LONDON (Alliance News) - Tlou Energy Ltd said Wednesday that it is preparing to drill a new pilot production well close to its central processing facility in Botswana.
The company, which focuses on delivering gas-to-power solutions in the African country, bought a core drilling rig which arrived at its Lesedi coal bed methane project in Botswana last week.
"Once commissioned the rig will be prepared for a core well drilling campaign in advance of proposed pilot well drilling," Tlou said.
Owning the rig will "greatly" reduce costs of the company's core-hole drilling and sample analysis, it added.
Tlou shares were up 1.2% at 5.92 pence each on Wednesday.
Tlou Energy (TLOU)