Tlou Energy Limited (LON:TLOU) boss Tony Gilby has handed in his annual report card on what he called a “phenomenal year” for the company.
In the coal-bed-methane group’s financial results, for the twelve months ended June 30, Gilby told investors: ““We set a number of key targets which were achieved including being the first company in Botswana to book CBM natural gas reserves, receiving environmental approval for our field development and converting a large part of our project area from a prospecting or exploration licence to a mining licence for a term of 25 years.
“It was a very busy year and the coming year is set to be another significant one for the company. I look forward to updating you further as the year progresses."
Among the highlight achievements Tlou said it delivered independently-certified CBM Gas reserves, secured approval for its Environmental Impact Statement and received a Mining License for an area spanning 900 square kilometres.
In terms of financials, the pre-revenue small cap firm reported a loss of US$1.95mln and it ended the year with US$6.7mln of cash and equivalents.