Event: listing on the Botswana Stock Exchange (BSE) yesterday.

Event: Successful listing on the Botswana Stock Exchange (BSE) for Botswana Energy (BTE) yesterday.

Highlights;

• Decent volume and strong buy-side interest post-listing indicate potential international interest noting that orders on BSE need to be executed on the ASX the next day and or increased local interest / awareness.
• Importantly, BTE now meets the investment universe requirements in Botswana for their pension funds and institutions.
• Note that the Botswana Public Officers Pension Fund own 4.5% of ASX and BSE listed Tlou (ASX:TOU) evidencing the legitimate interest in similar investments in the local Botswana insto market.

Technical and Valuation:

• BTE vs. Tlou Energy (TOU): BTE arguably more valuable, trading at 6x less. Due to the following:
• Technical edge: BTE's acreage covers all three seams, this makes recovery much more efficient and cost-effective compared to TOU's single-seam, which requires expensive horizontal wells.
• Notably, Tlou's production from the deepest seam involves the expensive drilling of horizontal wells, costing substantially more and yielding lower sustained flow rates, such as 20mscfd. In contrast, BTE's SINGLE Serowe-3-1 well, drilled at a cost-effective $220k, produced an impressive 42mscfd. This is expected to increase from the 5 well pilot well currently being drilled; and
• The Resource Base below.

Comparative Market Caps and Top 20:

• Market cap comparisons showcase BTE's potential against peers: VS Energy ($5m), EXR ($95m), TOU ($30m), IVZ ($168m).
• Supportive register with the top 20 owning 77.14% and the top 3 owning 53.49%.

Resource Base:

• BTE boasts 317 bcf of 2C and 8tcf of 3C, surpassing many of the above competitors in potential scale.

As a side note, Botswana Presidential engagement pictured below emphasises high-level support for BTE's project, which is strong hint at insto support to now follow the BSE listing.

Good luck to BTE team and its shareholders - exciting times ahead with the upcoming further wells, commercial pilot, solar and hydrogen projects and following yesterday's listing.