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You will all be delighted to know I plan to resist posting on Tlou for pretty much the next quarter. This is because I have posted my concerns so regularly that everyone is bored reading them. But really it is now for Tlou and TG and his team to deliver the first stage of this 2MW pilot project.

Be in no doubt though, I think Tlou is struggling with delivery problems - this recent quarterly is a completely disgraceful update by them. So that makes me think they have problems to resolve which are not going to be shared with us until at last the next quarterly - then i cannot be ar-s-ed moaning for next while.

Have fun Brad and keep posting you usual gibberish; hope you become less one-dimensional Clue in the next few months; and Free oh dear Free - your next quarterly had better be a heckuva lot better than this last one.

What a distinctly underwhelming quarterly update.

Ø Work at Lesedi progressing to plan and targeting first power generation later this year - must be a very relaxed plan then;

Ø Lesedi electrical substation is ~64% complete with expected completion in 3Q 2024 - pass poor progress, why Mgmt Team?

Ø Gas flowing at Lesedi 6 production pod, work-over completed on the Lesedi 4 pod;

Ø Power generation setup and installation options being agreed with suppliers - no rush fellas, take yer time;

Lesedi is Tlou's most advanced project - and their only project;

Both pods have produced gas for a sustained period - thanks for the update on this aspect (just dreadful);

Preparatory work for the next drilling campaign has already begun - saying this shows just how little they have to actually say (again, just dreadful);

As more and more pods are drilled the coal will get progressively dewatered which should aid future gas production - oh really, we didnt know that.

This has turned into Amateur Hour Productions. Whoever wrote this update, and whoever approved it for release to the market should hang their heads in shame. But of course the usual cheerleaders here cannot bring themselves to admit just how appallingly managed this project and company has been developing.

Come on Tony and team. You are in danger of breaking Brad's heart. We are all worried he will not survive the shock of calling you his messiah only for you to disappoint in front of goal for your hat trick.

Still he was warned for several years; something he preferred to totally ignore.

Sorta wrong BTS. There is a lot going on in Botswana - just that none of it is much related to Tlou. And not to labour the point on Politics but - elections are being held in October and Masisi and the Govt machine behind him and the BDP party are increasingly focused on preparing for that. Which is not going well for them at all presently.

Last weekend was first half of BDP primary elections where the party members vote for their BDP member to stand for them in their constituency seat. 3 Cabinet members lost their ticket, as reported few days ago. The biggest loss was Peggy Serame, who would likely have been the next VP and therefore heir apparent to Masisi in 4 years time. Lefoko Moagi also lost - but he is a top tool in any event - likes the power, delays mining license renewals, is in bed with Indian business partners and out to both sabotage foreign business interests whilst taking what he can for himself. He also is driving a fancy new SUV, and being driven around town like the King (so he can drink). Next half of primaries in this weekend.

BP will likely win the elections but with reduced majority. Seems the way of the world these days - everywhere morphing into a 52-48% split in issues.

End result is a lot of Govt time spent fixing or eliminating perceived threats to their re-election which is naturally bad for business. The efforts being spent keeping Khama from returning to Botswana are non-stop, regardless of the BS you might read Khama spewing from SA and Ewastini (his brother recently secured a well-paid Tourism advisory role there - not bad for a corrupt guy with half an O-level).

Sadly for the folks of Botswana, their lot is not improving much under Masisi. And with diamonds in the doldrums for the next downturn cycle (5 years or more), the Govt has little chance to drive a strong economy and get away from Budgetary deficits.

And if the Khama / Boko / UDC coalition were somehow to win the Elections - well that is real bad news.

Https://botalaenergy.com/

Well worth a read in case you were not aware of their progress. Developing the Serowe Energy Hub for gas / solar hybrid 24MW (initially 2MW gas only) power generation via 2 projects: Pitse and Phuti (seriously) scaling to 24MW. This the precursor to a mooted 700MW hybrid near Palapye (is easy to talk).

BUT:

Lots if interesting detail in the announcement - project description, PPA details with BPC, sales and pricing, developing gas side via 5-spot vertical drilling (same concept as Sekaname used), Aussie listed but with solar industry backing via Solar Finland.

Dare i say it - maybe Tlou are in danger of being overtaken as the 'most advanced .....leading .... only ....' bag of baloney they have trotted out for years.

Regardless - the rubber is about to hit the road for them. If this impending quarterly is not back to their 'ebullient best' a la the hard work we have been doing has been paying off and we can report the following amazing achievements, progress and milestones - then for sure - something is up within Tlou.

Word of advice Brad - when you first read it, reflect for a while rather than racing on here to tell us your faith is fully restored blah blah. Interesting times at the moment !!

Recent Proactive interview: https://botalaenergy.com/

Didn't TG and CC frequent the Proactive airwaves previously ...... where have they gone ......

BPC failings in handling the controversial Morupule B power project was so severe that the World Bank has now assigned a “substantial risk” rating to the planned multi-million Pula renewable energy project to be undertaken by the power utility parastatal. BPC is facing scrutiny over its handling of World Bank funded projects as memories of the problematic Morupule B power project come back to haunt both the corporation and the international tender. Documents seen by the Sunday Standard indicate that the World Bank has a crisis of confidence in BPC as the Botswana power utility holds out a begging bowl for a loan to finance its green power project. The World Bank has approved the loan request for renewable energy development in Botswana but has decided to put the BPC on a tight lease to mitigate the risks. The documents show how the legacy of the Morupule B Generation and transmission project continue to cast a long shadow over the World Bank and the BPC. The project, funded to the tune of USD 136.4 million and closed in August 2014, has left lasting challenges that both entities are still grappling with.

The Morupule B project faced numerous difficulties during its implementation ranging from technical setbacks to financial management issues. The project’s complications have been cited as a reason for the corporation’s limited experience and diminishing experience and demising institutional knowledge in managing such significant international funding in new multimillion renewable energy projects. The Bank says “BPC does not have a recent experience of implementing World Bank financed projects” adding that “several mitigation measures are considered to mitigate implementation risk.” The project is financed through a loan of $88 million from World Bank as well as a $30 million loan and a $4 million grant from the Green Climate Fund’s Sustainable Renewals Risk Mitigation Initiative Policy.

Did you have a bad night Brad? Or is reality of your failed investment and investment hero starting to dawn on you.

Just curious though. You love telling us all here that i am filtered, then you unfilter just to take a peek to read what i am posting, then you launch these random barbs directed at me. Am i really living this far inside your head ? Not healthy mate, not healthy. Come up to Doncaster and see the view from my attic - got to be healthier than your current predicament.

𝟑 𝐂𝐀𝐁𝐈𝐍𝐄𝐓 𝐌𝐈𝐍𝐈𝐒𝐓𝐄𝐑𝐒 𝐁𝐈𝐓𝐄 𝐓𝐇𝐄 𝐃𝐔𝐒𝐓 𝐓𝐇𝐔𝐒 𝐅𝐀𝐑…

Three cabinet ministers have thus far failed to secure their candidancy for the upcoming general elections. Results that have been already released, shows that Moagi Lefoko of Gamalete constituency, Talita Monnakgotla and Molebatsi Molebatsi of Kgalagadi North and Mmadinare respectively lost to their opponents at the ongoing BDP primaries. And this means they would not make it for the parliamentary candidacy for the upcoming general elections or at least under the BDP ticket.

Always remember to tune in to Donkey for the latest news in Botswana political scene.

World Bank and IFC spend a lot of time in Botswana writing lovely reports telling President and Govt what they need do to keep country and economy progressing. And in fairness, they dish out a fair amount of grant money for this study or that study, where the common theme is the Govt is top heavy employer leading to inefficient parastatals (eg BPC). And the way to fix is allow the private sector drive greater participation in business and lessen the dependency on Debswana and diamonds.

Problem is - they been saying this for over 10 years. Same old, same old problem - Govt and Ministers are lazy and not motivated to drive the mindset change sorely needed there.

Https://www.worldbank.org/en/news/press-release/2024/07/12/world-bank-supports-botswana-to-enhance-renewable-energy-and-afe-electricity

More humour - no doubt, unintended and unaware.

Humour and naivety in spades here currently. Good money after Brad and then 'TLOU are keeping dilution of our shares to a minimum as far as they can?'

Very entertaining.

Disaster......., bad luck......, misjudgment .....

Not words one associates with a visionary, serially successful business leader.

Madness expectations here. Great if they find some gold in Zimb, but likely this is not mother lode hits. And if it by some miracle was, then it is 2 years before they raise the money, build the plant and get to a cash flow positive position. Copper is going absolute gang busters in Zambia and DRC. So again if KAV hits a mother lode copper equivalent, is again 2 or 3 years before they are in production. Of course good news will push the price up - but we are starting from a horrendous shares in issue position.

But the rather obvious influencers here will keep on beating their chest/ drums

If this information does not start to flow in the next quarterly (although I still think the one after this is the Big Event one) then I agree with your points / frustration. Having an expectation this information should be released sooner is I feel a tad impetuous on your parts. I mean, you have waiting 15 years; surely you can wait 15 more days or so .......

TG had the habit of always bigging things up and releasing lots of sexy sound bytes so he could prime the market. But delays caused by Ministry and lack of funding appear to have chastened him, such that there is more caution being shown nowadays. I still think him and CC will jump at every opportunity to 'shout good news from the rooftops' as early as possible. Hence my concern that they have not got the wells working as good as they previously said or implied to us; that the gas needs a lot of additional treatment to strip the CO2 and other impurities; that other muppets at BPC are still delaing them with approvals of pieces of paper; and worst of all that the 'proof of concept' has not yet been proved. Now that would be a very real problem ahead !!

EBITDA, FCF, Enterprise Value - paper profit was obsolete 20 years ago. Sad.

Better still, ask Clueless - he will help you out.

Brad - I really do feel sorry for you. You have become so engrossed and invested here that you have lost contact with investment and stock market reality.

Other cheerleaders - do the right thing here. Help the guy out. Do the right thing !

Would really appreciate it Brad if you cease posting here what it is you think I think. That is a total waste of everyone's time here for sure. Best you stick with what you think is happening - that is generally amusing enough for everyone here.

ON OFF ON OFF ON OFF ON OFF ON OFF - jeez man make a decision and stick with it.

Unless of course they are trying to resolve production related problems Whizzer. For the avoidance of doubt, I ain't saying or claiming they are - just that i would find it massively ironic and amusing if this 'conspiracy' comes to pass.

Great. They drill 2 wells and use that to power a camp. 20 light bulbs and a couple of kettles. I wonder if they cook with gas, electric or open stove.

Are you really saying you think Tlou have been flaring gas constantly for 6 or more years? Really ??

If nothing else, that would blast their Sustainability agenda out of the water.