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LONDON (Alliance News) - Tlou Energy Ltd on Tuesday said that drilling at the Lesedi coal bed methane project in Botswana is making "excellent progress" and is on budget.
Tlou shares were trading down 1.7% at 4.54 pence Tuesday midday.
Tlou added that it completed drilling of the second vertical well in the project to a total depth of 577 metres.
Tlouis currently drilling pilot production wells at the Lesedi.
"If successful, these wells will form part of the company's initial gas-to-power project which will include installation of transmission lines and grid connection," it explained.
The drilling will continue into early 2019.
