comprehensive
income, net of tax - - 597,713 - 597,713
Total comprehensive
income - - 597,713 (1,520,139) (922,426)
------------------- ------------------- ------------------- ------------------- ------------
Transactions with owners in their capacity as owners
Share based
payments - 128,060 - - 128,060
Shares issued, net
of costs 5,228,938 - - - 5,228,938
5,228,938 128,060 - - 5,356,998
------------------- ------------------- ------------------- ------------------- ------------
Balance at 31
December 2018 95,692,760 437,461 (2,616,656) (28,484,272) 65,029,293
------------------- ------------------- ------------------- ------------------- ------------
Consolidated statement of cash flows
for the half-year ended 31 December 2018
Consolidated
Period ended Period ended
Dec 2018 Dec 2017
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (inclusive of GST and VAT) (1,478,225) (1,796,542)
Interest received 5,247 820
GST and VAT received 323,943 117,549
NET CASH USED IN OPERATING ACTIVITIES (1,148,835) (1,678,173)
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation assets (3,782,387) (2,106,573)
Payment for property, plant and equipment (1,771,253) (20,741)
NET CASH USED IN INVESTING ACTIVITIES (5,553,640) (2,127,314)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 5,488,927 4,419,259
Share issue costs (259,989) (28,377)
NET CASH PROVIDED BY FINANCING ACTIVITIES 5,228,938 4,390,882
------------- -------------
Net increase in cash held (1,473,537) 585,395
Cash at the beginning of the period 7,019,344 6,727,424
Effects of exchange rate changes on cash (25,193) 150,381
------------- -------------
CASH AND CASH EQUIVALENTS AT THE OF THE PERIOD 5,520,614 7,463,200
------------- -------------
Notes to the consolidated financial statements
for the half-year ended 31 December 2018
Note 1. Significant accounting policies
Introduction
Tlou Energy Limited (Tlou) is a company domiciled and
incorporated in Australia. The Financial Report for the half-year
ended 31 December 2018 consists of the Financial Statements of Tlou
Energy Limited and the entities it controlled during the period
('Consolidated Entity').
Compliance with accounting standards
The half-year financial report is a general purpose financial
report prepared in accordance with the requirements of the
Corporations Act 2001 and Australian Accounting Standard AASB 134:
Interim Financial Reporting.
The half-year financial report does not include all the notes of
the type normally included in an annual financial report and shall
be read in conjunction with the most recent annual financial report
of the group.
Basis of preparation
The financial statements have been prepared on an accruals basis
and are based on historical costs. The financial report is
presented in Australian dollars.
The accounting policies and methods of computation applied by
the Consolidated Entity in the consolidated interim financial
report are the same as those applied by the Consolidated Entity in
its consolidated financial report as at and for the year ended 30
June 2018, except as noted below.
New and amended standards adopted by the group
A number of new or amended standards became applicable for the
current reporting period and the group had to change its accounting
policies as a result of adopting the following standards:
-- AASB 9 Financial Instruments; and
-- AASB 15 Revenue from Contracts with Customers.
The impact of the adoption of these standards and the new
accounting policies are disclosed below. The other standards did
not have any impact on the group's accounting policies and did not
require retrospective adjustments.
AASB 15 Revenue from Contracts with Customers - Impact of
adoption
The group has adopted AASB 15 Revenue from Contracts with
Customers from 1 July 2018. In accordance with the transition
provisions in AASB 15, the group has adopted the new rules
retrospectively however there was no material impact on the amounts
disclosed previously and as a result there has been no restatement
required as a result of reclassification or remeasurement and no
change to the previously disclosed accounting policies.
AASB 9 Financial Instruments - Impact of adoption
AASB 9 replaces the provisions of AASB 139 that relate to the
recognition, classification and measurement of financial assets and
financial liabilities, derecognition of financial instruments,
impairment of financial assets and hedge accounting.
The adoption of AASB 9 Financial Instruments from 1 July 2018
resulted in changes in accounting policies. The new accounting
policies are set out in note below. In accordance with the
transitional provisions in AASB 9(7.2.15) and (7.2.26), comparative
figures have not been restated.
(i) Classification and Measurement
On 1 July 2018 (the date of initial application of AASB 9), the
Group's management has assessed which business models apply to the
financial assets held by the group and has classified its financial
instruments into the appropriate AASB 9 categories. There were no
changes to the classification and measurement of financial
assets.
(ii) Impairment of financial assets
The Group has one type of financial asset that is subject to
AASB 9's new expected credit loss model, being trade and other
receivables.
The group was required to revise its impairment methodology
under AASB. There was no material impact of the change in
impairment methodology on the group's retained earnings and
equity.
While cash and cash equivalents are also subject to the
impairment requirements of AASB 9, there was no material impairment
loss identified.
Note 1 Significant accounting policies (continued)
AASB 9 Financial Instruments - Accounting policies applied from
1 July 2018
(i) Investments and other financial assets
Classification
From 1 July 2018, the group classifies its financial assets in
the following measurement categories:
-- those to be measured subsequently at fair value (either
through OCI, or through profit or loss); and
-- those to be measured at amortised cost.
The classification depends on the entity's business model for
managing the financial assets and the contractual terms of the cash
flows.
For assets measured at fair value, gains and losses will either
be recorded in profit or loss or OCI. For investments in equity
instruments that are not held for trading, this will depend on
whether the group has made an irrevocable election at the time of
initial recognition to account for the equity investment at fair
value through other comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its
business model for managing those assets changes.
Measurement
At initial recognition, the group measures a financial asset at
its fair value plus, in the case of a financial asset not at fair
value through profit or loss (FVPL), transaction costs that are
directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are expensed
in profit or loss.
Financial assets with embedded derivatives are considered in
their entirety when determining whether their cash flows are solely
payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the
group's business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement
categories into which the group classifies its debt
instruments:
-- Amortised cost: Assets that are held for collection of
contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost.
Interest income from these financial assets is included in finance
income using the effective interest rate method. Any gain or loss
arising on derecognition is recognised directly in profit or loss
and presented in other gains/(losses), together with foreign
exchange gains and losses. Impairment losses are presented as
separate line item in the statement of profit or loss.
-- FVOCI: Assets that are held for collection of contractual
cash flows and for selling the financial assets, where the assets'
cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses
which are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously recognised in
OCI is reclassified from equity to profit or loss and recognised in
other gains/(losses). Interest income from these financial assets
is included in finance income using the effective interest rate
method. Foreign exchange gains and losses are presented in other
gains/(losses) and impairment expenses are presented as separate
line item in the statement of profit or loss.
-- FVPL: Assets that do not meet the criteria for amortised cost
or FVOCI are measured at FVPL. Again or loss on a debt investment
that is subsequently measured at FVPL is recognised in profit or
loss and presented net within other gains/(losses) in the period in
which it arises.
Impairment
From 1 July 2018, the group assesses on a forward looking basis
the expected credit losses associated with its debt instruments
carried at amortised cost and FVOCI. The impairment methodology
applied depends on whether there has been a significant increase in
credit risk.
For trade receivables, the group applies the simplified approach
permitted by AASB 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
Going Concern
The consolidated financial statements have been prepared on a
going concern basis which contemplates that the group will continue
to meet its commitments and can therefore continue normal business
activities and the realisation of assets and settlement of
liabilities in the ordinary course of business.
Because of the nature of the operations, exploration companies,
such as Tlou Energy Limited, find it necessary on a regular basis
to raise additional cash funds to fund future exploration activity
and meet other necessary corporate expenditure. At the date of this
financial report, the ability of the group to execute its currently
planned exploration and evaluation activities requires the group to
raise additional capital within the next 12 months. Accordingly,
the group is in the process of investigating various options for
the raising of additional funds which may include but is not
limited to an issue of shares or the sale of exploration assets
where increased value has been created through previous exploration
activity.
At the date of this financial report, none of the above fund
raising options have been concluded and no guarantee can be given
that a successful outcome will eventuate. The directors have
concluded that as a result of the current circumstances there
exists a material uncertainty that may cast significant doubt
regarding the group's and the company's ability to continue as a
going concern and therefore the group and company may be unable to
realise their assets and discharge their liabilities in the normal
course of business. Nevertheless, after taking into account the
current status of the various funding options currently being
investigated and making other enquiries regarding other sources of
funding, the directors have a reasonable expectation that the group
and the company will have adequate resources to fund its future
operational requirements and for these reasons they continue to
adopt the going concern basis in preparing the financial
report.
The interim financial report does not include adjustments
relating to the recoverability or classification of recorded assets
amounts nor to the amounts or classification of liabilities that
might be necessary should the group not be able to continue as a
going concern.
Fair values
The fair values of Consolidated Entity's financial assets and
financial liabilities approximate their carrying values. No
financial assets or financial liabilities are readily traded on
organised markets in standardised form.
Accounting estimates and judgements
Critical estimates and judgements are continually evaluated and
are consistent with those disclosed in the previous annual
report.
Exploration & evaluation assets
During the prior period the Consolidated Entity converted a
prospecting licence into a mining licence. A mining licence allows
the commencement of commercial development. Despite this management
believe that it is not practical to commence amortisation of the
exploration and evaluation assets held in relation to the mining
licence as the Consolidated Entity has not yet entered into
production of a commercially viable resource.
Note 2. Expenses
Loss before income tax includes the following specific Dec 2018 Dec 2017
expenses:
$ $
Other expenses
Stock exchange and
-- secretarial fees 135,500 141,453
-- Investor relations 94,650 79,283
-- Travel and accommodation 69,687 110,857
Note 3. Exploration and evaluation expenditure
Dec 2018 June 2018
$ $
Exploration and evaluation assets 57,124,581 52,861,961
57,124,581 52,861,961
--------------------- ---------------------
Dec 2018 Dec 2017
$ $
Movements in exploration and evaluation phase
Balance at the beginning of period 52,861,961 49,328,038
Exploration and evaluation expenditure during the
half-year 3,594,701 2,081,971
Foreign currency translation 667,919 633,889
Balance at the end of period 57,124,581 52,043,898
--------------------- ---------------------
The recoupment of costs carried forward in relation to areas of
interest in the exploration and evaluation phase is dependent on
successful development and commercial exploitation, or
alternatively, sale of the respective areas of interest.
Note 4. Property, plant and equipment
Dec 2018 June 2018
$ $
Plant and equipment at cost 4,098,073 2,289,826
Accumulated depreciation (2,116,646) (1,849,143)
1,981,427 440,683
------------ ------------
Movements in Carrying Amounts Dec 2018 Dec 2017
Movement in the carrying amount of plant and equipment between the $ $
beginning and the end of
the current period:
Balance at the beginning of year 440,683 320,739
Additions 1,771,254 20,742
Disposals - (788)
Depreciation (238,742) (87,501)
Foreign exchange movements 8,232 4,989
Carrying amount at the end of year 1,981,427 258,181
------------ ------------
Note 5. Contingent liabilities
The Directors are not aware of any contingent liabilities at 31
December 2018.
Note 6. Contributed equity
Dec 2018 June 2018 Dec 2018 June 2018
Shares Shares $ $
Opening balance 354,224,275 304,042,848 90,463,822 83,380,184
Issue of ordinary shares during the year 54,889,260 50,181,427 5,488,927 6,894,517
Share issue costs - - (259,989) (221,602)
Transfer from share based payment reserve - - - 410,723
Ordinary shares -- fully paid 409,113,535 354,224,275 95,692,760 90,463,822
------------ ------------ ----------- -----------
Performance shares
Details of performance shares issued, exercised, and expired
during the financial year are set out below:
Vesting Hurdle Conditions 01/07/2018 Issued Exercised Expired 31/12/2018
Date Price
31 January
2017 $0.28 See (i) 2,275,000 - - - 2,275,000
5 May
2019 $0.165 See (ii) - 2,475,000 - - 2,475,000
19 Sept
2019 $0.22 See (iii) - 2,475,000 - - 2,475,000
2,275,000 4,950,000 - - 7,225,000
-------------- ------------------ ------------------- ---------------------- ------------------
The outstanding performance shares have the following key terms
and conditions:
Number Performance condition
(i) 2,275,000 The shares will only vest once the share price of
the Company's securities listed on the ASX reaches
$0.28 and closes at that price or above for a period
of 10 consecutive trading days.
(ii) 2,475,000 The shares will only vest once the share price of
the Company's securities listed on the ASX reaches
$0.165 and closes at that price or above for a period
of 10 consecutive trading days.
(iii) 2,475,000 The shares will only vest once the share price of
the Company's securities listed on the ASX reaches
$0.22 and closes at that price or above for a period
of 10 consecutive trading days.
The Performance Shares will lapse if:
* None of the pricing conditions are met; or
* the participant does not meet the service conditions.
Note 7. Commitments
Exploration expenditure
In order to maintain an interest in the exploration tenements
(Prospecting Licences) in which the group is involved, the group is
committed to meet the conditions under the agreements. The timing
and amount of exploration expenditure and obligations of the group
are subject to the Prospecting Licence conditions and may vary
significantly from the forecast based on the results of the work
performed, which will determine the prospectivity of the relevant
licence area. Subject to agreement with the appropriate government
department, continued development of the area and renewal of the
Prospecting Licences, expenditure and work program obligations may
be carried forward and incurred in subsequent renewal periods. The
obligations are not provided for in the financial statements.
Minimum expenditure requirements
Dec 2018 June 2018
$ $
-- not later than 12 months 2,370,453 4,153,861
-- between 12 months and 5 years 259,042 82,893
2,629,495 4,236,754
---------------- -----------------
Note 8. Segment information
Identification of reportable segments
Operating segments are identified on the basis of internal
reports that are regularly reviewed by the executive team in order
to allocate resources to the segment and assess its performance.
The Company currently operates in one segment, being the
exploration, evaluation and development of coalbed methane
resources in southern Africa.
Segment revenue
As at 31 December 2018 no revenue has been derived from its
operations (2017: $nil).
Segment assets
Segment non-current assets are allocated to countries based on
where the assets are located as outlined below.
Dec 2018 June 2018
$ $
Botswana 60,307,016 53,949,941
Australia 8,642 5,225
60,315,658 53,955,166
----------------------- -----------------------
Note 9. Events occurring after balance date
Other than the matters discussed in this report, there has not
arisen in the interval between the end of the half-year and the
date of this report any item, transaction or event of a material
and unusual nature likely, in the opinion of the directors, to
affect significantly the operations of the group, the results of
those operations or the state of affairs of the group in subsequent
financial periods.
This information is provided by RNS, the news service of the
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR TFMJTMBTTMAL
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