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PS market capn in 2013 when 103m shares in issue at 50 cents (the price the 20m were issued at) = A$51.5 million.

Market capn today if 1.2 billion shares in issue at 3.5 cents aussie = A$42m. And A$56m when 1.6 billion in issue after the notes are converted.

Progress and Success - there you have it. This is what so many here have been cheering about so vociferously for so long ! Congrats to all; haven't you done well !!

Since taking over operatorship of the permits in 2009, Thou has been systematically acquiring reliable data to characterise the CBM potential of the coal seams within its tenements. Although gas contents are variable and individuals seams relatively thin, cumulative coal thickness, gas content and permeability of the coal and depth to the objective indicate that it is likely that at least a portion of the tenements held by Thou will be able to support a CBM development in the future. Additional dynamic data from pilot testing is required in order to confidently model well deliverability and production profiles. The seam depths are ideal for CBM development as they are sufficiently deep for the coals to retain gas content but are not too deep to lose permeability.

Seam thickness - the reservoir in Central Karoo area contains discrete stacked coal bands generally less than 3m thick. Such stacked coal bands lend themselves to vertical well completions in order to adequately drain the coals where gas and water production from numerous stacked coals can be co-mingled. However horizontal well technology now exists to target individual coals 2m or greater in thickness provided they have a reasonable predictable lateral extent. Central Karoo project area contains coal beds possibly exploitable by horizontal well completion methods as well as vertical well completion methods.

Serowe seam - mostly less than 1m; Morupule seam - mostly between 1m and 5m; Kamotaka seam - mostly between 4m and 9m.

Coal rank and maturity - Petrology has been conducted on 4 samples from the B6-1X well and 6 samples from the D2-1XRR well. The coal is mainly vitrinite (up to 80%) and inertinite (up to 79%) with minor liptinite and mineral matter. The mean maximum vitrinite reflectance (VR) ranges from 0.55% to 0.97% which is characteristic vitrinite reflectance for Sub-bituminous (0.4%-0.59%) and High Volatile Bituminous (0.6%-1.0%) based on Australian standards 2096.

Coal density and ash content - proximate analysis results were available from 12 core holes. The dataset indicates the 3 coal seams have similar values, however there is a reasonable range in measured values from 20% to 72%. A cross plot of ash content v density indicates a trend of increasing coal density with depth for equivalent ash contents.

The desorption data shows a wide spread of gas content from less than 1 to almost 10 cc/g DAF with a considerable number of values above 3 cc/g which are more favourable for commercial concentration. Gas saturation ranges from 10% to almost 100%. There appears to be a decreasing trend of gas saturation with depth in the Morupule seam, however there is no observable trend in the other seams. Low gas saturations are less favourable because long dewatering times can result. The wide range of isotherm results creates significant uncertainty in regard to gas saturation. Pilot testing is required to confirm gas saturation and economic production

As Brad likes to continually remind us he reveres TG. And he often reminds us TG said Botswana coals were some of the best he had ever seen. This assertion I believe resonated with a lot of early stage investors in Tlou. So what was the early stage view of coals in Botswana?

During its time as operator, Saber drilled numerous wells consisting of boreholes, stratigraphic wells and pilot production wells. Operations were located mostly within the Central Karoo licenses. Thou inherited a technical database from Saber, consisting of a total of 1,321 desorption samples, from 19 boreholes, all residing in the Central Karoo project area. Data were extensively reviewed by Thou, who found that all desorption samples except for 91 (from 7 core holes) were unreliable. The 91 samples were acquired by Terratek on behalf of Saber and have been used in Tlou’s resource estimates (along with Tlou’s own later acquired borehole data). The inherited wireline log dataset was also checked and it was found to be largely reliable.

Given the expanse of the Central License areas, Thou decided to pursue an exploration program commencing in 2009 to complement and build upon the existing Terratek borehole data. The aim of this exploration program was to investigate the CBM prospectivity of these under-explored permits. The 2009 exploration program consisted of 5 fully evaluated boreholes in the Central Karoo area. This together with Terratek desorption laboratory data forms the basis of Tlou’s contingent resource position.

Thou also inherited Pilot well data and associated wireline log data. This data also went through Tlou’s validation process. The results of this process showed that poor record keeping meant that the data could not be validated and was inherently unreliable. Therefore this data is only used in a qualitative basis. Wireline log data, lithological descriptions, geological and laboratory data was however verified. This data was therefore retained and forms an integral part of Tlou’s geological modelling.

Despite a good number of Batswana living in zones connected to the national electric grid, a recent Afrobarometer survey has found out that only half of the citizens enjoy a reliable supply of electricity.

The 2022 survey, whose results were published on May 30, provides an on-the-ground look at electricity access in Botswana. The study indicates that living in a zone served by an electricity grid doesn't guarantee a supply of electricity. This is so because costs associated with service from the power grid – including fees for inspection, house wiring, and connection – may present prohibitive hurdles for many citizens. The survey findings also indicate that about three-quarters or 76% of Batswana live in zones served by the electric grid, with roughly one-quarter of rural residents amongst those enjoying a reliable electricity supply.

“Combining connection and reliability rates shows that half (49%) of all Batswana say they enjoy a reliable supply of electricity, including just 23% of rural residents and 32% of citizens experiencing high lived poverty,” reads the findings. Interestingly, the study further shows that more than six in 10 Batswana (64%) live in households that are connected to the national power grid. Amongst those who are connected to the grid, 76% say their electricity works “most of the time” or “all of the time”. About one-quarter (24%) say that power is available only “about half of the time” or less. Additionally, the study shows that the youth are also more likely to be connected (67% of those aged 18-35 years) than their elders (58%-63%).

According to the survey, Batswana are happy with government‘s efforts to provide electricity. Nearly two-thirds (64%) of citizens say the government is doing a good job of providing a reliable supply of electricity, although this is down from 77% in 2019, pointing to the need to promote development by improving service reliability and expanding access to electricity, especially for poor and rural communities. However, electricity ranks far down the list of most important problems that Batswana want their government to address, cited by just one percent of respondents as one of their top three priorities for government action.

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