Ann: Electrical Substation at Lesedi Nearing Completion, page-3

Looks like mid 2025 for first electrons...
Lots of stuff to digest in this announcement...
The strategy for generation, transmission and modular expansion appears to be in place...
Last piece of the puzzle is stabilising the gas flows in the interim period leading up to first electrons...
The comments on gas reserves are interesting... With a current reserve of 40Bcf they have enough gas to cover a 10Mw project for 30years... Previously they have said that 1Mw is worth approx Us$1m in revenue... So stage 1 is worth $10m per year for 30years... Stage 2 is to move to expand to 25Mw (or $25m revenue per year over 30years)... 3C reserves are over 400BCF so they should have the gas (with further drilling to confirm) for this...
On the big picture, the MD's comments about the Southern African market in general are interesting... We know ESKOM can not supply the existing regional market from their coal fired power stations ... This is only getting worse... Given the Tlou "gas in place" in the TCFs, there does appear to a future opportunity for massive expansion... A project of this size is well beyond Tlou but not a major energy player...