11th Mar 2016 08:58
LONDON (Alliance News) - Tlou Energy Ltd on Friday reported a wider pretax loss in the first half of its financial year due to costs associated with its listing on AIM, but said it is making progress with its coal bed methane project in Botswana, which will generate further revenue for the company.
The Botswana and Southern Africa-focused energy company said its pretax loss in the six months ended December 31 almost doubled to AUD2.0 million from AUD1.1 million, as its revenue dropped to AUD19,849 from AUD78,955.
A substantial proportion of the loss resulted from expenditure incurred in relation to Tlou's listing on AIM in November, it said.
Tlou develops coal bed methane projects and is working to deliver a 10 megawatt gas-to-power pilot plant in Botswana. Once commissioned, the Lesedi project will generate further revenue for the company, Tlou said.
"The company is well positioned to achieve its planned near term goals; achieving sustained economic gas flows at the Lesedi project; obtaining independently certified gas reserves and moving the project from exploration and appraisal to development phase," Managing Director Gabaake Gabaake said in a statement.
Shares in Tlou were untraded on Friday, last quoted at 3.74 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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