Resultados provisionales
8 de marzo de 2024
tlou energía limitada
("Tlou" o "la Compañía")
Resultados provisionales
The Company is pleased to announce its interim results for the six months ended 31 December 2023. The report is available on the Company's website: tlouenergy.com/reports.
The Company has made excellent progress over recent months and remains on track to get gas fired power into the grid in Botswana later this year.
Aspectos interesantes
Ø Lesedi production wells continue to flare gas as dewatering progresses
Ø The 100km 66kV transmission line, connecting Tlou's Lesedi project directly to both Botswana's power grid and the Grupo de energía del sur de África Esta completo
Ø Connection to Serowe substation achieved, Lesedi no longer isolated from primary Botswana electricity market
Ø Lesedi substation which will connect Tlou's power generators to the transmission line is approximately 38% complete
Ø Generation and sale of power remains on track for later this year
El director general de Tlou, el Sr. Tony Gilby, comentó: "The Company has made excellent progress over recent months and we are getting very close to first revenue. Having direct access to the power grid opens up our gas field to a huge market. It has taken hard work and significant investment over many years to get to this point and we look forward to delivering power and earning first revenue for the Company as soon as possible."
Proyecto de energía Lesedi
Tlou is developing a 10MW power generation facility at its Lesedi operations base in central Botswana. The Company plans to sell electricity into the power grid later this year and then expand rapidly.
Tlou is flowing gas and has a fully functional operations base about 100km west of Serowe. The operations base is located on Tlou's own 4,000-hectare property. The recently constructed 100km 66kV power line allows direct access into the regional power grid.
Key remaining items to completed prior to first power sales include finishing the substation at the Lesedi site, installation of generators, completing the short gas gathering line (from the gas wells to the generators), energising the power line and sale of first electricity. Minor finishing works on the transmission line and the addition of switchgear at Serowe will also be completed prior to first power.
The initial target is ~2MW of power, followed by rapid expansion to 10MW, generating approximately $10m in revenue per annum (i.e. approx. $1m per MW p.a.)
All key approvals are in place including environmental assessments, production licence, power generation licence and the Power Purchase Agreement.
Electricity will be generated using gas from Tlou's gas field. Tlou has a significant gas resource which has been certified by independent experts SRK Consulting (Australasia) Pty Ltd.
Tlou holds a 100% interest over approximately 9,000km2 of exploration permits including a 900km2 production licence. There are two main coal seams that Tlou are focused on, the Lower Morupule and the Serowe play - each covering about 1,800km2 within Tlou's 100% owned acreage. The Company is currently concentrating on the Lower Morupule play. Tlou has an extensive geological database including well data, seismic data and reprocessed aeromagnetic data.
The Government of Botswana remains very supportive and Tlou's power can help to reduce reliance on expensive imported power. In addition to supplying power in Botswana, the Company may sell electricity regionally via the Southern African Power Pool, opening up an even bigger market for Tlou's electricity.
Tlou is aiming to be a vertically integrated gas to power company owning 100% of both the upstream (gas production) and downstream (generation) sides of the operation.
Post period end the Company raised $1,139,403 via an entitlement offer. In addition, the Company is in discussions with several strategic parties to secure the remaining funds required for project completion.
Se considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en la versión conservada de la legislación de la UE del Reglamento sobre abuso de mercado (UE) n.º 596/2014 (el "RU MAR"), que forma parte de la legislación del Reino Unido en virtud de la Ley de la Unión Europea (retirada) de 2018. La información se divulga de acuerdo con las obligaciones de la Compañía en virtud del Artículo 17 del MAR del Reino Unido. Tras la publicación de este anuncio, esta información privilegiada ahora se considera de dominio público.
Por autorización de la Junta Directiva
Sr. Anthony Gilby
Director General
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Para obtener más información sobre este anuncio, comuníquese con:
tlou energía limitada | +61 7 3040 9084 |
Tony Gilby, director gerente |
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Salomón Rowland, Gerente General |
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Grant Thornton (Asesor designado) | 44 0 20 7383 5100 |
harrison clarke, Colin AaronsonCiara Donnelly |
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Zeus Capital (Reino Unido) Broker) | 44 0 20 3829 5000 |
Simón Johnson | |
Relaciones con los inversores | |
Vendedor de Ashley (Australia) | +61 418 556 875 |
FlowComms Ltd - Sasha Sethi (Reino Unido) | +44 0 7891 677 441 |
Sobre Tlou
Tlou está desarrollando soluciones energéticas en el África subsahariana a través de proyectos auxiliares y de energía a gas. La empresa cotiza en ASX (Australia), AIM (Reino Unido) y BSE (Botswana). El Proyecto Lesedi Gas-to-Power ("Lesedi") es de propiedad absoluta y es el proyecto más avanzado de la Compañía. Las ventajas competitivas de Tlou incluyen la capacidad de perforar en busca de gas de manera rentable, la experiencia operativa y la ubicación estratégica de Lesedi en relación con los clientes de energía. Se han logrado todas las aprobaciones gubernamentales importantes.
Declaraciones a futuro
Este anuncio puede contener ciertas declaraciones prospectivas. Los resultados reales pueden diferir materialmente de los proyectados o implícitos en cualquier declaración prospectiva. Dicha información prospectiva implica riesgos e incertidumbres que podrían afectar significativamente los resultados esperados. No se hace ninguna declaración de que cualquiera de esas declaraciones o pronósticos se cumplirá o que se logrará cualquier resultado previsto. Se le advierte que no debe confiar en dichas declaraciones o pronósticos. Esas declaraciones prospectivas y de otro tipo se refieren únicamente a la fecha de este anuncio. Salvo que lo exija cualquier ley o regulación aplicable, Tlou Energy Limited no asume ninguna obligación de actualizar ninguna declaración prospectiva.
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Informe de directores
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or the 'Group') consisting of Tlou Energy Limited (referred to hereafter as the 'Company' or "Tlou") and the entities it controlled at 31 Decembe2023.
directiva
The names of the directors who held office at any time during the half-year and up to the date of this report are:
Martín McIver | Presidente no ejecutivo |
antonio gilby | Director General y Director Ejecutivo |
gabaake gabaake | Directora Ejecutiva |
colm cloonan | Director financiero (Finance Director) |
hugh swire | Director No Ejecutivo |
Directors have been in office since the start of the half-year to the date of this report unless otherwise stated.
Actividades principales
The principal activity of the consolidated entity is to explore and evaluate power solutions in Sub-Saharan Africa through Coalbed Methane (CBM) gas-fired power. No revenue from these activities has been earned to date, as the consolidated entity is still in the exploration and evaluation or pre-development stage.
There have been no significant changes in the nature of the group's principal activities during the half-year.
Revisión y resultados de operaciones
The loss for the half-year after income tax amounted to $1,821,374 (December 2022 loss $2,245,259). Information on operations and results during the period are set out below.
Proyecto Lesedi
The Lesedi Project consists of four Prospecting Licences (PL) and a Production Licence. The first stage of development is a 10MW power generation facility which will be located in the Company's Production Licence area.
El estado de las licencias Lesedi es el siguiente:
Licencia | Expiración | Estado |
Licencia de producción 2017/18L | Agosto 2042 | Current |
PL 001 / 2004 | Será anunciado | Awaiting renewal |
PL 003 / 2004 | Será anunciado | Awaiting renewal |
PL 035 / 2000 | Marzo 2025 | Current |
PL 037 / 2000 | Marzo 2025 | Current |
PL renewal applications are submitted three months prior to expiration. Renewal applications were submitted for PL001/2004 and PL003/2004 in June 2023. The Company has been informed that following a processing delay at the relevant department the renewed licences are expected to be issued in March 2024.
Lesedi Gas-to-Power project
The Lesedi project is Tlou's most advanced. At Lesedi the Company is developing a proposed 10MW gas-to-power project. The first electricity to be generated at Lesedi is planned to go towards satisfying the 10MW Power Purchase Agreement (PPA) with Botswana Power Corporation (BPC), the national power utility. The Lesedi project has several components of the development process either completed or ongoing including the construction of transmission lines, substations, a field operations facility and generation site as well as production wells.
Construcción de líneas de transmisión
The Lesedi project was approximately 100km from the nearest BPC substation connection in Serowe. To connect to the national grid, the Company had to construct a 100km 66kV transmission line. This, together with associated infrastructure and gas production wells should enable the Company to connect and provide electricity into Botswana's power network. Construction of the 66kV transmission line has been completed by the contractor Zismo Engineering Pty Ltd (Zismo). Minor finishing works and the addition of switchgear at the Serowe substation will be done prior to the line being energised. The line is planned to remain under care and maintenance until energisation, which is expected around mid-2024.
Construcción de subestaciones
In addition to the transmission line, an electrical substation is required at the Lesedi end of the transmission line whereas at the opposite end the line has been connected to the existing BPC substation at Serowe. The substation at Lesedi was initially designed for the first 5MW of power, however during the half year the Company changed the design to facilitate expansion beyond 10MW. This will be beneficial as the projects grows. The connection at Serowe is complete and the Lesedi substation is approximately 38% complete. It is currently anticipated that the work will be completed around mid-2024.
Future gas production
The Company has two gas production pods, Lesedi 4 and Lesedi 6 currently flaring gas. During the reporting period, the Company completed a redrill of both lateral wells of the Lesedi 4 production pod. The aim of redrilling the lateral wells was to provide straighter lateral sections using a specialist rotary steerable system (RSS). The lateral sections were drilled for approximately 700m and successfully intersected with the Lesedi 4P vertical production well. These straighter laterals are expected to assist with removing water from the reservoir to more efficiently dewater and flow gas. Also during the period a new production pod, Lesedi 6, was completed. The RSS was also used for the lateral sections of this production pod. Post drilling, both Lesedi 4 and Lesedi 6 pods had production equipment installed to commence dewatering ahead of gas production.
Lesedi 6 experienced a rapid increase in casing pressure in both lateral wells with first gas production to surface occurring soon thereafter. The rapid build-up of casing pressure and production of first gas to surface in a relatively short time was very encouraging. This was the fastest gas to surface in the Lesedi field to date.
Lesedi 4 and Lesedi 6 continue to flow gas as the water level is being gradually lowered to just above the coal. Once the wells stabilise and stop surging (gas and water), gas flow rates will be measured. Tlou is confident that with the in-house knowledge gained from previous drilling efforts, extracting more and more gas out of the coal reservoir will become progressively simpler and more cost effective due to economies of scale.
Proyecto Mamba
The Mamba project is in the exploration and evaluation phase with further operations required on the licences. It consists of five Prospecting Licences covering an area of approximately 4,500 Km2. The Mamba area is situated adjacent to Lesedi. In the event of successful drilling results at Mamba, it is envisioned that this area would be developed as a separate project from Lesedi. The Mamba area provides the Company with flexibility and optionality. The status of the Mamba licences is as follows:
Licencia | Expiración | Estado |
PL 237 / 2014 | Diciembre 2025 | Current |
PL 238 / 2014 | Diciembre 2025 | Current |
PL 239 / 2014 | Diciembre 2025 | Current |
PL 240 / 2014 | Diciembre 2025 | Current |
PL 241 / 2014 | Será anunciado | Awaiting renewal |
PL renewal applications are submitted three months prior to expiration. A renewal application for PL 241/2014 was submitted in June 2023. The Company has been informed that following a processing delay at the relevant department the renewed licence is expected to be issued in March 2024. Further work on the Mamba project is proposed once the Lesedi project is in production. The next stage of operations is likely to include a seismic survey and the drilling of core-holes.
Proyecto boomslang
Prospecting Licence, PL011/2019 designated "Boomslang", is approximately 1,000 Km2 and is situated adjacent to the Company's existing licences. To date, the Company has not carried out ground operations in the Boomslang area. Like the Mamba project the first stage of operations is likely to include a seismic survey following by core-hole drilling. El estado de la licencia de Boomslang es el siguiente:
Licencia | Expiración | Estado |
PL 011 / 2019 | Junio 2024 | Current |
Las solicitudes de renovación de PL se presentan tres meses antes de su vencimiento.
Cambios significativos en el estado de cosas.
During the half-year ended 31 December 2023, there were no other significant changes to the state of affairs of the consolidated entity other than those stated above and disclosed in the financial report and notes thereof.
Matters subsequent to the end of the half-year
In February 2024, the Company issued 32,554,360 ordinary shares at $0.035 per share, raising $1,139,403. The total number of issued shares following this capital raising is 1,076,536,717. Also, on 31 January 2024, 2,275,000 performance rights lapsed.
Other than the matters discussed in this report, there has not arisen in the interval between the end of the half-year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect significantly the operations of the group, the results of those operations or the state of affairs of the group in subsequent financial periods.
Likely developments and expected results of operations
The Company has drilled two wells in the Lesedi project area which have produced CBM gas. These wells are planned to be the first two gas producing wells that will be used to generate power at the Lesedi project. These wells were designed to achieve enhanced gas flow rates in the area proposed for the Company's initial project development. The gas flow rates from these wells are vitally important to assess the viability of the Lesedi project and the Company is yet to confirm commercial gas flow rates and there is no guarantee that the required rates can or will be achieved. In addition, further wells flowing commercial gas volumes will be required to produce sufficient gas for the planned Lesedi project.
The Company is advancing plans to develop ancillary projects in addition to the gas-fired power project. These projects may be subject to regulatory approvals. No guarantee can be given in relation to the results of the Company's operations, gas flow rates, regulatory approvals being granted or the ability to secure the funds required to progress all or any of the Company's existing or planned operations.
La Compañía está sujeta a riesgos que pueden tener un efecto material adverso en el desempeño operativo y financiero. La Política de Gestión de Riesgos de Tlou se puede encontrar en el sitio web de la Compañía. No es posible identificar todos los riesgos que podrían afectar al negocio oa los accionistas. Cualquier acción que se tome para mitigar estos riesgos no puede proporcionar una seguridad completa de que un riesgo no se materializará o tendrá un efecto adverso significativo en el negocio, las estrategias, los activos o el desempeño de la Compañía. A continuación, se incluye una lista de riesgos actualmente considerados materiales y estrategias de mitigación. Esta no es una lista exhaustiva y los riesgos se describen sin ningún orden en particular.
Riesgo | Descripción | Mitigación |
Oportunidades | La Compañía necesitará recaudar deuda adicional y/o fondos de capital para respaldar sus operaciones en curso o implementar sus actividades y estrategias planificadas. Esto incluye, entre otros, fondos para completar la infraestructura necesaria para conectarse a la red eléctrica y generar electricidad en el proyecto Lesedi y fondos para facilitar la perforación de pozos de gas adicionales para entregar suficiente gas para el desarrollo del proyecto de energía de 10 MW propuesto. No se puede garantizar que dicha financiación esté disponible cuando sea necesaria o en condiciones satisfactorias o que esté disponible en absoluto. La incapacidad de encontrar fondos suficientes puede resultar en el retraso o abandono de ciertas actividades que probablemente tendrían un efecto adverso en el progreso de la Compañía. | La Compañía ha operado en Botswana durante más de una década con amplias relaciones locales e internacionales con inversionistas que la han apoyado.
La Compañía administra activamente sus requerimientos de capital y mantiene estrechas relaciones con posibles inversionistas. La Compañía continúa explorando fuentes tanto de capital propio como de deuda.
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El Bienestar y la Seguridad | Las operaciones del proyecto se encuentran en una ubicación remota, en un entorno a veces hostil e implica el uso de maquinaria y equipos pesados. | La Compañía emplea personal altamente calificado y experimentado cuando es posible. El Director de Operaciones cuenta con el apoyo de un oficial dedicado de Seguridad, Salud y Medio Ambiente (SHE) y un paramédico también está de servicio en todo momento en las operaciones de campo. La Compañía cuenta con un sistema de gestión de capacitación y seguridad y se realizan auditorías externas del sistema de gestión de seguridad. Todos los visitantes del sitio reciben un informe de seguridad. |
Libertad de Operar | La Compañía tiene licencias para operar en más de 8,000 kilómetros cuadrados y ha tenido acceso continuo a áreas clave de licencia cuando fue necesario. El sentimiento negativo hacia el proyecto o la industria puede afectar la libertad de operación de Tlou. Los cambios en el personal gubernamental clave y/o en la política nacional también podrían afectar la capacidad para operar con eficacia. | La Compañía continúa apoyando actividades regulares y extensas de participación del gobierno para interesar y educar a los legisladores sobre las oportunidades de recursos naturales del país, así como para mantenerse al día con las cambiantes estrategias y requisitos de energía nacional.
Tlou apoya e interactúa con una amplia red de partes interesadas locales, incluidos agricultores y propietarios de tierras, para tratar de garantizar que se satisfagan las necesidades de la comunidad y que el proyecto pueda brindar beneficios a todas las partes interesadas, incluida la provisión de oportunidades de empleo sostenibles y a largo plazo. |
Entorno | Es necesario proteger el hábitat natural, el agua y la vida silvestre de Botswana. Botswana hace cumplir rigurosamente sus regulaciones ambientales, por lo que el riesgo de multas u otras responsabilidades por incumplimiento es proporcionalmente alto.
| Tlou cuenta con la aprobación ambiental completa para el desarrollo del proyecto de gas a energía. La Compañía tiene como objetivo no solo cumplir con los requisitos ambientales, sino también superarlos.
La Compañía utiliza especialistas locales para respaldar sus renovaciones de permisos, evaluaciones ambientales y solicitudes de licencias en curso. Se practica un monitoreo continuo de los impactos reales y potenciales sobre el medio ambiente para tratar de garantizar que se elimine o minimice cualquier impacto sobre el hábitat natural. |
Clima | Las iniciativas sobre el cambio climático podrían tener un impacto en las operaciones de Tlou en el futuro. Las iniciativas climáticas podrían tener un impacto material en proyectos de combustibles fósiles como el proyecto de conversión de gas en energía Lesedi de Tlou. | El proyecto de conversión de gas en energía Lesedi de Tlou pretende ser parte de un mercado energético en el África subsahariana que se alejará de la generación de energía con carbón y diésel con alto contenido de carbono. Si bien también es un combustible fósil, el gas se considera un combustible de transición que puede ayudar a proporcionar energía de carga base hasta el momento en que las fuentes de energía sostenibles y/o renovables puedan proporcionar energía de carga base confiable las 24 horas.
La Compañía es consciente de que puede necesitar adaptar su proceso para satisfacer las necesidades climáticas futuras y continuará evaluando nueva información a medida que esté disponible. |
Ventas de energía | La compañía ha firmado un acuerdo de compra de energía (PPA) de 10 MW con Botswana Power Corporation (BPC) con el objetivo de que la primera energía se suministre a la red nacional en 2024. Existe el riesgo de que la infraestructura de conexión a la red se retrase y, por lo tanto, se posponga la primera. ventas de energía. Actualmente no existen otros acuerdos para la venta de energía o gas a otras partes.
| La Compañía trabaja en estrecha colaboración con sus contratistas e ingenieros para avanzar en los proyectos de infraestructura de manera oportuna.
La gerencia continúa explorando oportunidades con otros clientes potenciales en toda la región, potencialmente a través del Southern African Power Pool o dentro de Botswana. La Compañía también apunta a diversificar sus productos, incluida la producción potencial de energía solar, hidrógeno, negro de carbón/grafito y criptomonedas. |
Riesgo geológico | La Compañía tiene más de 8,000 kilómetros cuadrados de áreas de licencia, parte de las cuales no ha tenido operaciones significativas de CBM hasta la fecha. Sigue existiendo un riesgo geológico significativo en estas áreas y, sujeto a los resultados operativos, es posible que estas áreas no sean comerciales. | Tlou ha invertido en estudios sísmicos y perforación de pozos para identificar áreas de menor riesgo antes de realizar más exploraciones y evaluaciones. Esta estrategia está prevista para áreas no desarrolladas del proyecto. Después de una década de operar en la región y respaldado por certificaciones de recursos externos, el equipo de operaciones tiene y continúa desarrollando un excelente conocimiento del área geológica para ayudar a reducir el riesgo de futuras operaciones de exploración y evaluación. |
Operaciones remotas | La Compañía opera a más de 100 km de instalaciones médicas y de apoyo de ingeniería establecidas en el área urbana más cercana, lo que aumenta los costos y los riesgos, además de requerir un seguro adecuado. | The Company has on-site paramedic support and has invested in its own stock of equipment so that it can operate as autonomously as possible over a greater range of activities. A purpose-built field operations camp is close to completion and will be suitable for development of the 10MW project and for further expansion. |
Personas | La Compañía puede perder ejecutivos clave y gerencia. La Compañía opera en un entorno competitivo en relación con el personal corporativo y técnico talentoso.
| La Compañía continúa buscando personal calificado para hacer crecer el equipo y satisfacer las necesidades de la Compañía e, idealmente, para tener una persona líder y una persona de apoyo de respaldo para todos los puestos clave. Además, la implementación de planes apropiados de capacitación y sucesión del personal es un objetivo clave. La Compañía ofrece incentivos y oportunidades de desarrollo para ejecutivos clave y gerencia para atraer el mejor talento a la Compañía. |
Declaración de independencia del auditor
The auditor's independence declaration for the half-year ended 31 December 2023 has been received and is attached to this report.
Firmado de acuerdo con resolución del Consejo de Administración.
antonio gilby
Director General
Brisbane
8 de marzo de 2024
Declaración consolidada de ingreso comprensivo for the half-year ended 31 Ddiciembre 2023
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| Consolidado | |
Note | Diciembre 2023 | Diciembre 2022 | |||
$ | $ | ||||
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Ingresos por intereses | 11,383 | 6,351 | |||
Ganancia cambiaria | 207,437 | 189,605 | |||
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Gastos |
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Gasto por beneficios a empleados | (640,430) | (564,644) | |||
Gasto de depreciación | (56,351) | (147,104) | |||
Gastos por intereses | (484,393) | (296,013) | |||
Gastos de pago basados en acciones | (28,751) | (76,369) | |||
Honorarios profesionales | (144,539) | (271,658) | |||
Costos de ocupación | (7,800) | (6,746) | |||
Otros gastos | 2 | (676,181) | (1,032,014) | ||
Ganancia/(pérdida) de valor razonable en instrumentos financieros | (1,749) | (46,667) | |||
PÉRDIDA ANTES DEL IMPUESTO SOBRE LA RENTA | (1,821,374) | (2,245,259) | |||
Impuesto sobre la renta | - | - | |||
PÉRDIDA POR EL PERIODO | (1,821,374) | (2,245,259) | |||
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OTRA RESULTADA/(PÉRDIDA) INTEGRAL | |||||
Partidas que pueden reclasificarse a resultados |
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Diferencias de cambio en la conversión de operaciones en el extranjero | (1,877,010) | (1,009,425) | |||
TOTAL OTRO RESULTADO/(PÉRDIDA) INTEGRAL | (1,877,010) | (1,009,425) | |||
RESULTADO/(PÉRDIDA) INTEGRAL TOTAL | (3,698,384) | (3,254,684) | |||
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Ganancias por acción | |||||
Centavos | Centavos | ||||
Pérdida básica por acción | (0.2) | (0.3) | |||
Pérdida diluida por acción | (0.2) | (0.3) |
Estado consolidado de posición financiera a 31 de diciembre de 2023
Note | Diciembre 2023 | Junio 2023 | |||
$ | $ | ||||
ACTIVOS CIRCULANTES |
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Efectivo y equivalentes de efectivo | 729,731 | 6,848,717 | |||
Cuentas comerciales y otras cuentas por cobrar | 3 | 1,089,187 | 1,311,444 | ||
Otros activos corrientes | 4 | 337,406 | 1,140,791 | ||
TOTAL DE ACTIVOS CORRIENTES | 2,156,324 | 9,300,952 | |||
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ACTIVOS NO CORRIENTES |
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Activos de exploración y evaluación | 5 | 66,405,934 | 60,442,961 | ||
Otros activos no corrientes | 516,164 | 483,775 | |||
Propiedad, planta y equipo. | 2,204,532 | 1,399,531 | |||
TOTAL DEL ACTIVO NO CORRIENTE | 69,126,630 | 62,326,267 | |||
LOS ACTIVOS TOTALES | 71,282,954 | 71,627,219 | |||
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PASIVO CIRCULANTE |
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Comerciales y otras cuentas a pagar | 1,863,317 | 2,405,713 | |||
Pasivos por arrendamiento | 17,172 | 15,968 | |||
Provisiones | 468,297 | 417,158 | |||
TOTAL PASIVOS CORRIENTES | 2,348,786 | 2,838,839 | |||
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PASIVOS NO CORRIENTES |
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Notas convertibles | 6 | 11,989,824 | 8,086,011 | ||
Préstamo a largo plazo | 7 | - | 2,000,000 | ||
Derivados | 123,754 | 122,005 | |||
Pasivos por arrendamiento | 27,832 | 37,797 | |||
Provisiones | 134,000 | 134,000 | |||
TOTAL PASIVO NO CORRIENTE | 12,275,410 | 10,379,813 | |||
RESPONSABILIDAD TOTAL | 14,624,196 | 13,218,652 | |||
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ACTIVOS NETOS | 56,658,758 | 58,408,567 | |||
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EQUIDAD |
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Equidad aportada | 8 | 122,124,218 | 121,509,325 | ||
Reservas | (9,888,096) | (9,344,768) | |||
Perdidas acumuladas | (55,577,364) | (53,755,990) | |||
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EQUIDAD TOTAL | 56,658,758 | 58,408,567 |
Estado de cambios en el patrimonio neto consolidado for the half-year ended 31 Ddiciembre 2023
| Patrimonio Aportado | Reserva de pagos basados en acciones | Reserva de conversión de moneda extranjera | Convertible Equity Reserve | Perdidas acumuladas | Total |
| $ | $ | $ |
| $ | $ |
Consolidado | ||||||
Saldo al 1 de julio de 2022 | 106,763,927 | 1,157,804 | (7,873,820) | - | (49,514,782) | 50,533,129 |
Pérdida del período | - | - | - | - | (2,245,259) | (2,245,259) |
Otro resultado integral, neto de impuestos | - | - | (1,009,425) | - | - | (1,009,425) |
Total de ingresos integrales | - | - | (1,009,425) | - | (2,245,259) | (3,254,684) |
Transacciones con propietarios en su calidad de propietarios | ||||||
Pagos basados en acciones | - | 76,369 | - | - | - | 76,369 |
Transfers - Options exercised | (189,017) | - | 189,017 | - | ||
Acciones emitidas, netas de costos | 5,000,500 | - | - | - | - | 5,000,500 |
5,000,500 | (112,648) | - | - | 189,017 | 5,076,869 | |
Saldo al 31 de diciembre de 2022 | 111,764,427 | 1,045,156 | (8,883,245) | - | (51,571,024) | 52,355,314 |
Saldo al 1 de julio de 2023 | 121,509,325 | 1,257,455 | (10,602,223) | - | (53,755,990) | 58,408,567 |
Pérdida del período | - | - | - | - | (1,821,374) | (1,821,374) |
Otro resultado integral, neto de impuestos | - | - | (1,877,010) | - | - | (1,877,010) |
Total de ingresos integrales | - | - | (1,877,010) | - | (1,821,374) | (3,698,384) |
|
|
|
|
|
| |
Transacciones con propietarios en su calidad de propietarios |
|
|
| |||
Pagos basados en acciones | - | 28,751 | - |
| - | 28,751 |
Conversion feature of the convertible loans - note 6 | - | - | - | 1,304,931 |
| 1,304,931 |
Acciones emitidas, netas de costos | 614,893 | - | - |
| - | 614,893 |
614,893 | 28,751 | - | 1,304,931 | - | 1,948,575 | |
Saldo al 31 de diciembre de 2023 | 122,124,218 | 1,286,206 | (12,479,233) | 1,304,931 | (55,577,364) | 56,658,758 |
Estado de flujos de efectivo consolidado for the half-year ended 31 Ddiciembre 2023
Note | Diciembre 2023 | Diciembre 2022 | |||
$ | $ | ||||
FLUJOS DE EFECTIVO POR ACTIVIDADES OPERACIONALES | |||||
Pagos a proveedores y empleados (incluidos GST e IVA) | (1,514,733) | (1,977,025) | |||
Interés recibido | 11,383 | 6,351 | |||
GST e IVA recibidos | 134,212 | 165,550 | |||
EFECTIVO NETO UTILIZADO EN ACTIVIDADES OPERATIVAS | (1,369,138) | (1,805,124) | |||
| |||||
FLUJOS DE EFECTIVO DE ACTIVIDADES DE INVERSIÓN |
| ||||
Pagos por activos de exploración y evaluación | (8,102,594) | (4,557,013) | |||
Pago de propiedad, planta y equipo | (126,548) | (573,151) | |||
EL EFECTIVO NETO UTILIZADO EN ACTIVIDADES DE INVERSIÓN | (8,229,142) | (5,130,164) | |||
|
| ||||
FLUJOS DE EFECTIVO DE LAS ACTIVIDADES DE FINANCIAMIENTO |
| ||||
Producto de la emisión de acciones | 564,977 | 5,000,500 | |||
Producto de préstamos | 6 | 3,000,000 | - | ||
Costos de emisión | (64,084) | - | |||
Pagos de pasivos por arrendamiento | (9,328) | (10,757) | |||
EL EFECTIVO NETO PROVISTO POR LAS ACTIVIDADES DE FINANCIACIÓN | 3,491,565 | 4,989,743 | |||
|
| ||||
(Disminución)/aumento neto del efectivo retenido |
| (6,106,715) | (1,945,545) | ||
Efectivo al inicio del período | 6,848,717 | 7,875,025 | |||
Efectos de las variaciones del tipo de cambio en el efectivo | (12,271) | 225,299 | |||
| |||||
EFECTIVO Y EQUIVALENTES DE EFECTIVO AL FINAL DEL PERÍODO | 729,731 | 6,154,779 |
Notas a los estados financieros consolidados por el semestre finalizado el 31 de diciembre de 2023
Nota 1. Políticas contables importantes
Introducción
Tlou Energy Limited (Tlou) is a company domiciled and incorporated in Australia. The Financial Report for the half-year ended 31 December 2023 consists of the Financial Statements of Tlou Energy Limited and the entities it controlled during the period ('Consolidated Entity' or the 'Group').
Cumplimiento de las normas contables
The half-year financial report has been prepared in accordance with the requirements of the cuerporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting.
The half-year financial report does not include all the notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report of the group for the year ended 30 June 2023 and any public announcements made by Tlou during the interim reporting period in accordance with the continuous disclosure requirements of the Corporation Act 2001.
Base de preparación
The financial statements have been prepared on an accruals basis and are based on historical costs except for derivative financial instruments which are measured at fair value through profit and loss. The financial report is presented in Australian dollars.
The accounting policies and methods of computation applied by the Consolidated Entity in the consolidated interim financial report are the same as those applied by the Consolidated Entity in its consolidated financial report as at and for the year ended 30 June 2023, except as noted below.
Estándares nuevos y revisados
A number of new or amended standards became applicable for the current reporting period. The impact of the adoption of these standards did not have any impact on the group's accounting policies and did not require retrospective adjustments.
Preocupación continua
Los estados financieros consolidados han sido preparados sobre la base de negocio en marcha que contempla que la entidad consolidada continuará cumpliendo con sus compromisos y por lo tanto puede continuar con las actividades comerciales normales y la realización de activos y liquidación de pasivos en el curso ordinario de los negocios.
For the period ended 31 December 2023, the Group incurred a loss of $1,821,374 after income tax and net cash used in operating activities was $1,369,138 and net cash used in investing activities was $8,229,142. At 31 December 2023 the Group had net current liabilities of $192,462 and commitments due in the next 12 months of $3,734,747. Subsequent to balance date the Group raised $1,139,403 from the issue of shares.
The ability of the Group to continue as a going concern is dependent upon completing a capital raise or securing other forms of financing within the next two months. This is in addition to amounts already raised subsequent to balance date. These funds are required to continue development of planned power projects and to meet the consolidated Group's working capital requirements. The ability of the Group to continue as a going concern is also dependent upon future capital raises.
These conditions give rise to material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern. Whilst acknowledging these uncertainties, the Directors have concluded that the going concern basis of preparation of the financial statements is appropriate considering the following circumstances:
· Management is in discussions with a number of parties to provide funding for completion of work to connect the Group's power project to the electricity grid, a key target which would enable the Group to generate first revenue;
· The Company's largest shareholder continues to support the company and has provided a $1m loan facility that can be drawn down as required. This amount may also be increased in future subject to agreement with the shareholder; and
· Funds could be raised through the equity markets as supported by recent successful capital raisings.
At the date of this financial report, none of the above fund-raising options have been concluded and no guarantee can be given that a successful outcome will eventuate. The directors have concluded that as a result of the current circumstances there exists a material uncertainty that may cast significant doubt regarding the consolidated entity's and the Company's ability to continue as a going concern and therefore the consolidated entity and Company may be unable to realise their assets and discharge their liabilities in the normal course of business. Should the Group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial report. This financial report does not include any adjustments related to the recoverability and classification of recorded asset amounts or classification of liabilities and appropriate disclosures that may be necessary should the Group be unable to continue as a going concern.
Valores justos
The fair values of the Consolidated Entity's financial assets and financial liabilities approximate their carrying values. No financial assets or financial liabilities are readily traded on organised markets in standardised form.
Estimaciones y juicios contables
Critical estimates and judgements are continually evaluated and are consistent with those disclosed in the previous annual report.
Activos de exploración y evaluación
The consolidated entity performs regular reviews on each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. These reviews are based on detailed surveys and analysis of drilling results performed to reporting date.
Management has considered whether Tlou is still in the exploration and evaluation (E&E) phase or has moved into development. The projects should still be classified as E&E as the technical and commercial feasibility has not been established. In particular:
? whilst there has been independently certified gas reserves and contingent resources whether or not these reserve gas flow rates will be of a commercial quantity has not been established;
? funding for the commercialisation of reserves and for a commercial level of production has not been confirmed; and
? a final investment decision has not been made.
At the date of this report the Directors consider that Tlou is still in the E&E phase. While the Company has made significant progress during the reporting period, the three points above are still relevant, i.e. (i) commercial gas flow rates are yet to be established, (ii) agreed funding to commercialise the project is not yet in place, (iii) the Company has not reached a final investment decision. Based on these facts and despite the progress made to date the project remains in the E&E stage.
Note 2. Expenses
La pérdida antes del impuesto a las ganancias incluye los siguientes gastos específicos: | Diciembre 2023 | Diciembre 2022 | |||||||
$ | $ | ||||||||
Otros gastos |
| ||||||||
? | Stock exchange and secretarial fees | 215,486 | 197,608 | ||||||
? | Engineers and consultants | 114,277 | 190,204 | ||||||
? | Relaciones con inversionistas | 110,036 | 320,463 |
Note 3. Trade and other receivables
|
|
| Diciembre 2023 | Junio 2023 | |||||
|
|
|
| $ | $ | ||||
Current |
|
|
| ||||||
Otros ingresos | 13,607 | 23,443 | |||||||
GST/IVA por cobrar | 1,075,580 | 1,288,001 | |||||||
1,089,187 | 1,311,444 |
Note 4. Other current assets
Diciembre 2023 | Junio 2023 | ||||||||
|
| $ | $ | ||||||
Prepagos | 337,406 | 346,121 | |||||||
Prepayments for material and equipment for new field operations facility | - | 794,670 | |||||||
337,406 | 1,140,791 |
Note 5. Exploration and evaluation expenditure
Diciembre 2023 | Junio 2023 | ||||||||
$ | $ | ||||||||
Activos de exploración y evaluación | 66,405,934 | 60,442,961 | |||||||
66,405,934 | 60,442,961 |
Diciembre 2023 | ||||||||
Movimientos en activos de exploración y evaluación | $ | |||||||
Saldo al inicio del período | 60,442,961 | |||||||
Exploration and evaluation expenditure during the period | 8,128,922 | |||||||
Conversión de moneda extranjera | (2,165,949) | |||||||
Saldo al final del período | 66,405,934 |
La recuperación de los costos arrastrados en relación con las áreas de interés en la fase de exploración y evaluación depende del desarrollo exitoso y la explotación comercial, o alternativamente, la venta de las respectivas áreas de interés.
Note 6. Convertible notes
The parent entity has convertible notes and loans as follows:
|
|
| Diciembre 2023 | Junio 2023 | |||||
|
|
|
|
| $ | $ | |||
Notas convertibles | 8,204,344 | 8,086,011 | |||||||
Préstamos convertibles | 3,785,480 | - | |||||||
11,989,824 | 8,086,011 |
Notas convertibles
La entidad matriz emitió pagarés convertibles por un total de US$5,000,000 el 24 de enero de 2022. Los pagarés son convertibles en acciones ordinarias de la entidad matriz, a opción del tenedor por la mayor de:
(a) A 10% discount to the weighted average traded price of the Company's shares on the ASX over the 90 days prior to the Conversion Date; and
(b) A$0.06
The notes incur interest at 7.75% and the Company may capitalise interest for the first 18 months with interest payments due at six-month intervals thereafter. The notes expire on 24 January 2027, being 5 years after issue.
Diciembre 2023 | ||||||||
$ | ||||||||
Saldo de apertura | 8,086,011 | |||||||
Gastos por intereses | 319,461 | |||||||
Efecto del movimiento de divisas | (201,128) | |||||||
Responsabilidad del anfitrión no corriente | 8,204,344 |
Préstamos convertibles
ILC Investments Pty Ltd ("ILC") and ILC BC Pty Ltd ("ILCB") have provided loans to the Company, made up of a converted ILC term loan along with an additional $2m loan from ILC and a separate $1m loan from ILCB. ILC is Tlou's largest shareholder. Interest on the loans is charged at 10% per annum. The convertible loans are repayable at the earlier of 30 April 2026 or 60 days after the date the Company first generates and supplies electricity into the grid from its Lesedi project. At any time during the term, ILC and ILCB may elect to convert the whole or part of the loan into shares in the Company at $0.035 per share.
|
|
| Diciembre 2023 | Junio 2023 | |||||
|
|
|
|
| $ | $ | |||
Saldo de apertura | - | - | |||||||
Préstamos adelantados | 3,000,000 | - | |||||||
Recognition of financial liability | 2,090,411 | ||||||||
Conversion component on initial recognition | (1,304,931) | ||||||||
Gastos por intereses | 90,959 | - | |||||||
Intereses acumulados | (90,959) | - | |||||||
3,785,480 | - |
With the inclusion of the convertible option on the loans, the company undertook a valuation of the loans to include the financial liability and the conversion feature of the loan.
The convertible loans comprise: (a) a debt instrument; and (b) a conversion feature to exchange the loans for a fixed number of equity instruments. In valuing the convertible loans it was necessary to determine the fair value of the liability component and subtract this value from the face value of the convertible loans to determine the equity component.
$ | $ | $ | |||||||
ILC Loan | ILCB Loan | Total | |||||||
Fecha de la valoración | 08-Nov-23 | 03-Nov-23 | |||||||
Valor nominal | 4,090,411 | 1,000,000 | 5,090,411 | ||||||
Financial Liability Component | 3,043,980 | 741,500 | 3,785,480 | ||||||
Conversion Feature Component | 1,046,431 | 258,500 | 1,304,931 | ||||||
Total |
|
|
| 4,090,411 | 1,000,000 | 5,090,411 |
The financial liability is classified as a non-current liability and the conversion feature is classified as an equity reserve.
Note 7. Long term loan
Préstamo a plazo
|
|
| Diciembre 2023 | Junio 2023 | |||||
|
|
|
|
| $ | $ | |||
Saldo de apertura | 2,000,000 | - | |||||||
Préstamos adelantados | - | 2,000,000 | |||||||
Intereses capitalizados | 90,411 | 32,876 | |||||||
Intereses acumulados | - | (32,876) | |||||||
Derecognition of loan | (2,090,411) | - | |||||||
- | 2,000,000 |
ILC Investments Pty Ltd ("ILC") provided a loan to the Company during the year ended 30 June 2023. In November 2023 the terms of the loan were amended with a conversion option added. The balance at the date of amendment and accrued interest up to date of amendment were then reclassified as a convertible loan as outlined in Nota 6.
Note 8. Contributed equity
Diciembre 2023 | Junio 2023 | Diciembre 2023 | Junio 2023 | ||||||
| Acciones | Acciones | $ | $ | |||||
Saldo de apertura | 1,024,583,025 | 600,199,039 | 121,509,325 | 106,763,927 | |||||
Emisión de acciones ordinarias durante el ejercicio | 19,399,332 | 424,383,986 | 678,977 | 14,853,721 | |||||
Costes de emisión de acciones | - | - | (64,084) | (108,323) | |||||
Acciones ordinarias ? totalmente pagado | 1,043,982,357 | 1,024,583,025 | 122,124,218 | 121,509,325 |
Ordinary shares issued during the half-year
Fecha de asunto | No. de acciones | Issue Price (AUD) | ||
Colocación provisional | 12-Oct-23 | 19,399,332 | $0.035 |
Opciones
At 31 December 2023, there were no options for ordinary shares in Tlou Energy Limited on issue.
Derechos de ejecución
The following table shows the number, movements and exercise price of performance rights for the period ended 31 December 2023.
Fecha de asunto | Precio de barrera | Fecha de caducidad | 1/07/2023 | Emitido | Ejercido | Transcurrido | 31/12/2023 | |
31/01/2017 | $0.28 | 31 / 01 / 2024 * | 2,275,000 | - | - | - | 2,275,000 | |
19/10/2018 | $0.165 | 31/01/2025 | 2,175,000 | - | - | - | 2,175,000 | |
19/10/2018 | $0.22 | 31/01/2025 | 2,175,000 | - | - | - | 2,175,000 | |
15/12/2021 | $0.10 | 31/01/2025 | 3,000,000 | - | - | - | 3,000,000 | |
15/12/2021 | $0.165 | 31/01/2025 | 3,000,000 | - | - | - | 3,000,000 | |
1/02/2023 | $0.165 | 31/01/2025 | 2,000,000 | - | - | - | 2,000,000 | |
1/02/2023 | $0.22 | 31/01/2025 | 2,000,000 | - | - | - | 2,000,000 | |
1/02/2023 | $0.28 | 31/01/2025 | 2,000,000 | - | - | - | 2,000,000 | |
18,625,000 | - | - | - | 18,625,000 |
*These rights expired on 31 January 2024.
Note 9. Contingent liabilities
The Directors are not aware of any contingent liabilities at 31 December 2023.
Nota 10. Información por segmento
Identificación de segmentos reportables
Operating segments are identified on the basis of internal reports that are regularly reviewed by the executive team in order to allocate resources to the segment and assess its performance. The Company currently operates in one segment, being the exploration, evaluation and development of coalbed methane resources and power generation in southern Africa.
Ingresos por segmento
As at 31 December 2023 no revenue has been derived from its operations (2022: $nil).
Activos del segmento
Segment non-current assets are allocated to countries based on where the assets are located as outlined below.
| Diciembre 2023 | Junio 2023 | |||||||
$ | $ | ||||||||
Botsuana | 69,100,814 | 61,802,339 | |||||||
Australia | 25,816 | 31,726 | |||||||
| 69,126,630 | 61,834,065 |
Note 11. Commitments
Gastos de exploración
To maintain an interest in the exploration tenements in which it is involved, the consolidated entity is required to meet certain conditions imposed by the various statutory authorities granting the exploration tenements or that are imposed by the joint venture agreements entered into by the consolidated entity. These conditions can include proposed expenditure commitments. The timing and amount of exploration expenditure obligations of the consolidated entity may vary significantly from the forecast based on the results of the work performed, which will determine the prospectivity of the relevant area of interest. Subject to renewal of all prospecting licences, and variations to agreements the consolidated entity's proposed expenditure obligations along with obligations under contracts related to the construction of transmission lines and associated infrastructure which are not provided for in the financial statements are as follows:
Diciembre 2023 | Junio 2023 | |||||||
Requisitos mínimos de gasto | $ | $ | ||||||
? | a más tardar 12 meses | 3,176,610 | 5,630,270 | |||||
? | entre 12 meses y 5 años | 558,137 | 263,181 | |||||
3,734,747 | 5,893,451 |
Note 12. Events occurring after reporting date
In February 2024, the Company issued 32,554,360 ordinary shares at $0.035 per share, raising $1,139,403. The total number of issued shares following this capital raising is 1,076,536,717. Also, on 31 January 2024, 2,275,000 performance rights lapsed.
Other than the matters discussed in this report, there has not arisen in the interval between the end of the half-year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect significantly the operations of the group, the results of those operations or the state of affairs of the group in subsequent financial periods.
declaración de los directores
En opinión de los directores:
(A) the attached financial statements and notes are in accordance with the Ley de Sociedades 2001incluyendo:
(I) the attached financial statements and notes thereto comply with the Corporations Act 2001,Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Reglamento de Sociedades Anónimas 2001and other mandatory professional reporting requirements;
(Ii) the attached financial statements and notes thereto give a true and fair view of the consolidated entity's financial position as at 31 December 2023 and of its performance for the financial half-year ended on that date; and
(iii) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.
En nombre de los directores
antonio gilby
Director General
Dated at Brisbane this 8th day of March 2024
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