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TG says that are not intending to go back to the market for development finances, he says AIM and ASX have done their bit. Clearly any future dilution going forward will kept to a minimum.

Last week I was considering taking a position here ready for the BFS, looks like I dodged a bullet. Something not right here, why sell the asset before the BFS?
I see McMaster's other project HMI suffered in the last month due to poor sales, is he not what people thought?

Now is your opportunity to get out with a small profit..................or wait a few months for a very large one.

Why would we be awarded at least 50% of the tender when recently the dowstream EIS approval was up to 40MW(including solar)? I think the most we can expect is 40 MW for now.

Perhaps the RFP has been approved and the negotiation is for the PPA?

Even if you factor in the dilution over the last 12 months, I reckon this should be around 15p at a time around the RFP award with a subsequent spike from there and then followed by some pullback. This is Africa so there's bound to be a leak when the award is made, so expect a sudden increase in volume just prior to the announcement.

It actually went over 17p during the previous tender process.

I seem to recall a couple of years ago on the Voxmarkets podcast Tony Gilby saying that 100MW would generate around $150 million in revenue. So I would assume from that information the initial 2MW startup would give about $3m

Nice bit of strong buying at the end, hopefully sets us up for another rise tomorrow.

Brilliant news! another box ticked. I was expecting this to be the most drawn out piece of the jigsaw. 40MW including solar.

Other than the plant, the company has no assets if it doesn't renew the permits, so a bit of a no brainer. Roll up! Roll up! get ready for another roll over of the debt until next month. It's like 'Groundhog Day'.

Brings their average down to about 8.5p per share, meaning they're still underwater, but at least it gives confidence to the project and the future SP.

Although 'in discussion with other parties' I think the company are pursuing a PPA with the Bots government as a priority because they believe that's what the market wants, this should then attribute fair value to the SP.

While we wait for our results from the 4 lateral wells, Strata X drilled nearby for their CBM project achieved gas results better than expected:

http://www.strata-x.com/news/2019/news190331.html

Bodes well for us

I know, this is painfully slow, in fact plate tectonics move faster than the Botswana Government. The first RNS in connection with the tender for 100MW was back in June 2016, how many blackouts has Botswana had in that time?
Seem to recall the tender period was 6 months from the date submission, if that is the case a decision may be forthcoming next week......fingers crossed.

......be rolled over again this month?

Seem to remember Tony saying in one of his podcasts that 100MW would generate around $150 million of revenue, if that is the case, it's reasonable to asume 10MW would generate around $15 million.

My assumption has been that TLOU will be awarded a chunk of the 100MW RFP, perhaps half (or even 60MW because they are more advanced party) and from there, take out a PPA for up to 10MW with the Bots Government. That way they can amend the PPA or take out new additional PPA's as they expand into their RFP allocation. Perhaps Tony can clarify the relationship between the RFP and the PPA's during his next podcast.

A market cap of £100m is definitely feasible if we get the following three - the RFP for at least 50MW, confirmation of finance and enough gas flows from the new wells to provide for the 10MW initial power generation. The RFP I think is a dead cert, the gas flows will be less so, but tony alluded to the bubbling evident during the dewatering, which suggests to me he is confident that the four wells recently completed will be enough for the initial program.
The unknown is the finance, but of the $15 million or so needed, I would expect most of this will come from debt finance with some dilution (possibly another investment by the Bots pension fund?). Even if we add another 100 million shares from the financing package, it takes us to around 500 million shares and for a $100 million mcap company a SP of around 20p

I suspect most of the capex will go on installing the 100km of poles and cables to connect in to the grid. As JS has just suggested, the conversion of gas to power will be provided by installing the off the shelf 1MW generators and should be pretty simple.