New chairman, finance director for Tlou Energy

Nathan Mitchell resigned as Non-Executive Chairman of Tlou Energy on Friday, with immediate effect, as the firm said he was focusing on his other commitments and various executive positions.

The AIM-traded company said Martin McIver had thus been promoted to the position of Non-Executive Chairman with immediate effect.

It said McIver had a long history and in-depth knowledge of the company, having been appointed to the board in April 2010 as a Non-Executive Director.

Tlou also said Mitchell would maintain his close relationship with the company as an advisor for future drilling programmes, and would continue to be a long-term shareholder of the company.

At the same time, the firm's board said Colm Cloonan had been appointed as Finance Director with immediate effect.

It reflected the increased responsibilities that Cloonan had undertaken following Tlou's dual listing on AIM in November 2015.

He was currently the Chief Financial Officer of the company, as well as a Fellow of the Association of Certified Accountants, with more than 17 years of experience in a range of finance-related roles, it said.

"Colm has been part of the senior team of Tlou since his promotion to CFO in February 2011, and has a deep working knowledge of the company," said Martin McIver.

"We look forward to his contribution to the board and his additional role of developing our presence on the AIM market in London," he added.

Cloonan's current salary of AUD 200,000 (£97,966) would not be adjusted, the board confirmed.

It said that, following these board changes, Tlou was focusing on the next phase of development - being to test gas flow rates and finalise the economics of bringing the Lesedi project in Botswana to full production.