Tlou Energy narrows H1 loss, sees 'transformational' year

Shares in Tlou Energy have soared more than 15% after it turned in a narrower first-half loss ahead of what it is billing as a transformational 2017 for the company.

Pre-tax loss for the six-month period was $1.15m, from a loss of $1.99m. During the period it completed an oversubscribed equity placement.

Tlou also became the first company in Botswana to achieve independently certified CBM Gas Reserves and subsequently expanded the reserves across both the Lesedi and Mamba Project areas.

It said 2017 may prove to be a transformational year as it looks to agree terms with a project partner for the delivery of up to 100MW of power, finalise a power purchase agreement with the Botswana government and conclude plans for implementation of the first phase of the gas to power project.

In addition, Tlou would continue planning further exploration and evaluation across the licence areas held.

"The coming period is shaping up to be a very exciting time for the Company and we look forward to delivering on our plans."

At 12:02 GMT, shares in AIM-listed Tlou were up 15.15% to 9.5p each.