Tlou Energy Ltd (AIM:TLOU, ASX:TOU, BSE:TLOU), the power solutions company, said it "progressed steadily" in the first six months of its fiscal year, adding that it remains on track to get gas-fired power into the grid in Botswana.
The company said it had cash and cash equivalents totalling A$6.1mln at the end of December 2022. This, however, was down on the A$7.8mln reported at the end of June last year, as a result of greater investment in operating and investing activities, such as payments towards property, evaluations and contract assets.
The AIM-quoted company, reporting on the six-month period to 31 December 2022, raised A$5mln from a new strategic investor, which is also its largest shareholder, according to a statement.
Tlou said construction of the transmission line to connect its Lesedi gas-to-power project to the electricity grid has continued and is roughly 50% complete, while production continues at the Lesedi 4 production well.
"The past six months has seen good progress at the Lesedi Power Project,” said managing director Tony Gilby.
“The transmission line work is going well, substation construction will continue during the year, the generation site is coming together and further production well drilling is set to commence. We remain focused on delivering first power and earning first revenue for the company as soon as possible."