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Tlou Energy achieve peak gas flow at Selemo Pilot

Tlou Energy  has achieved peak flow rates of 395,000 cubic feet of gas per day during production testing of its Selemo Pilot.

Notably, the results to date indicate that the economic threshold for a potential development has been met when all key factors are taken into consideration.

In November 2014, the company started to flow gas from Selemo with the rate building as the well bore environment was gradually brought into equilibrium with atmospheric conditions.

The Selemo Pilot is the first in Botswana to flow coal seam gas at these rates.

It is expected that as additional wells are placed nearby to the Selemo Pilot, this would assist in maintaining (or even enhancing) the longer term gas flow rate given a significantly larger area of the coal seam would be maintained below the gas desorption pressure.

The company said it was encouraged by the build-up of pressure in the lateral well head since the system was shut-in post the short term production test.

 A decision was made in early December 2014 to determine the gas flow potential of the well by conducting short term tests as part of the longer term testing process.

The Selemo Pilot was then shut-in to allow pressure build-up data to be accumulated and assessed prior to the recommencement of longer term production testing in early It added that although this was a short term flow test, such a test can still provide a relatively reliable estimate of flow rate capability once wells are in production.

The company said testing operations will continue at the four pilot locations, currently in various stages of gas and water production, to advance ongoing gas sales agreement negotiations and reserve certification.

These activities will serve to underpin Tlou Energy’s planned field development objectives at the Lesedi CBM Project.

Anthony (Tony) Gilby, Managing Director of Tlou Energy stated that he was highly encouraged by the results achieved at the Selemo Pilot to date.

“With high expected gas prices driven by diesel replacement and low capital / operating costs relative to the Australian CBM industry, the results suggest that a commercial development is achievable,” he said.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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