LONDON (Alliance News) - Tlou Energy Ltd said Monday that it expects to spud the first well in its Botswana project in September.
The company said that equipment with long lead times have been ordered and are due to arrive on site in the near-term ahead of the planned spudding.
"Tlou has also purchased additional equipment for the program to bring the operations more under the company's control. This will drive future operational efficiencies and cost savings," the company added.
Tlou will spud the well in September and then, following drilling of the pods, "wells will proceed to dewatering and, subject to successful dewatering, gas production", it explained.
The company said that its reserve certifiers have indicated that "drilling of production pods in a different orientation to existing wells" can enhance gas production rates.
Tlou Energy shares were trading down 0.8% at 6.60 pence each.
Tlou Energy (TLOU)