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What happened to us getting the rest of the money sorted?
More bull from the company?
Just waiting for BOTS to make a prediction, kind of like the one below 🤣🤣🤣🤣🤣
"In short, this current fund raise from sources in Botswana is by no means going to be easy to arrange".
BOTS_PROJECT 28th Feb 2024
"Botswana Public Officers Pension Fund (BPOPF) have increased their shareholding to 16.63%"
TLOU RNS 26th March 2024
Whizzer , with 169m additional shares available for issue , the second tranche was undersubscribed though the Pension fund took a decent share of them on top of the original placing. The unclaimed shares were not printed so we suffered less dilution - which is a good thing provided it raised enough cash to achieve the next phase.
So 1.25BN instead of 1.4BN or 1.5BN for those that round figures up to the detriment of the board.
The Doc never participated as announced from the kick off. We do not know the reasoning behind that but hopefully he had a few shillings in his pocket as a result.
You'll have noticed BOTS continues to criticise TG for not keeping up with his idea of a schedule?
Imagine him at year dot , criticising the Italians for not building Rome in a day, and the Egyptians for not building the pyramids overnight. TG is building TLOU block by block within a budget of money and time!
The Govt know this , we know this , will you explain it to Bots he might listen to you.
I thought they were after more debt financing Brad?
They are Whizzer.
I believe everything is on track and the market will be updated once agreements are signed, let's see.
Fingers crossed.
I expect the finance isn’t straightforward..hence it may take longer than you hoped ….whizzer
The shillings in the Doc's pocket perhaps?
Why do you think I mentioned them Whizzer?
I am hopeful that once the Govt see us connected to Serowe , and electricity is being delivered , we will see a sea change. At that point, and not before, Govt support will be totally justifiable. Any Grants or Loans will be derisked and I fully expect agreements galore with repayments being open to various currencies! TLOU can repay with cash or electricity. The difference is a bit hazy - if it is cash then the cash will have come from BPC and/or the Govt in the first place 😁
Eric Molale promised as much , years ago , Lefoko went further but could not guarantee TLOU's success , neither can I because 99.99% is defintely not 100%! Power being delivered out of Serowe is 100%. I thought this was obvious - what else has been the status quo for all these years?
Thanks guys, just thought they would have had it done by now, should have known better really after all this time
Apparently it is really easy for Tlou to arrange funding
You do know sarcasm is the lowest form of wit, Donks?
There is a world of difference between the Pension Fund being reported as follows ...
1. You. They did not participate in the December placing , and then changed their stance , and bought into the second tranche of up to 169m unclaimed December shares in 2024.
2. Fact. They took their full entitlement in December when the market price was less than 3.5c - but 169m shares were rejected by other shareholders.
3. Fact. They took up most of 169m shares but not all - the unclaimed shares resulted a total of 1.25bn.
4. You. 1.5bn issues is likely to rise even higher!
5. Me. TG is determined to keep share issue as low as possible, preferring to use debt that will be available at preferential rates of interest as soon as phase 1 (electricity delivered to Serowe in 2024) derisks TLOU. The Govt is an obvious source , and , at that point , investors will come out of the woodwork! IMHO this was what Kalahari Energy (via Sekaname) hoped for if they got a PPA for 100MW - the idiots thought they would be instantly derisked, ignoring the fact they had no record of success in CBM production and their reputation had South American skeletons. Sekaname were sold as a Botswana domicile company to satisfy the RFP criteria? I read Sekaname was one office containing 2 people but I have never found that again since.
KE/Seka were up against TG with 100% success at two previous CBM projects in Australia which earned $bn for shareholders at Arrow and Sunshine.
It has taken him 7 or 8 years to get close to derisking TLOU. In that time the project escalated from gas cylinders on trucks to turn key electricity at the National Grid, and the RFP was extended by a couple of years largely because KE were playing a political game in the race for acceptance as a preferred bidder. TG just wanted to get the gas onto lorries , no PPA needed , he knew the demand was there!
The RFP only needed redaction of "a history of delivering CBM to the Botswana" which was clearly referring to previous COAL RFPs. TLOU lawyers must have read it and did not realise that TLOU could not comply or thought it should be redacted!
But the GOVT repeated the whole process and both companies were wise to query any anomalies/ambiguities once mutual trust was no longer there.
And then dewatering and Covid and Lockdown, shut down and reopening of wells , financial shortages etc all contributed to delays galore. And a revised mission for both companies i.e. electricity not gas!
Without Sekaname's presence , I wonder what TLOU we'd have now? Lorries and cylinders OR both plus an advanced Electricity solution funded by the sale of gas? We may have reached the Pension fund break even price of 11p and all sold up? And lost all our profits on other BOTS projects!
What i know Brad is how 2-faced folks on this board behave often. There is a clear and obvious history of failed rights issues and poor take-ups on others. Totally ignored when it suits the argument at the time.
Issued shares 1.25 billion. Issued on fully diluted basis calculated roughly as US$5m (equiv A$7.5m) Pension Fund and A$5m Doc x interest for 3 years at 10% converted to equity at 3.5 cents aussie would result in between 450m and 500m shares being issued. It's not a difficult sum to estimate. So Issued shares will, in time, be pushing towards 2.0 billion.
You keep talking about Sekaname and try come across as 'expert witness'. Most of what you say is opinion, supposition, theoretical. They cannot be useless - otherwise why would TG have come across to Botswana, talked to them and bought out the leases that Sekaname were selling..... Sekaname had huge land mass under exploration for CBM, and to generate cash over the years sold down leases they had spent money exploring. The results of that work on those leases sold would be the basis on which TG and others would have agreed a price to Buy.
Tlou and Sekaname were both messed around in first tender; to suggest that Sekaname somehow influenced Ministry decisions at that time is simply your over-stimulated imagination. Both were awarded Preferred Bidder status and presumably since then both have ben trying to deliver their project. Tlou are ahead with their project; Sekaname have their 6MW PPA and presumably are working to deliver that as fast (or slow) as they can or are allowed.
I would not accept your proposition that Tlou would be much further along were Sekaname not in the picture. To think that makes zero sense to me; it presupposes that Sekaname (who were CBM pioneers in Botswana from 2003) have been deliberately progressing their story as slowly as possible, to the detriment of their shareholders (whoever they might be). And the one thing I remember from their BPC signing ceremony was that Minister Moagi was joined at the ceremony by 2 other Ministers (one of whom's son is the MD of Sekaname).
But then it has been said live in a shoebox in Doncaster and stack shelves implying that I could not possibly know anything about anything or anyone associated with CBM in Botswana. We are all entitled to our points of view. I look forward to the day when somebody appears on this board and wants to have meaningful and informed conversations about Botswana and politics and gas to power and corruption and real problems there which cause project delays to Tlou and many other mining projects there.
Bot’s I have never had any interest in Botswana or its politics. I’m only interested in Tlou and its opportunity to discover gas and then sell this gas in the most profitable way possible! I’ve spend a lot of time in SA and no how difficult they find it to supply their country with enough electricity .. once Tlou are into the grid may be they will be able to sell to SA to help with their problems.. only time will tell
Fair enough - but politics there is what has held Tlou / CBM back in my opinion.
Given there is no onshore gas industry in S Africa, is maybe a little surprising you thought Botswana would be able to start a whole new industry in that part of the world. But then the diamond sector there has made the locals feeling priviledged and basically lazy. That was easy money for most there in the 80s and 90s. Was talking to a guy recently who worked and lived in Bots then - Gaborone, Francistown, Selebi Phikwe and lived in Phakalane Golf Resort (the good old days). He despairs at how lazy and corrupt the system there is now.
Elections are a red herring BOTS - all your chatrooms ignore you!
No matter what constitution is in power , it is guaranteed they will want TLOU to succeed in their mission to deliver CBM based electricity. Politics wasted a couple of years during the RFP RFQ period , but hopefully that process stopped any more typo errors surfacing thereafter!
The original RFP may well have been drawn up for KE in their attempt to extract gas at Selemo.
They clearly gave up on that for some of the reasons TLOU have found it a slow process compared to the theory!
At the outset , 2 or 3 years was enough to dewater , and it could be a matter of a few months given a following wind!
I have never known how long KE spent trying to dewater Selemo , if indeed they got that far!
In the Kalahari desert my money would be on months rather than years - but my presence guaranteed it would be years!
We know TLOU drilled Selemo after taking it over and had to abandon drilling gear that got stuck in the terrain.
Was the choice of Selemo wrong? Whether it was or not , TLOU got gas flowing in a matter of months and KE must have been kickig themselves ever since!!! Royalty payments discouraged TLOU from expanding Selemo but Selemo was a diamond because the concept of producing electricty was proven , and not selling either the gas or the electricity my have circumvented royalty payments. Has anyone ever seen royalty paymnts in the accounts?
Moving to Lesedi , we saw a repeat of the KE experience , and without Selemo , it is conceivable TLOU would have backed off like KE did! Dewatering has gone forever and THAT IS THE CRITICAL factor in all of this.
The timing or lack of timing led us into the Cvid and Lockdown period , and challenged the company to survive financially. Until dewatering is behind us any placings or loans will be tricky!!! We all have a lot of skin in this compay , and we are ensuring outr internal organs are limited to our hearts! Our hearts tell us TG is on the verge of completing the TX line, then the company can throw the kitchen sink and drain at dewatering at #6 and #4 because we'll be able to make use of all the gas that results.
The Govt, the shareholders, the directors, the engineers are all in suspense but it is in our hands! The tx lines and generators are expected this year. I don't see politicians in that frame at all. The incumbent Govt will be joining us in hoping TLOU achieve their agenda in 2024 - and what a start it will be for the GOVT! In power for 10 minutes and TLOU go live!
As long as it is not Ian Karma with a few thousand lazy war mongers behind him , we'll be OK.
And if Bots are lazy are la aren'nt we lucky that Natural Gas just needs to be unlocked and it will flow with labour intensive extractions like the old coal industry! But with diamonds and gold losing all their value in Botswana (and nohere else) and BPC not paying for profitable power - I fear for BOTS with his view of the country. S
Apoplexies for all the typos - the cursor kept jumping of its own accord amd I was typing randomly all over the shop!
Vowels are awol all over the place, filling fixed length boxes is an absolute pain for me!
#6 is our gold, #4 is our diamond , and the others will add value , our VAT!
What are the chances of TLOU finding diamonds in the many acres waiting to be drilled?
They are formed 150km - 200km below ground and magma forces itself through weak points to the surface!
Shame diamonds are worthless in Bots world.
They all humour you Brad - so same same, but different. Amazing how you seem to now know so much about Sekaname and Kalahari - where did you get your info from?
'Our hearts tell us TG is on the verge of completing the TX line' - No, the RNS tell us they are nearing completion. And about bleedin time to.
'The Govt, the shareholders, the directors, the engineers are all in suspense' - there is Jindal and its 600MW coal fired power generation. And the 5GigaW solar JV project with Namibia and promoted by the USA/ Power Africa. And a plethora of 5MW to 20MW solar IPP projects. So sorry and sad to say but CBM is well down the pecking order. Bit if TG can move the CBM dial then I will be the first dude to say Hats Off TG and also I was wrong about you.
But what I do find offensive about your posting - anyone that knows anything about life on the ground in Botswana KNOWS that politics is the main game in town. And now, given that Khama Family are largely sidelined in Eswatini, sadly instead of the country moving forward and prospering by growing the economy positively - those in position of influence are motivated by growing their pension pots. This no doubt evolving because the Khama Kounts are moved out, and the new crowd are rushing to fill the space.
But then you know all this Brad. Right.
Thought BPC were broke how are they going to pay for 600mw of power .. ? If they can’t pay Tlou for there under a 100 mw ? That’s a serious amount of cash to on a monthly basis … not the sort of cash you find down the back of the sofa .. or is it?
Exactly Winni - finally you are starting to think things forward somewhat. There is all this endlessly positive aspirational news being pushed out by Govt / Ministry / BPC et al. All these wonderful projects that is going to make the country energy self-sufficient and net exporter of power via SAPP. How is a very small economy with limited funds, already bleeding from much reduced reserves from covid, going to implement them all. WHo is going to pay for it. And how are the sellers of power going to get paid ...... Something will have to give somewhere. Not everybody will get paid on time ..... And those with the biggest skin in game will be the more dominant partner. And Tlou and Sekaname with their 2MW or 6MW or 10MW will be closer to bottom than top of the pile.
Sure, both may negotiate price payment guarantee arrangements - but exercising those will become problematic when there is shortage of cash to go round.
Finally perhaps some of the cheerleaders here will begin realising the noise Govt and Tlou et al make here is based on foundations akin to Kalahari deep and shifting sands.
Latest noise is the Govt of Bots will consider increasing their 15% stake in De Beers if the price is right. Great; wonderful; good positive sensible sounding business sense. They already have to find 15% of 6 billion USD to pay for their share of the Jwaneng underground mine extension. Orapa is going to need something similar soon. They dont have that money set aside even now - so where oh where is another 1 or 2 billion USD coming from to increase their equity in an investment that is heading into an intensive capital hungry phase. It is all complete and total waffle !!
Much like the waffle here !!!
Not from local Botswana newspapers is the simple answer BOTS!
Google Kalahari and Sekaname and you find precious little about them!
Items that were easily found years ago have been taken down OR produced so little traffic Google no longer bothers to trawl those pages. I don't suppose you have a clue how Google works!
They like dynamic page content and most people only view the front page of the summaries.
https://panamapapers.investigativecenters.org/botswana-2/ reveals to me why KE miraculously invented Sekaname to represent them! I definitely read Seka were virtually non existent and were a vehicle to get KE in on the 100MW RFP as a Botswana based company rather than a dodgy British Virgin Islands concern.
And that 100MW target was decided because KE/Seka said they'd withdraw unless BPC/Govt offered them a large enough PPA to make it worth their while! As I have said TG did not want a PPA that locked him into early 2000 prices when the price was going to rise with time and selling energy (gas cylinders) was going to be a case of WHERE and to WHOM?
The Govt entertained Seka because a single tender was undesirable because TLOU could name their prices without competition - whether in Botswana od elsewhere - perish the thought.
My story is credible or people have filtered me - which is why you are the only person who doubts my findings!
Seka fell by the wayside at the RFQ stage (Request FOR Quote). The difference twixt me and you is I attempt to share my source of information or why I believe what I do. And you are thought to be a total idiot by all and sundry. To get a thumbs up you resorted to having two usernames on here - how low was that?
"An RFQ is typically used during the procurement process, and businesses will send them to other companies with who they’re interested in working. The other company will then respond to the RFQ with the price estimate and any additional necessary information. Some of the information that you’ll likely find in an RFQ include the vendor’s cost, payment terms, and product details. The purpose of an RFQ is ultimately to help a business make a more informed decision of which vendor they should work with so they can get the lowest possible price."
Seka had a pie in the sky budget, performance , and no idea about what they could produce!
The had Selemo and sold it someone with proven experience - hoe effing stupid were they if they had a clue about CBM? They thought CBM was a dead duck for sure and , as I said at the time , they SOLD A COAL MINE, and TLOU BOUGHT A CBM DIAMOND MINE confident they'd make it a 40 year GOLD MINE. It has taken longer that expected after SEKA requested extra time to produce their revised RFP application!!! That is a definite delay to TLOU's progress!!! And took us closer to the Covid/Lockdown disaster. And TLOU suffered what KE had discovered at Selemo! Dewatering is slow at a virgin site but it will improve given time (yawn).
Don"t flatter yourself Bots i was just highlighting how flawed your argument is regarding the ability to pay .. Do you really think a company would invest blind upwards of a Billion $ without some kind of due diligence on how they are guaranteed to be paid.
But then again you are far wiser than anyone running a business willing to invest that kind of cash in a basket case country like Botswana
Orapa is paying inflated diesel prices - the pipeline from TLOU to Orapa was required urgently to save those costs one day. Once TLOU is operational (before the proposed COAL mines are operational by years) and making profitable returns there will be an unrecognisable TLOU! Orapa is in the plans , additional drills and engineers will be affordable , and the growth will be exponential! If interest rates are low then debt will be welcome. A brand new world for frugal Tony. Solar is not a 24/7 solution from new companies. TLOU will merge Solar and CBM power together. And I have not forgotten Hydrogen which will be the future eventually I hope.
TLOU will be a power house - not in my lifetime - but it will happen.If it happens fast enough COAL might be abandoned by the GOVT , especially if there is a choice of COAL or TLOU for funding because diamonds are turning into plastic imitations.
Apologies Winni, I was forgetting that i could not possibly not know much about Tlou and CBM and Botswana. After all that is why every single post of mine is shoved back down my throat with criticism. I occasionally (like today) wonder why that is.
My narrative is to try give a view on why Tlou or Botswana is the bag of bones it has proved over the past 6-8 years. Yet still the cheerleaders here resort to their default position of shooting the messenger. It really doesnt bother me that you all do; if anything posting here my thoughts allows me to shape my own real views.
Can you guys say the same I wonder. i mean all you do is criticise and kill conversation. Except when brad chimes in with his regular repetitive pieces. But then we all know this is part of his daily routine and being jolly fine chaps, we accept and humour him. And i dont mean this nastily. But so much of his posting is played out in his imaginative, conspiratorial and ideological mind mapping.
Going to leave you all with one thought - dewatering. So much said here about that. It is largely all nonsense since there would be an ocean of water now available to Tlou to deal with had this been the case. And they would have been reporting this problem and how they deal with it in quarterly's etc. But never a mention. Or if dewatering was such a problem that actually gives rise to a bigger problem about well and reservoir performance. The cynic in me would suggest this is why we never hear about gas flows (and content) other than in generality terms. The optimist would say TG has done this twice before and he knows what he is doing yada yada.
Except - he hasn't brought drilled wells into commercial production. He only drilled wells, got 3rd party experts to certify gas resources and reserves and then used that to sell the commercial project on to the developers. TG has zero gas field development experience - until now.
Oh BOTS , just how silly are you?
Any 50-50 opinion from you is always wrong 0-100.
There is really only two issues with dewatering!
1. As you say, there is an abundance of water flooding out of the coal from an endless reservoir underneath an effing desert! What are the chances of that ? Near 0%?
2. The alternative is that the gas is trapped behind water , and we cannot budge that water fast enough to clear the way for the gas.
a) Slow trickles being replaced by slightly faster trickles to keep the gas trapped inside the coal. 20%
b) The water is remaining in the coals and the coal is too impermeable for the gas and water? 80%
c) A bit of both ? 100%
TLOU are reporting #6 is better than #4 and #4 is better than #3 and #3 is better than #5!
The latter two are temporarily shut off , partly to save money in lockdown, but maybe while tlou learn lessons from #6 and #4. When we return to #3 and #5 they could be improved , as is the normal story , because the dewatered #4 and #6 can benefit the whole area once there are channels are opened up. And their flows will benefit even more!! My hope is #6 is so promising in a short time that TLOU are not worried about it dewatering once they go full tilt at getting the gas out.
Donks , if the water was flowing as easily as you picture it, I think the likelihood is that it would also have gas escaping with it! Our task would be separating the two. If that was so, TG would have told us imho!
Capturing gas out of water is not that difficult. Kids do it the bath with a jam jar if they hear about itat school 😮and have a curious mind. Some see if it is inflammable too?
We see how you brain does not work , so if you are expert in Botswana politics then it is good news for Botswana poilitics. The sad thing is you are not even concious of alternative views .
The reputations of TG and the Botswana Govt are very good - so that means you doubt both?
It is nothing short of madness! People think the earth is not flat - have you heard that rumour yet?
Rather condescending of you Brad to always be thinking just because my view is different to yours that I am always wrong.
Take it from me - dewatering isnt the big drama you have hyped it up to be here. If Tlou wells were producing vast quantities of water, we would be hearing all about it. Why? Because they would have to do something with it. They would want to make it available somehow to the community (at a cost) and we would hear all about it as part of their community engagement efforts.
Sorry BOTS - we are merely never on the same wavelength.
You are talking riddles afaiac.
How is dewatering not the be all and end all?
Until it is completed to the point gas flows we remain in limbo!
That is known, at a virgin site, to be potentially years but can be months.
Once the first dewatering reaches that stage, further wells are usually completeld quicker and easier (if they are close enough to the original?).
Nearly all my faith lies in #6 being the ice breaker - things escalated in Lesedi once it was drilled.
We are not ready for peak gas flows , but that day closer week by week!
What you believe , I do not have any idea at all? You seem to suggest there is oceans of water, then deny there is much, and then I am dumbfounded when you seem to say it does not matter anyway???
There is not much of 2024 left - TG will come good shortly for me I hope - I don;t have the time to try and figure out what on earth you are saying or not saying. Clueless has nailed you and you simply accept it? I have nailed you on many occassions and you acceptit without argument. Any idiot can call someone an idiot as you do frequently to anyone who has the nerve to post here!
The so-called disciples are in broad agreement , I am happy with that , my cursor is now stable I fixed my mouse , I thought it was the mouse moving while I was typing, but it is one my chest behaving beautifully. I need to adjust the scrolling and speeds now I understand why it was misbehaving. I have no chance of understanding you, and I am not alone there I am sure, and , sadly, I don't exclude you.