Well it seems I am not allowed to share my broadly / consistently negative views on Tlou and its management team on a message board. I have done this consistently on LSE and have consistently been berated and verballed by the posters there. They have followed me here to hotcopper - sadly. I always thought a message board was to exchange views and respect the views of others.
The case for Tlou being a success or failure is pretty damming thus far in my opinion. They have delivered nothing after 15 years of trying; taken millions of dollars of shareholders money; issued 1.5 billion (and counting) shares and not grown market cap in parallel. They refuse to publish gas flow rates and gas composition percentages, previously claiming this was market sensitive information - which I totally do not accept. This is a new gas resource and if the numbers are good, then share them with the market to demonstrate the attractiveness of the gas opportunity in Botswana. The market is big enough for Tlou and multiple other operators to develop - fact !
In the absence of sharing this information, we are left to opine what these metrics could be. Tlou have drilled horizontal wells in the lower (or 3) coal seams; Botala Energy (fellow aussie pursuing same opportunity) have drilled vertical wells and say they are focused on the upper (of same 3) coal seams - straight away ambiguity which we are left to wonder about. Botala drilled more recently, so I know where my mind takes me on this aspect. However Botala seem to place great store in the well metrics from the initial CBM player there, Sekaname and their 5-spot well cluster called MAS13 (who also drilled vertical wells). But Sekaname seem to have faded from view so heaven knows if their data is reliable or not.
So with all this confusion - surely Tlou management can clear it up by updating the market. But so far, they choose not to.
I have commented frequently on the apparent disingenuity appearing in Tlou RNS - often headline generalities but with little to no detail. The saying - All fur coat and no nickers comes to mind. Tlou never say they have no money to complete their 2MW project; instead they leave the implication they are dependent to others eg now Kala to finish the capex and get to a position of first revenues. But check back to past RNS - they said they expected first revenues in 2021, 2022, 2023, 2024 and now H2-2025 - which will become 2026 and maybe 2027. Just dreadful when you step back and consider everything in the mix.
I hold shares in Tlou; there is no point selling them because they are basically worthless. Thanks Tony Gilby and your appalling management team !
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