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LONDON (Alliance News) - Tlou Energy Ltd on Tuesday reported a narrowed interim loss on lower fees and expenses.
Tlou Energy shares were trading up 10% at 5.80 pence each.
For the six months to the end of 2018, the company, which focuses on delivering power to Botswana and southern Africa, posted a pretax loss of USD1.5 million compared to USD1.7 million a year ago.
Professional fees paid by the company halved to USD44,485 from USD89,936 a year ago, and corporate expenses also fell to USD5,369 from USD16,237.
Furthermore, Tlou did not have to pay any costs related to share issues, while a year ago this fees amounted to USD176,685.
The company did not generate any revenue but gained GBP5,446 in interests compared to USD820 a year ago.
"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," the company said.
It added: "As a result of the achievements during the period, we are in a good position to make further significant advancements in the months ahead."
The company is now focussing on drilling of two wells in Botswana, Lesedi 3 and 4.
