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TG is nothing but consistent.
All along he said he was looking for a long-term funding partner i.e. over decades.
The Pension fund was favourite , investing in their own country looked right on so many fronts , and there did not appear to be a downside. That they held their enormous number of shares, whatever the price, suggested they knew this would come good eventually, and if they were not privy to BG opinions I'd be amazed!
TG's do not come along very often - and his honesty was there for all to see, even blind people could see it (I have been accused of having blind faith on here several times).
I was reading the 2012 annual report yesterday, and TG did not settle on Botswana on a whim -
Tanzania and Zimbabwe are mentioned as much as Botswana.
N.B. I got a malware warning from Windows that this document COULD dangerous which I ignored, and as soon as I saw the familiar format it looked ok to me!
http://gator3001.temp.domains/~flowcmms/tlou.com/wp-content/uploads/2021/06/Tlou-Energy-Limited-Annual-Report-2012.pdf
Nathan Mitchell was chairman, and his address started with this (for those are frightened to open the link) ....
CHAIRMAN’S LETTER
Dear Shareholders,
The past year has been an exciting year of growth for Tlou, in both existing Botswanan
projects and establishing entries into new acreage positions.
Tlou has achieved its first 2C contingent resource position in the Karoo Central project in
Botswana. Favourable exploration and early stage pre-pilot results have enabled Tlou to
secure their maiden contingent resource position of 152 BCF of 2C and 2,322 BCF of 3C
contingent resources. Ongoing pilot work will increase this 2C resource in a stepwise
manner.
Tlou has acquired a 49% shareholding in Exporien Mining, who own two exploration
tenements and one application in the mid-Zambezi basin of Zimbabwe. Tlou have
conducted significant desktop work assessing Coalbed Methane (CBM) prospective areas
across the southern African region and regards the Zimbabwe tenement position as highly
prospective for CBM.
In addition, Tlou has been active in pursuing other growth oppor tunities across southern
Africa, and has lodged applications for a prospective portion of the Selous Basin,
Tanzania. Applications are currently lodged with the government regulator, covering up to 266,000 km . Applications for new tenements in Botswana have also been lodged with the
relevant Government body.
Whilst pursuing growth opportunities for the company, Tlou has been active in its existing
keynote projects in Karoo Central and West.
The Mopani pre-pilot wells in Karoo Central have been completed, with pumping
established in November 2011, and first gas production observed shortly after. This is a
testament to the favourable CBM characteristics of the reservoirs in this area, and is a
positive signal for future pilot trials.
Morning DtE, your AA possibility for funding was bugging me as I thought I'd asked the question to TLOU.
I had, back in May.
I asked, if AA were a potential JV partners because of the hydrogen link and was assured they are not and that TLOU are looking to advance their own hydrogen options.
Circumstances change I know but that puts the BPOPF well in front of any other potential financers IMO (and I hope so)
Hopefully we will find out very soon.
The synergy does seems obvious with regards to Orapa, but also AA are exploring Hydrogen used as a mining fuel in South Africa.
http://www.angloamerican.com/investors/annual-reporting/hydrogen-power
I do wonder if AA gave Tlou the steer to go down the Hydrogen route.
AA is the only other body I can think of DtE, especially with the De Beers/Orapa link.
I was thinking they'd be more likely to be buying TLOU out in say 3/4 years..!
BPOPF seems the obvious contender to me, but I do wonder if a 'partnership' with Anglo American is being negotiated.
I agree mfm, if we hypothesise and it is them I wonder how much more of a equity stake they would like in the company..?
I think the BPOPF would be a great fit personally, so hope it is them.
Well a strategic long term investor certainly sounds like the pension fund.
Fair enough mrmoagi, he said he was very confident that all the paperwork can be concluded within a reasonable timescale but we all know it's out of their hands so we must not forget that.
More interesting for me was the "very strategic long term holder" that comes with the finance deal, could it be anyone other than the BPOPF..?
Think you are missing the point TB. My point was - I hope he isn’t repeating the mistake again.
Words are one thing; facility letters and legal documents are quite something else. And Credit Committee’s sign off on documents, not words.
So CC is fallible moagi..!
Yeah he made a bad mistake with that quote.
I'd suggest even if the company were producing 100MW you and a few others still wouldn't forgive him for that one.
For his sake and ours, I sure hope so ! If not, how can he survive another ‘tantalisingly’ moment.
So the DD is already complete on the Finance, nice.....