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No blame on Colm - his appraisal was mid 2025 when the old Tlou was labouring on.

But the end of 2025 saw Doc as Chairman , and from his words , I have formed my Maverick stance.

The attached was extracted from 2025 EOY report , and shows the emphasis is now on Solar as I am sure it is.

It will bring an income for Kala and Tlou can work with BPC to link with the Grid.

The latter relies on Kala funding our 5MW farm , but they are committed to 1MW for the Data Centre unless #4 and #6 makes that unnecessary. Note #4 and #6 are being left to dewater and produce gas independently from additional wells. And Doc refers to the profit split being 50-50 ONCE the funding is repaid not IF.

Confidence that this partnership will work.

https://drive.google.com/file/d/10X5ZZrowJ7PrH0OZGKf7YzRaETFCeSR3/view?usp=sharing

is what I'm working on. Getting closer to the planning in column 2 which I hope will highlight progress at Lesedi. We are almost there conceptwise on the PPA and on both Gas or Electricity to the Data Centre.

Gee , I have wasted several hours trying to get power query to run!

It accepts my syntax without a problem "no errors".

But when it executes it compains strings are not text or not a list or not a table and whatever I try it finds fault!

Just now I tried this on AI!

It said it would be treated privately and I wonder if I'd be charged.

Several minutes elapsed and SFA came back other than an option involving FAST which I did not understand!

Eventually I scrolled the page and it had done what I asked and it worked first time!!

My god, programming no longer longer needs programmers - AI is absolutely fabulous!!!

Instruction was ..

"write power query function to split one string of text by "Annual" and filter rows containing "stupid"

Response is ...

let

Source = /* your table here */,

AddSegments = Table.AddColumn(Source, "Segments", each ( (text as nullable text) =>

let

input = if text = null then "" else text,

parts = Text.Split(input, "Annual"),

trimmed = List.Select(List.Transform(parts, each Text.Trim(_)), each _ <> ""),

filtered = List.Select(trimmed, each not Text.Contains(_, "stupid", Comparer.OrdinalIgnoreCase))

in

filtered

)( [TextCol] )),

// Expand list to rows

Expanded = Table.ExpandListColumn(AddSegments, "Segments"),

// Optionally rename column

Renamed = Table.RenameColumns(Expanded, {{"Segments","Segment"}})

in

Renamed

From that I picked the bones out of it to get this!

let

#"HTML Code" = Web.BrowserContents("https://tlouenergy.com/reports/"),

parts = Text.Split(#"HTML Code", "Annual"),

// trim whitespace and remove empty strings

trimmed = List.Select(List.Transform(parts, each Text.Trim(_)), each _ <> ""),

// filter out segments that contain "stupid" (case-insensitive)

filtered = List.Select(trimmed, each not Text.StartsWith(_, "#(tab)"))

in

filtered

Years 2025 down to 2010 with pdf url. Now in one query not two. And from there , 2025 produced this summary! I'm wondering if AI can be instructed to write the full concept of what want? Afaik that code was free of charge!!! And it appeared in seconds when that Fast message appeared! And their "spec" took about a minute and was pretty minimal. After Donkey, this was a high! Kala are in the right place AI is destined for greatness just from this experience.

Column2

Startup of the Lesedi data centre project is imminent.

Gas at Lesedi to be used to power the data centre

Development of a solar power project at Lesedi is advancing.

Planning underway for additional gas appraisal wells to expand production.

I have been invested in TLOU over a decade, have seen us reach the depths of lower seams and shareprices.

My current average is 1.4c (0.7p) which is crazy because TLOU has never been in a better position!

Instead of owing millions to a variety of callous lenders racking up extortionate interest payments, we have two debts with our leading shareholders who have supported TLOU through the hard times. Interest is payable on these debts whether in cash or in a convertion to shares. Both shareholders possess many times more shares than they would receive at prices of 6c and 3.5c as agreed by the Pension Fund and Dr. Campbell at the time of their loans. I question whether diluting their main holdings is remotely sensible for either of them

At the current price who'd want to pay 3.5c or 6c for shares?

Up to an sp of 3.5c , the Doc will get the optimal number of shares from converting, and up to 6c the Pension fund will optimise theirs. But until those prices are reached they'd get more shares by taking the cash and buying at the prevailing prices.

Beyond the price they'll be offered predetermined discounts on the prevailing price but will men fewer shares. I am expecting 3.5c and 6c to be reached at the speed of light if Kala match my expectations of their funding. A tenfold increase from 0.7c to 7c will be certain once new investors get involved and funding is clarified as being what Kala stated in March 2025!!!! At that point, current shareholders will realise the price is a joke and there'll be nothing available until the sceptic's break even price is reached.

If I stayed quiet on this , I'd never be able to live with myself when it happens. I have seen my portfolio drop from over £100k to less than £12k with only one stock in it. IG used to charge custodial fees for less than £15k which was grossly unfair, but have axed custodial charges and commission for most traders.

The only reason this share is so low is ..... because it is so low!

Once enough people see it my way ... it will be an about turn. My harshest critic is so intent on TLOU not having moved on with Kala but never argues against the logic! I hope dewatering will follow Selemo when we are throwing the kitchen sink , all paid for , at it! The infrastructure is there for the wildest dreams to come true. And they only need Kala to honour their partnership agreement for those dreams to become reality.

Is donkey trying to solve quadratic equations before he has learned his two times table?

All the talk is about gas flows , the quadratic stuff, and nobody seems to realise that was the story of Tlou up to a year ago. That all changed in 2025.

Nobody can deny, surely, that our first priority is to provide Kala with proof that gas flows are steady and can be turned into electricity by both Kala generators or by Tlou generators.

That was done in early 2025 and consequently Tlou were adopted into a partnership! And Tlou adopted Kala as a tenant.

All that mattered was proof of concept , a term Donkey uses often!

Every man and his dog, knows that the current gas flows are not enough for Kala yet but the proof is there.

Stephenson's Rocket was tested on a track that was part of the Rainhill Trials, which consisted of a course of about 1.5 miles (approximately 2.4 kilometers). Donkey would be saying ..... "What use is that because I want to go to Penzance from Doncaster!!!!!"

Kala needs to enable Tlou so they can repay their free funding, and 1.5 miles of track won't earn anything like enough?

Kala want Tlou to provide 1MW of Solar energy instead of promising HS2 in the near future or at a later date!

Solar is predictable , and they can base their funding of HS2 (CBM) knowing that Tlou are able to repay the first stages of the Data Centre. Tlou will work wonders if they can outperform AI profits after giving Kala a head start of a year or more. Tx line completion is still needed which may be a few months.

With that assurance , it makes sense for Kala to encourage Tlou to make tracks and get the dewatering out of the way asap! Kala want 24/7 supplies of CBM energy so the TX lines are worth funding. And extra power for both themselves , as much as for the TX lines (PPA) and BPC.

That is enough learning for Donkey in one day. Three times table tomorrow nipper!

Brokers don't realise what the relationship is between Kala and Tlou, or there would be loads of articles on how Tlou has two George Stephenson's as the bosses in the form of TG and Doc.

Evidently the world is looking at the original CBM mission alone.

I am totally convinced that our aim is to become a partner in the computer industry (we have given Kala first call on our gas/electricity for the next 5 years if they outperform PPA potential returns).

This AI appraisal makes the first year look like a battle of the LOSSES so Kala have an easy win in year 1?

A whole year of Gas/CBM electricity/Solar power will keep Kala ahead in that duel heading into year 2.

And if they LOSE that race dewatering will have been achieved and gas flows flourished - whoopee!

It is obvious we depend upon Kala's success , everyone is concentrating on the wrong side of the partnership imho. And even worse concentrating on Tlou funding themselves for another 15 years?

Hands up those of you who'll have prospered with a 783% rise in sp.

AI still thinks we are dealing in pence on AIM - no wonder they cannot see what I see 😁😁👨‍🦯👨‍🦯👨‍🦯‍➡️

i.e. little or no dilution at the current sp but once the sp is a sensible level (20p+ or 40c+) then the PPA will maybe be Tlou's preferred route after 5 years? SAPP might be in play by then with Solar power in decline because of batteries cluttering up the world. CBM will be 24/7 , more green than renewables , and reliable compared to wind.

"Investing in ASX:TOU (Tlou Energy) is currently a high-risk, speculative decision supported by strong buy consensus from analysts but complicated by significant financial losses and negative returns. While broker recommendations are overwhelmingly Strong Buy with a target price of AU$0.16 (approximately 783% above the recent AU$0.02 close), the company has reported a negative Return on Invested Capital (ROIC) of -5% and a net loss of -3.77 million AUD over the last half-year.

Key factors to consider for your investment include:

Financial Performance: The company is currently unprofitable with a null PE ratio and has underperformed the ASX All Ordinaries Index by -57.38% over the past year.

Technical Outlook: Trading View sentiment suggests a potential bullish reversal if the stock breaks above the 200-day moving average, with short-term targets ranging from 10p to 13.5p, though long-term performance remains volatile.

Operational Risks: The company operates in Sub-Saharan Africa (specifically Botswana), facing jurisdictional risks, and does not pay dividends, meaning returns depend entirely on capital appreciation.

Analyst Sentiment: Despite the poor recent performance, the consensus earnings forecast remains negative at -AU$0.01 per share for the next financial year, indicating analysts expect continued losses before potential profitability.

Ultimately, this investment is not suitable for risk-averse investors or those seeking immediate income; it is a turnaround play betting on the company's ability to commercialize its gas-to-power projects (Lesedi, Mamba, Boomslang) and generate revenue."

Filter is on - Bots does not talk about AI despite sputing it all the time.

I don't pretend to understand this quote - but it if it is correct then Trump has damaged the tech sector with his war on Iran. But after Aussie tech stocks rose 7% on talks of a cease fire , it seems logical that tech stocks everywhere will imprve fr the same reasons.

Kala and TLOU are primarily an AI producer first and foremost. CBM power will start to catch up again once dewatering is complete , BUT , it seems likely that AI will outperform the PPA for a few years with Kala getting priority on our gas.

Here is the giste of the article ...

"Why does a ceasefire matter so much to tech? The answer is because it changes the entire macro picture in an instant. Less geopolitical tension means less oil pressure. Lower oil prices ease inflation, and softer inflation opens the door to more stable interest rates. Tech stocks thrive in this environment.

Just look back through history, and you will see oil and tech move in opposite directions. When oil surges, tech gets crushed under inflation and rising rates. When oil cools, tech stocks come back to life.

So, if oil stabilises from here, that raises the biggest question of all. Has the bottom for Australian tech stocks already been set, even as most investors are still waiting for confirmation? The answer may well just be in this week’s buying power, and if April last year taught us anything, it’s this.

When the technology sector turns after a deep sell-off based on external factors, it doesn’t crawl higher; it sprints higher. Good luck and good trading.

Join the discussion: See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.

Dale Gillham is Chief Analyst at Wealth Within and an international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at .... "

The headline that caught my eye was this ...... as I said, I'm unsure of the logic behind this, but with Hungary changing their guard, Ukraine is likely to be offered $19bn from Europe without the Hungary veto. Will that stop Putin in his quest to take Ukraine? And will Iran, Israel and USA follow suit?

So if the following headline is right Kala could be making hay, soon after?

"This week, when Trump announced a temporary ceasefire, the Australian tech sector didn’t just move, it exploded, surging more than +7% in a single day."

TG and Doc took us into this arena - it is not an new arrow for the bow - it is a second bow imho

bow wow! I miss having the responsibility for Poppy - she made me feel important a few times a day.

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