Tlou Energy Share News (TLOU)

(ShareCast News) - Botswana-focussed coalbed methane developer Tlou Energy announced a significant upgrade of reserves for the Lesedi CBM Project, and initial reserves for the Mamba Project in Botswana on Wednesday.The AIM and ASX-traded company reported a 44% increase in proved and probable gas Reserves to 3.9 billion cubic feet, and a 390% increase in proved, probable and possible gas reserves to 261 billion cubic feet.It said the increases comprised additional certified reserves in the Lesedi Project area based on a southern extension of the Selemo pilot area, and initial certified reserves in the Mamba Project area based on a western extension of the Selemo pilot area."This significant upgrade in reserves reinforces the commerciality of the Lesedi Gas Project," said managing director Tony Gilby."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."Gilby added that the company was "very pleased" to have received the first gas reserves in the Mamba Project area, which demonstrated the upside available within its 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."