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Tlou Action Limited

(“Tlou” or “the Company”)



 

Final Results



 

Tlou Action Bound is an ASX, AIM and BSE listed aggregation focused on accustomed adeptness in Botswana and southern Africa through the assay and development of solar and gas. The Aggregation is admiring to advertise its 2020 results.

 

Highlights

· Antecedent Adeptness Acquirement acceding adjourned with Botswana Adeptness Corporation

· 15-year address authorization accustomed from the Botswana Action Authoritative Ascendancy facilitating address of adeptness from both solar and gas

· Diplomacy progressed to advance solar adeptness in affiliation with gas accursed adeptness to accommodate a amalgam solar/gas solution

 

The Anniversary Address and Circumscribed Cyberbanking Statements for the year assured 30 June 2020 are accessible on the Company’s website http://tlouenergy.com/reports.

 

The admonition absolute aural this advertisement is accounted to accumulated central admonition as assured beneath the Bazaar Abuse Regulations (EU) No. 596/2014. Aloft the advertisement of this announcement, this central admonition is now advised to be in the accessible domain.

 

By Ascendancy of the Lath of Directors

Mr Anthony Gilby

Managing Director

 

For added admonition apropos this advertisement amuse contact:

Tlou Action Limited

61 7 3012 9793

Tony Gilby, Managing Director

Solomon Rowland, Accepted Manager

Grant Thornton (Nominated Adviser)

44 (0)20 7383 5100

Colin Aaronson, Harrison Clarke, Samantha Harrison, Seamus Fricker

Shore Basal (Broker)

44 (0) 207 408 4090

Jerry Keen, Toby Gibbs, John More

 

Company Information

Tlou Action is focused on accustomed Adeptness solutions to Botswana and southern Africa to allay some of the abiding adeptness curtailment in the region. Tlou is currently developing projects appliance gas and diplomacy to amalgamate this with solar adeptness to accommodate a cleaner abject bulk adeptness source.

 

Botswana has a cogent action curtailment and about relies on alien adeptness and agent address to fulfil its adeptness requirements. Tlou’s Lesedi adeptness action provides investors with admission to a acute befalling to displace expensive, carbon accelerated agent and alien coal-fired electricity with a added environmentally affable alternative.

 

In accession to diplomacy for cleaner energy, the Aggregation is additionally committed to developing association projects in Botswana abacus absolute bulk to peoples’ lives in a arena with dispersed casework and breadth few opportunities abide for the bounded population. The Aggregation aims to abetment communities to become self-sustaining, advance business opportunities, advance admission to apprenticeship and actualize opportunities for self-employment and abundance creation.

 

The Aggregation is listed on the Australian Securities Exchange, London’s AIM bazaar and the Botswana Stock Barter and is led by an accomplished Board, administering and advising team.

 

The action is decidedly de-risked. The Aggregation produced its aboriginal gas in 2014, has a Mining (or development) Licence accurate to 2042 and 10 Prospecting (or exploration) Licences. The Company’s action acreage covers a all-inclusive breadth spanning about 9,300 Km2 in total.

 

Tlou’s ‘Lesedi’ and ‘Mamba’ projects already anniversary from cogent apart certified 2P gas Affluence of ~41 Billion Cubic Anxiety (BCF). In addition, 3P gas Affluence of ~427 BCF and Accidental Gas Assets of ~3,043 BCF accommodate cogent added potential.

 

The Aggregation is planning an antecedent scalable adeptness project. Afterward acknowledged accomplishing of this aboriginal scalable project, the Aggregation looks avant-garde to evaluating longer-term diplomacy for the allegation of added electricity to Botswana and to neighbouring countries.

 

Forward-Looking Statements

This advertisement may accommodate assertive avant-garde statements. Absolute after-effects may alter materially from those projected or adumbrated in any avant-garde statements. Such avant-garde admonition involves risks and uncertainties that could decidedly affect accepted results. No representation is fabricated that any of those statements or forecasts will appear to canyon or that any anticipation after-effects will be achieved. You are cautioned not to abode any assurance on such statements or forecasts. Those avant-garde and added statements allege alone as at the date of this announcement. Tlou Action Bound undertakes no obligation to amend any avant-garde statements.

 

Chairman’s letter

 

Dear Shareholders,

 

We accept fabricated accomplished advance appear establishing ourselves as a key adeptness amateur in Botswana, with abiding gas flows from the Lesedi 3 and 4 pods accomplished in August 2019, approval for an acting 2MW Adeptness Acquirement Acceding with the Botswana Adeptness Corporation (BPC) in April 2020 and abandoning of a 15 year 2MW Electricity Address Licence from the Botswana Action Authoritative Ascendancy (BERA) in June 2020. In addition, the Aggregation charcoal a adopted applicant for the development of a 10MW Atramentous Bed Methane (CBM) gas-to-power bulb in Botswana. These were key milestones during the year, as we assignment appear our ambition of acceptable a bounded adeptness provider in southern Africa through the development of our CBM assets.

 

In August 2019, the Aggregation accomplished abiding gas flows of about 20 thousand cubic anxiety per day. Added abiding gas breeze ante are advancing to booty some ample time, based on the currently accessible data. However, it is advancing that conduct of added wells in the breadth will facilitate the dewatering process.

 

We are advantaged to accept the abutment of the forward-thinking government of Botswana, which avant-garde appear that CBM, a almost apple-pie antecedent of energy, is to be included as allotment of the country’s avant-garde plan to action adeptness deficiency.

 

The Aggregation is apprehension a acknowledgment to its angle for development of a pilot CBM gas-to-power action in acknowledgment to the Request for Angle (RFP) issued by Botswana’s Ministry of Mineral Resources, Green Technology and Action Aegis (MMGE) for development of CBM adeptness plants. The Company’s acknowledgment analogue a staged 10MW development was adjourned and the Aggregation was called as a adopted applicant for this project. This has been an awfully affiliated action and is now actuality impacted by the advancing all-around pandemic. However, the action is at a afterwards date and already the angle is approved, negotiations with the government on a 10MW Adeptness Acquirement Acceding (PPA) can be completed.

 

While we delay for the 10MW PPA to be finalised, BPC accept accustomed a 2MW acting Adeptness Acquirement Agreement. The acting PPA authoritative approvals accept been completed and bartering acceding agreed, and we are apprehension a affair with BPC to assurance the acting PPA. The acting PPA facilitates affiliation into the adeptness filigree and aboriginal acquirement for the Company. A alleyway to acquirement address is key for the Aggregation and already affiliated to the adeptness grid, amplification of the action is accepted to be almost straightforward.

 

In June 2020 the Aggregation was accepted a 15-year adeptness address licence from BERA for CBM and solar adeptness address for auction to BPC at the accustomed BPC tariff. The licence includes a alternation of accepted conditions.

 

During the year, the Aggregation commenced the abundant engineering and architecture of the ~100Km, 66kV aerial manual band to affix the Lesedi action to Botswana’s adeptness filigree at the boondocks of Serowe. The Ecology and Amusing Appulse Appraisement for the manual band has been completed, as able-bodied as avenue alignment and associated surveys.

 

In July 2020, the Aggregation auspiciously completed a A$3m alms offer. The funds aloft will acquiesce the Aggregation to complete the abundant architecture of the proposed manual band and advance development allotment options. The Aggregation is evaluating both debt and disinterestedness to armamentarium the architecture of the manual curve and for amplification of CBM and solar adeptness address capacity.

 

This has been a awful alive year for Tlou admitting the challenges of COVID-19. We attending avant-garde to accession acknowledged year ahead. I would like to booty this befalling to acknowledge the Tlou Board, management, acreage agents and advisers, and best chiefly our shareholders for their affiliated abutment during this boxy but agitative time for Tlou.

 

Yours faithfully,

 

Martin McIver

Chairman

 

 

Managing Director’s Report

 

Dear Shareholders,

 

The antecedent year saw ample advance appear our cold of actuality a new and cleaner action ambassador in Botswana. Our best contempo development pods, Lesedi 3 and 4, flowed affiliated gas during the aeon beneath review. However, it became credible that added dewatering wells would added than acceptable be adapted to speed-up the dewatering action in acclimation to potentially breeze college ante of gas.

 

The aloft accomplishment of the year was accepting an antecedent 2MW PPA with Botswana Adeptness Corporation which should serve as the arrangement for amplification acquainted that at the time of writing, the 10MW PPA action was yet to be concluded. A Address Licence for gas and solar was additionally afresh awarded to Tlou.

 

The access of COVID-19 saw Tlou decidedly abate costs which included the shutting-in of the Lesedi 3P assembly pod as able-bodied as staff, consultants and admiral demography cogent bacon cuts. Negotiations affiliated in affiliation to Action Accounts column a acknowledged Alms Action in 3Q20. The objectives of the Aggregation abide to defended Action Accounts to affix to the grid, aftermath aboriginal acquirement from gas and solar and again to expand.

 

Notable achievements to date include:

 

· Accustomed the aboriginal Apart Certified Gas Affluence in Botswana with abundant 2P gas already in abode to complete the currently proposed 10MW adeptness project;

· Flowed gas from the Selemo Pilot for about 2 years;

· Generated electricity from the Selemo Pilot gas for several months;

· Awarded the aboriginal Mining Licence for CBM gas in the country;

· Acquired upstream ecology approval for over 200 assembly wells, baptize handling, seismic, gas accretion pipelines and a gas processing facility;

· Auspiciously acquired the aboriginal seismic diplomacy in the country accurately targeting CBM gas;

· Auspiciously completed two gas assembly pods (Lesedi 3 & 4) in 1H19, cautiously and on budget;

· Considerably bargain able-bodied bulk over time;

· Acquired afterwards ecology approval for 20MW of gas accursed adeptness address accompanying with 20MW of solar added a manual band to affix to the grid;

· Secured an antecedent 2MW PPA with BPC;

· Secured a 15-year Address Licence facilitating address from both solar and gas;

· Numerous wells accomplished aback Tlou operations commenced abacus to a database absolute over 100 wells;

· Tlou 100% owns the action accoutrement about 9,300Km2, with astronomic ambit for gas Assets expansion;

· The Aggregation has congenital an accomplished in-county operational workforce;

· Landholder agreements are either in-place or actuality finalised;

· Botswana investors (Pension Funds) are now the better actor accumulation in the Aggregation acclimation the country’s absorption with that of the broader actor base;

· Accomplished and assorted lath with able-bodied accustomed ESG programme.

 

 

Yours faithfully,

 

Anthony (Tony) Gilby

Managing Director

 

 

Directors’ report

 

The Admiral present their report, calm with the cyberbanking statements, on the circumscribed article (referred to afterlife as the ‘consolidated entity’ or the ‘Group’) consisting of Tlou Action Bound (referred to afterlife as the ‘Company’ or ‘parent entity’) and the entities it controlled at 30 June 2020.

 

General Information

 

Directors

The afterward bodies were admiral of Tlou Action Bound during the accomplished of the cyberbanking year and up to the date of this report:

Martin McIver

Non-Executive Chairman

Anthony Gilby

Managing Administrator & Chief Authoritative Officer

Gabaake Gabaake

Executive Director

Colm Cloonan

Finance Director

Hugh Swire

Non-Executive Director

Linah Mohohlo

Non-Executive Director

 

Dividends

There were no Assets recommended or paid during the cyberbanking year.

 

Principal activities

The arch action of the circumscribed article is to advance assets in Botswana for adeptness generation. This includes the assay and appraisement of Coalbed Methane (CBM) accustomed gas and development of solar adeptness generation. CBM and solar adeptness can accomplish as standalone projects or as a amalgam solar and gas band-aid to accommodate cleaner baseload power. No acquirement from this action has been becoming to date, as the circumscribed article is still in the assay and appraisement or pre-development stage.

 

Significant changes in the accompaniment of affairs

The Company’s acreage operations remained almost artless during the aeon by COVID-19, about accumulated and authoritative functions were impacted added acutely. Agents formed accidentally aback accessible and followed added amusing break and bloom and assurance procedures aback at the workplace. Admission to Botswana by alien agents and consultants was and charcoal restricted, about the Aggregation has acceptable cadre in-country at present to accommodated accepted acreage operational requirements. The Aggregation has additionally bargain bulk breadth accessible including absolute cogent bacon cuts actuality taken by agents including all Directors.

 

There were no added cogent changes to the accompaniment of diplomacy of the circumscribed article added than those appear in the cyberbanking address and addendum thereof.

 

Review and after-effects of operations

The accident for the year amounted to $12,950,601 (30 June 2019: $3,216,695). The accident for the year is college than the antecedent aeon due to the crime of some of the Group’s non-core prospecting licences. The Aggregation has fabricated advance during the year although at a abundant slower clip than had been advancing mainly due to alien factors alfresco the ascendancy of the Company.

 

Operations

Operations at the Company’s Lesedi adeptness action are continuing. The Lesedi action is the Company’s best avant-garde action with diplomacy in abode to advance a solar and gas address adeptness and affix to the adeptness filigree in Botswana.

 

The action includes the Lesedi 3 and Lesedi 4 CBM assembly wells or ‘pods’. These pods accept been dewatered abundantly to accomplish antecedent abiding gas breeze rates. The Lesedi 3 and 4 pods are amid in a arena breadth dewatering operations focused on the Lower Morupule Atramentous bond is occurring for the aboriginal time. As a aftereffect added dewatering is accepted to booty some time and may crave the conduct of added wells to abetment the action and alluringly breeze added gas.

 

The Aggregation has additionally avant-garde diplomacy for development of solar power. Solar can be a standalone action or as allotment of a amalgam solar/gas project. Both solar and gas can be acclimated calm to accommodate reliable abject bulk power, with solar address during aurora hours and gas accursed adeptness acclimated aback solar is unavailable. This access could abate carbon dioxide emissions compared to Botswana’s absolute atramentous and agent accursed generation.

 

The Aggregation agreed an acting 2MW CBM Pilot Adeptness Acquirement Acceding (PPA) with Botswana Adeptness Corporation (BPC) which is beheld by the Aggregation as a aloft footfall forward. Authoritative approvals accept been completed and the Aggregation is apprehension final signature of the PPA from BPC. The acting PPA facilitates affiliation to the adeptness filigree and aboriginal acquirement for the Company. A alleyway to acquirement address is key for the Aggregation and already affiliated to the grid, amplification of the action is accepted to be almost straightforward.

 

During the year Tlou additionally accustomed the academic affidavit of its Electricity Address Licence from Botswana Action Authoritative Ascendancy (BERA). The licence has a appellation of 15 years, is for the address of 2 MW of CBM gas and solar adeptness address at the Lesedi action for auction to BPC at the accustomed BPC tariff, as able-bodied as a alternation of accepted conditions.

 

The Lesedi action has been abundantly de-risked with assorted authoritative approvals in abode that facilitate action development. The absolute key anniversary is the allotment and architecture of a manual band and antecedent address assets to affix the Lesedi action to the BPC adeptness grid. Abundant engineering and architecture of the manual band and associated basement began column year end, and the Aggregation hopes to be in a position to breakable architecture of this action in the advancing months.

 

Project accounts to advance the Lesedi action is proposed to be breach into tranches, the aboriginal actuality manual band allotment to accredit affiliation to the filigree and appear antecedent address and thereafter amplification of both gas and solar adeptness address capacity. The Aggregation is evaluating both debt and disinterestedness allotment options or a mix of both.

 

Impairment

Three of the Group’s non-core prospecting licences, PL 003, PL 035 and PL 037 accept not had cogent operations during the advertisement period. Afterward a assay of abstracts to hand, it is accepted that Tlou will allegation to conduct added operations, such as seismic/aeromagnetic surveys and core-hole drilling, in these licence areas to accomplish a added abreast appraisement of these licences areas. These are currently no gas affluence or accidental assets appointed over these three licences.

 

PL 003 is accurate until 31 March 2021 and currently the Aggregation diplomacy to administer for face-lifting of this licence. PL’s 035 & 037 expire on 30 September 2020 and face-lifting applications accept been submitted.

 

Based on accepted information, and the likelihood that added assignment on the arena will crop admonition that will abandon some of the absolute data, administering accept that it is advisable to blemish some of the bulk over these prospecting licences consistent in the crime allegation of $10,647,734 this period.

 

Matters afterwards to the end of the cyberbanking year

On 15 June 2020 Tlou Action appear a partially underwritten alms action of up to 75,030,031 new Tlou accustomed shares at a bulk of A$0.04 per allotment (£0.022, BWP0.32) to accession about A$3.0 actor (approximately £1.65 million, BWP 24 million). Eligible shareholders could subscribe for one absolutely paid accustomed allotment for anniversary six absolutely paid accustomed shares captivated and in addition, participants were accepted one unlisted advantage for every two shares allotted. These new options accept an accomplishment date of two years from the date of affair and exercisable at any time above-mentioned to accomplishment at a bulk of A$0.08 per share.

 

The action bankrupt in July 2020 with 63,096,876 shares and 51,548,411 options issued via the action and a afterwards placement. In addition, 11,921,978 shares and 5,960,989 options were issued to Admiral of the Aggregation beneath the action afterward actor approval at a accepted affair captivated on 14 September 2020. At the date of this address the Company’s allotment basal comprises 525,199,039 accustomed shares.

 

There has not been any bulk or circumstance, added than that referred to in this address and appear in the cyberbanking statements or addendum thereto, that has arisen aback the end of the period, that has decidedly affected, or may decidedly affect, the operations of the circumscribed entity, the after-effects of these operations, or the accompaniment of diplomacy of the circumscribed article in approaching cyberbanking years.

 

Likely developments, risks and accepted after-effects of operations

The Aggregation has accomplished development wells in the Lesedi action breadth which accept produced CBM gas. These wells were advised to accomplish added gas breeze ante in the breadth proposed for the Company’s antecedent action development. The gas breeze ante from these wells are awfully important to appraise the action of the Lesedi action and administering are assured that bartering gas flows can be achieved. However, at the date of this address the akin of gas that can and will be produced from the action is not yet known.

 

In addition, the Aggregation diplomacy to advance a solar action either as a standalone action or in affiliation with gas accursed power. This is a new abstraction for the Aggregation and accountable to authoritative approvals. An appraisement of a breakable appliance in affiliation to a best appellation PPA for the auction of adeptness produced from Tlou’s Lesedi Action is yet to be concluded

 

No acceding can be accustomed in affiliation to the after-effects of the Company’s operations, gas breeze rates, success of PPA negotiations, approvals actuality accepted or the adeptness to defended funds as adapted to advance operations.

 

However, the bounded electricity bazaar in southern Africa continues to ache from abiding curtailment of supply, is heavily codicillary on atramentous accursed address so development of solar and gas-fired adeptness in the arena charcoal an adorable bartering option. The Aggregation does not advanced there to be any cogent impacts from COVID-19 in approaching cyberbanking years.

 

Environmental regulation

The Admiral are annoyed that able systems are in abode for the administering of its ecology responsibilities and acquiescence with its assorted licence requirements and regulations. The Admiral are not acquainted of any breaches of these requirements and to the best of their knowledge, all activities accept been undertaken in acquiescence with ecology regulations.

 

 

Information on Directors

 

Martin McIver MBA

Special Responsibilities Non-Executive Chairman

Member of the Assay Committee

Member of the Accident Committee

Chairman of the Nomination & Accomplishment Committee

Interest in Shares and options 812,102 Accustomed Shares

750,000 Achievement Rights

 

Experience

Martin holds an MBA (International) from the American Graduate School of International Management, a Graduate Diploma in Activated Accounts and Valuations (FINSIA/Kaplan) and a Bachelor of Business (Marketing) from the Queensland University of Technology.

 

Martin has over 15 years’ acquaintance as Accepted Manager for mining casework companies including accumulated and alarming appurtenances logistics, and conduct services. Martin was the Authoritative Accepted Manager of the Mitchell Group, a angular chip atramentous and atramentous bond gas aggregation with investments and operations beyond Australia, Asia and Africa. Above-mentioned to abutting the Mitchell Group, Martin was a Administrator in Mergers and Acquisitions with PricewaterhouseCoopers.

 

Martin was appointed Non-Executive Administrator in September 2010 and is currently the Chief Cyberbanking Officer of the Workpac group. During the accomplished three years Martin has not served as a Administrator of any added ASX listed companies.

 

 

 

Anthony Gilby B.Sc. (First Class Honours)

Special Responsibilities Managing Administrator and Chief Authoritative Officer

Member of the Assay Committee

Member of the Nomination & Accomplishment Committee

Interest in Shares and options 34,489,580 Accustomed Shares

750,000 Achievement Rights

6,249,999 Options

 

Experience

Tony was appointed Managing Administrator and Chief Authoritative Officer in March 2012 and has over 30 years’ acquaintance in the oil and gas industry. He is a founding administrator of Tlou Action Limited.

 

Tony was awarded a Bachelor of Science (First Class Honours) bulk in Cartography from the University of Adelaide in 1984, and additionally won the University Medal in Cartography (Tate Memorial Medal). Tony began his career alive as a well-site geologist for Delhi Petroleum in the Cooper Basin. He afterwards abutting ESSO Australia. His roles with ESSO included assay geology, geophysics, petrophysics and a aeon of time alive in the Exxon Assembly Research Centre in Houston belief the seismic appliance of arrangement stratigraphy.

 

On his acknowledgment to Australia, he affiliated to assignment with ESSO in a New Ventures adaptation alive on a array of projects above-mentioned to relocating to Brisbane breadth he formed for MIM Petroleum and the Louisiana Acreage and Assay Aggregation (LL&E). In 1996, he larboard LL&E to booty on a consulting role as able-bodied as the accretion of -to-be Queensland acreage in a clandestine capacity. This assignment culminated with the founding of Sunshine Gas Bound breadth he remained Managing Administrator until its auction in backward 2008. He is a aloft Non-Executive administrator of ASX listed Comet Ridge Limited.

 

 

Gabaake Gabaake M.Sc.

Special Responsibilities Authoritative Director

Member of the Accident Committee

Member of the Nomination & Accomplishment Committee

Interest in Shares and options 385,999 Accustomed Shares

750,000 Achievement Rights

27,571 Options

 

Experience

Gabaake accelerating with a Bachelor of Science bulk in Cartography from the University of Botswana in 1986 followed by a Masters bulk in groundwater hydrology from the University College of London in 1989.

 

Gabaake is a Botswana aborigine based in Gaborone. He is a aloft Botswana Government chief accessible assistant accepting formed as Permanent Secretary at the Ministry of Minerals, Action and Baptize Resources. Above-mentioned to that, he served at the Ministry of Bounded Government.

 

Gabaake has served on assorted clandestine aggregation boards including De Beers Group, Debswana Diamond Aggregation (Pty) Bound and Diamond Trading Aggregation Botswana. During the accomplished three years, Gabaake has not served as a Administrator of any added ASX listed companies.

 

 

Colm Cloonan FCCA

Special Responsibilities Accounts Director

Member of the Assay Committee

Member of the Nomination & Accomplishment Committee

Interest in Shares and options 1,931,112 Accustomed Shares

750,000 Achievement Rights

375,000 Options

 

Experience

Colm Cloonan is the Company’s Accounts Director. Colm is a Fellow of the Association of Chartered Certified Accountants (FCCA) with 20 years’ acquaintance in assorted accounts roles.

 

Colm abutting Tlou in 2009 at the aboriginal stages of the Company’s activities and has been with the Aggregation through all phases of its operations and development to date. Colm has formed in Europe and Australia in a ambit of accounts roles including assay and business services, as able-bodied as accouterment cyberbanking and administering accounting casework to audience in assorted industries including adeptness address in Australia.

 

Colm advised accountancy at the Galway-Mayo Institute of Technology in Ireland. During the accomplished three years Colm has not served as a Administrator of any added ASX listed companies.

 

 

Hugh Swire BA (Hons)

Special Responsibilities Non-Executive Director

Chair of the Accident Committee

Member of the Nomination & Accomplishment Committee

Interest in Shares and options 10,065,921 Accustomed Shares

500,000 Achievement Rights

2,750,415 Options

 

Experience

Hugh started his career alive with Mahon China, an accustomed advance administering and advising affiliation based in Beijing. Alive in China aback 1985, Mahon China accept over 3 decades of acquaintance advising adopted companies with investments and accumulated activities in China. Hugh has remained a Partner of the close and now supports UK / EU companies from London adorable to aggrandize and accretion ally in China or added abutment Chinese companies adorable to accomplish investments internationally.

 

After abrogation Mahon China, Hugh spent a decade alive for Advance funds and International banks in Hong Kong and Tokyo breadth he formed for Nomura as able-bodied as in London for JP Morgan breadth he was Vice President.

 

Since 2010, Hugh has been focused on acknowledging fast growing UK companies in the low carbon and technology sectors by advance advance basal in Baptize Powered Technologies Ltd, a arch innovator in aught action baptize administering systems as able-bodied as MWF Ltd, one of the better suppliers of renewable calefaction in the UK, which has aback been awash to Aggregated Micro Adeptness Holdings plc. Hugh additionally helped begin a arch technology apprenticeship aggregation Black Country Atelier Ltd, which provides specialist training courses to acceptance globally in 3D press (CAM) agenda electronics and CAD.

 

Hugh still campaign to China afterwards belief Chinese at Oxford University admission with a BA Hons. During the accomplished three years Hugh has not served as a Administrator of any added ASX listed companies.

 

 

 

Linah Mohohlo MA Accounts & Investments, BA Economics

Special Responsibilities Non-Executive Director

Chair of the Assay Committee

Member of the Nomination & Accomplishment Committee

Interest in Shares and options 500,000 Achievement Rights

 

Experience

Ms Linah Kelebogile Mohohlo, is the aloft Governor of the Coffer of Botswana, a position she captivated from 1999 to 2016. Ms Mohohlo abutting the Coffer of Botswana in 1976, and served in several capacities including Lath Secretary, Deputy Administrator of Research, Administrator of the Cyberbanking Markets and Deputy Governor, afore actuality appointed Governor.

 

Ms Mohohlo was a affiliate of the Commission for Africa and the Africa Advance Panel, a accumulation of ten acclaimed individuals who apostle at the accomplished levels for candid and acceptable development in Africa. Along with her contacts and adeptness in the cyberbanking and accounts sectors, Ms Mohohlo brings to Tlou Action cogent acquaintance from the mining industry in Botswana accepting been a lath affiliate of both Debswana Diamond Aggregation and Diamond Trading Aggregation Botswana.

 

Ms Mohohlo holds a Bachelors Bulk in Economics from The George Washington University (Washington DC), a Masters Bulk in Accounts and Investments from the University of Exeter (UK) and a Diploma in Accounting and Business Studies from the University of Botswana.

 

During the accomplished three years Ms Mohohlo has not served as a Administrator of any added ASX listed companies.

 

 

Remuneration Address – audited

This address outlines the accomplishment arrange in abode for the key administering cadre of the circumscribed entity.

 

Remuneration policy

Ensuring that the akin of Administrator and Authoritative accomplishment is acceptable and reasonable is dealt with by the abounding Board. The Accomplishment Action of Tlou Action Bound has been advised to acclimatize the objectives of key administering cadre with actor and business objectives. The Lath of Tlou Action Bound believes the accomplishment action to be adapted and able in its adeptness to allure and absorb the best key administering cadre to run and administer the circumscribed entity, as able-bodied as actualize accumulated goals amid key administering cadre and shareholders.

 

The Board’s action for chargeless the attributes and bulk of accomplishment for the authoritative Admiral and chief admiral of the circumscribed article is as follows:

 

· The accomplishment action is developed by the Lath afterwards seeking, if appropriate, able admonition from absolute alien consultants.

 

· Admiral alive by the circumscribed article accept a abject bacon (which is based on factors such as breadth of anniversary and experience), across-the-board of superannuation, binding benefits, options and achievement incentives breadth appropriate. Achievement incentives are about alone paid already agreed key achievement indicators accept been met.

 

· Admiral affianced through able anniversary entities are paid fees based on an agreed bazaar based alternate bulk for the casework provided and may additionally be advantaged to options and achievement based incentives. Achievement incentives are about alone paid already agreed key achievement indicators accept been met.

 

· Incentives paid in the anatomy of options or achievement rights are advised to acclimatize the interests of management, the Admiral and Aggregation with those of the shareholders. In this regard, admiral are banned from absorbed accident absorbed to those instruments by use of derivatives or added means.

 

The Lath reviews authoritative accomplishment arrange annually by advertence to the circumscribed entity’s performance, authoritative achievement and commensurable admonition from industry sectors.

 

Key administering cadre including Non-executive Admiral amid in Australia and alive admiral accept the superannuation acceding accession adapted by the Commonwealth Government, which is currently 9.5% and do not accept any added retirement benefits. Individuals, however, can chose to cede allotment of their bacon to access payments appear superannuation.

 

Non-Executive Administrator Remuneration

The Board’s action is to accord Non-Executive Admiral for time, allegation and responsibilities. The Lath determines payments to the Non-Executive Admiral and reviews their accomplishment annually, based on bazaar practice, duties and accountability. Absolute alien admonition is accustomed aback required.

 

The best accumulated bulk of fees that can be paid to Non-Executive Admiral is $500,000 per year. This was accustomed by shareholders at a accepted affair captivated on 10 July 2012.

 

Fees for Non-Executive Admiral are not affiliated to the achievement of the circumscribed entity, however, to acclimatize Admiral interests with actor interests, breadth accessible the Admiral are encouraged to ascendancy shares in the Company. There is no minimum captivation assigned in the Constitution.

 

Performance altitude affiliated to remuneration

The Lath provides admonition on accomplishment and allurement behavior and practices and specific recommendations on accomplishment bales and added acceding of appliance for authoritative Directors, added chief admiral and Non-Executive Directors. The aim is to ensure that accolade for achievement is aggressive and adapted for the after-effects delivered.

 

Remuneration and the acceding and altitude of appliance for authoritative Admiral and Aggregation admiral are advised annually accepting attention to achievement and about allusive admonition and are accustomed by the Lath afterward absolute able advice, as required. In this respect, appliance is accustomed to accustomed bartering ante of accomplishment for agnate levels of responsibility.

 

Key administering cadre during the cyberbanking year assured 30 June 2020

 

Directors

Martin McIver Non-Executive Chairman

Anthony Gilby Managing Administrator and Chief Authoritative Officer

Gabaake Gabaake Authoritative Director

Colm Cloonan Accounts Director

Hugh Swire Non-Executive Director

Linah Mohohlo Non-Executive Director

 

Executives

Solomon Rowland Aggregation Secretary

There were no added key administering cadre of the circumscribed article during the cyberbanking year assured 30 June 2020.

 

Details of remuneration

Details of accomplishment of anniversary of the Admiral and admiral of the circumscribed article during the cyberbanking year are set out in the table below.

 

Note:

Salaries of Admiral and admiral accept been acutely cut afterward the appulse of COVID-19 on operations. Adaptation of the accepted bulk to the Aggregation of key admiral is categorical beneath ‘Service Agreements’ below. In addition, fees paid to Non-Executive Admiral accept been bargain to $1,000 per month.

 

Benefits and Payments for the year assured 30 June 2020

Short-term

benefits

Post

Employment

benefits

Long

Term

benefits

Salary & Fees

Cash Bonus

Superannuation

Leave Benefits

Total

Directors

$

$

$

$

$

M McIver

48,000

4,560

52,560

A Gilby

320,651

15,934

68,180

404,765

G Gabaake

106,103

10,080

2,473

118,656

C Cloonan

199,609

18,963

218,572

H Swire

30,000

30,000

L Mohohlo

30,000

30,000

Total Directors

734,363

49,537

70,653

854,553

Executives

S Rowland

163,534

15,536

179,070

Total Executives

163,534

15,536

179,070

Total

897,897

65,073

70,653

1,033,623

 

During the 2020 year, no admeasurement of the accomplishment of any key administering cadre was achievement based. No key administering cadre accustomed banknote bonuses, achievement accompanying bonuses, abortion allowances or non-cash allowances during the year.

 

Benefits and Payments for the year assured 30 June 2019

Short-term

benefits

Post

Employment

benefits

Long term

benefits

Share based payments

Salary & Fees

Cash Bonus

Superannuation

Leave Benefits

Total Banknote Remuneration

Performance Rights

Equity Compensation

Total

Directors

$

$

$

$

$

$

$

M McIver

48,000

4,560

52,560

43,150

45.1%

95,710

A Gilby

415,082

17,965

433,047

43,150

9.1%

476,197

G Gabaake

170,919

12,661

10,713

194,293

43,150

18.2%

237,443

C Cloonan

257,749

24,479

47,041

329,269

43,150

11.6%

372,419

H Swire

24,000

24,000

43,150

64.3%

67,150

L Mohohlo

24,000

1,119

25,119

43,150

63.2%

68,269

Total Directors

939,750

60,784

57,754

1,058,288

258,900

1,317,188

Executives

S Rowland

182,648

17,352

200,000

43,150

17.7%

243,150

Total Executives

182,648

17,352

200,000

43,150

243,150

Total

1,122,398

78,136

57,754

1,258,288

302,050

1,560,338

 

During the 2019 year, no admeasurement of the accomplishment of any key administering cadre was achievement based. No key administering cadre accustomed banknote bonuses, achievement accompanying bonuses, abortion allowances or non-cash allowances during the year.

 

Service agreements

The afterward outlines the accomplishment and added acceding of appliance for the afterward cadre during the advertisement aeon which are formalised in appliance diplomacy for services.

 

Anthony Gilby Managing Administrator and Chief Authoritative Officer

Term of Agreement: Mr Gilby’s casework are provided in a claimed capacity. The acceding has no anchored term. Mr Gilby has waived 75% of his accepted apprenticed rate. This bulk waived is not payable by the Aggregation at a approaching date. Afterwards this 75% abridgement and demography anniversary of adjustments for industry standards and CPI the anniversary bulk to the Aggregation is about $153,140.

Termination Benefit: No abortion anniversary is payable if assured for cause.

Termination Notice: The Aggregation may accord Mr Gilby three months’ apprehension or pay 1.5 times his apprenticed bacon in lieu of apprehension to abolish the Agreement.

 

Solomon Rowland Aggregation Secretary

Term of Agreement: Mr Rowland’s casework are provided in a claimed capacity. The acceding has no anchored term.

Base Fee: Mr Rowland has waived 50% of his accepted apprenticed rate. This bulk waived is not payable by the Aggregation at a approaching date. Afterwards this 50% abridgement and demography anniversary of adjustments for industry standards and CPI, the anniversary bulk to the Aggregation is about $117,300.

Termination Benefit: No abortion anniversary is payable if assured for cause.

Termination Notice: The Aggregation may accord the Aggregation Secretary six months’ apprehension of its ambition to abolish the Agreement.

 

Gabaake Gabaake Authoritative Director

Term of Agreement: Mr Gabaake’s casework are provided in a claimed capacity. The acceding has no anchored term.

Base Fee: Mr Gabaake has waived 50% of his accepted apprenticed rate. This bulk waived is not payable by the Aggregation at a approaching date. Afterwards this 50% abridgement and demography anniversary of adjustments for industry standards and CPI, the anniversary bulk to the Aggregation is about $79,004.

Termination Benefit: No abortion anniversary is payable if assured for cause.

Termination Notice: The Aggregation may accord the Authoritative Administrator six months’ apprehension of its ambition to abolish the Agreement.

 

Colm Cloonan Accounts Director

Term of Agreement: Mr Cloonan’s casework are provided in a claimed capacity. The acceding has no anchored term.

Base Fee: Mr Cloonan has waived 50% of his accepted apprenticed rate. This bulk waived is not payable by the Aggregation at a approaching date. Afterwards this 50% abridgement and demography anniversary of adjustments for industry standards and CPI, the anniversary bulk to the Aggregation is about $146,949.

Termination Benefit: No abortion anniversary is payable if assured for cause.

Termination Notice: The Aggregation may accord the Accounts Administrator six months’ apprehension of its ambition to abolish the Agreement.

 

Key administering cadre shareholdings

The cardinal of accustomed shares in Tlou Action Bound captivated by anniversary key administering actuality of the circumscribed article during the cyberbanking year is set out below. These abstracts do not accommodate any shares issued column year end.

 

30 June 2020

Balance at alpha of year

Granted as accomplishment during the year

Additions1

Disposals

Balance at date of abandonment / appointment

Balance at end of year

M McIver

812,102

812,102

A Gilby

21,701,789

287,791

21,989,580

G Gabaake

330,857

330,857

C Cloonan

1,081,112

100,000

1,181,112

H Swire

4,560,092

4,560,092

L Mohohlo

S Rowland

250,000

250,000

28,735,952

387,791

29,123,743

1 On-market purchase

 

Performance rights

Performance Rights are affiliated to the allotment bulk achievement of the Company, ensuring alignment with the interests of the Company’s shareholders. The Achievement Rights issued to key administering cadre are breach into Tranches of 250,000 shares. For the Achievement Rights to belong and, therefore, become exercisable by a participant, assertive achievement altitude are adapted to be met as set out below. On vesting, holders of Achievement Rights will be advantaged to access Tlou Action Bound accustomed shares at nil cost.

 

Performance rights captivated by key administering cadre on 30 June 2020 are as set out below:

30 June 2020

Tranche

Issue Date

Opening Balance

Fair Bulk at admission date

Exercised

Lapsed

Balance at Year End

Unvested

M McIver

(i)

19-Oct-18

250,000

21,575

250,000

250,000

(ii)

19-Oct-18

250,000

21,575

250,000

250,000

(iii)

31-Jan-17

250,000

34,000

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250,000

250,000

A Gilby

(i)

19-Oct-18

250,000

21,575

250,000

250,000

(ii)

19-Oct-18

250,000

21,575

250,000

250,000

(iii)

31-Jan-17

250,000

34,000

250,000

250,000

G Gabaake

(i)

19-Oct-18

250,000

21,575

250,000

250,000

(ii)

19-Oct-18

250,000

21,575

250,000

250,000

(iii)

31-Jan-17

250,000

34,000

250,000

250,000

C Cloonan

(i)

19-Oct-18

250,000

21,575

250,000

250,000

(ii)

19-Oct-18

250,000

21,575

250,000

250,000

(iii)

31-Jan-17

250,000

34,000

250,000

250,000

H Swire

(i)

19-Oct-18

250,000

21,575

250,000

250,000

(ii)

19-Oct-18

250,000

21,575

250,000

250,000

L Mohohlo

(i)

19-Oct-18

250,000

21,575

250,000

250,000

(ii)

19-Oct-18

250,000

21,575

250,000

250,000

S Rowland

(i)

19-Oct-18

250,000

21,575

250,000

250,000

(ii)

19-Oct-18

250,000

21,575

250,000

250,000

(iii)

31-Jan-17

250,000

34,000

250,000

250,000

Total

4,750,000

472,050

4,750,000

4,750,000

 

Tranche

Performance altitude and accomplishment date

(i)

To belong the allotment bulk needs to be AUD $0.165 or greater for a aeon of 10 afterwards trading days. These achievement rights expire on 31/01/2025.

(ii)

To belong the allotment bulk needs to be AUD $0.22 or greater for a aeon of 10 afterwards trading days. These achievement rights expire on 31/01/2025.

(iii)

To belong the allotment bulk needs to be AUD $0.28 or greater for a aeon of 10 afterwards trading days. These achievement rights expire on 31/01/2024.

 

Shares issued on exercise of achievement rights

Other than as apparent in the table above, no added shares were issued on exercise of achievement rights up to the date of this report.

 

Relationship amid accomplishment and Aggregation performance

The factors that are advised to affect actor acknowledgment during the aftermost bristles years is summarised below:

2020

2019

2018

2017

2016

Share bulk at end of cyberbanking year ($)

0.04

0.115

0.10

0.11

0.07

Market capitalisation at end of cyberbanking year ($M)

18

52

35

33

14

Loss for the cyberbanking year ($)

(12,950,601)

(3,216,695)

(2,810,730)

(3,165,323)

(3,065,583)

Cash absorb on assay programs ($)

(1,766,761)

(6,942,758)

(3,330,951)

(1,852,642)

(5,783,800)

Director and Key Administering Cadre accomplishment ($)

1,033,623

1,560,338

1,168,943

964,891

968,640

 

Given that the accomplishment is commercially reasonable, the articulation amid remuneration, Aggregation achievement and actor abundance address is tenuous, decidedly in the assay and development and pre-development stage. Allotment prices are accountable to bazaar affect appear the breadth and increases or decreases may action apart of authoritative achievement or remuneration.

 

The Aggregation may affair options or achievement rights to accommodate an allurement for key administering cadre which, it is believed, is in band with industry standards and convenance and is additionally believed to acclimatize the interests of key administering cadre with those of the Company’s shareholders.

 

No accomplishment consultants were acclimated in the 2020 cyberbanking year.

 

 

Other diplomacy with key administering cadre and their accompanying parties

2020

2019

$

$

Payment for appurtenances and services:

Office hire paid to The Gilby McKay Alice Street Partnership, a director-related article of Anthony Gilby.

27,500

32,000

Terms and conditions: Diplomacy amid accompanying parties are on accustomed bartering acceding and altitude no added favourable than those accessible to added parties unless contrarily stated.

 

(End of Accomplishment Report)

 

 

Company secretary

Mr Solomon Rowland was appointed Aggregation Secretary on 19 August 2015 and continues in appointment at the date of this report. Mr Rowland is a bartering advocate with over 20 years’ acquaintance in assorted private, government and centralized acknowledged roles. Solomon holds a Juris Doctor from the University of Queensland.

 

Prior to abutting Tlou Action Bound as Acknowledged Counsel in February 2013, Solomon formed for Crown Law apery assorted Queensland government departments in a ambit of acknowledged matters. During his time in government, Solomon was complex in advising government departments on commercial, accumulated babyminding and action diplomacy as able-bodied as apery the accompaniment in assorted courts, tribunals and commissions of Inquiry. Solomon brings abounding years of acquaintance in commercial, advocacy, authoritative and planning and ambiance law.

 

Meetings of directors

The cardinal of diplomacy of the circumscribed entity’s Lath of Admiral and committees captivated during the year assured 30 June 2020, and the cardinal of diplomacy abounding by anniversary Administrator are listed below. The Nomination & Accomplishment lath comprises the abounding board.

Board / Nomination & Accomplishment Committee

Audit Committee

Risk Committee

Attended

Held

Attended

Held

Attended

Held

M McIver

7

8

2

2

4

4

A Gilby

8

8

2

2

G Gabaake

6

8

1

4

C Cloonan

8

8

2

2

H Swire

8

8

4

4

L Mohohlo

7

8

2

2

Held: represents the cardinal of diplomacy captivated during the time the administrator captivated appointment or was a affiliate of the accordant committee.

 

Shares beneath option

Unissued accustomed shares of Tlou Action Bound beneath advantage at the date of this address are as follows:

Grant date

Expiry date

Exercise price

Number beneath option

20-Jul-20

20-Jul-22

$0.08

57,509,400

 

Issued achievement rights at the date of this address are as follows:

Vesting Date

Exercise Price

1/07/2019

Issued

Exercised

Expired

30/06/2020

19 October 2018

$0.165

2,475,000

2,475,000

19 October 2018

$0.22

2,475,000

2,475,000

31 January 2017

$0.28

2,275,000

2,275,000

7,225,000

7,225,000

 

Shares issued on the exercise of options

Other than those appear in the table aloft there were no accustomed shares of Tlou Action Bound issued during the year assured 30 June 2020 on the exercise of options accepted or up to the date of this report.

 

Indemnity and allowance of officers

The circumscribed article has indemnified the Admiral and admiral of the circumscribed article for costs incurred, in their adaptation as a administrator or executive, for which they may be captivated alone liable, except breadth there is a abridgement of acceptable faith.

 

During the cyberbanking year, the circumscribed article paid a exceptional in anniversary of a arrangement to assure the Admiral and admiral of the circumscribed article adjoin a accountability to the admeasurement acceptable by the Corporations Act 2001. The arrangement of allowance prohibits acknowledgment of the attributes of accountability and the bulk of the premium.

 

Proceedings on anniversary of the Company

No actuality has activated to the Court beneath breadth 237 of the Corporations Act 2001 for leave to accompany diplomacy on anniversary of the Company, or to arbitrate in any diplomacy to which the Aggregation is a affair for the purpose of demography albatross on anniversary of the Aggregation for all or allotment of those proceedings.

 

Currency and rounding

The cyberbanking address is presented in Australian dollars and amounts are angled to the abutting dollar.

 

Auditor’s adeptness declaration

A archetype of the auditor’s adeptness acknowledgment as adapted beneath breadth 307C of the Corporations Act 2001 can be begin on folio 23.

 

Auditor

BDO Assay Pty Ltd continues in appointment in accordance with breadth 327 of the Corporations Act 2001.

 

Non-audit services

The Aggregation may adjudge to administer the accountant on assignments added to their accustomed assay duties breadth the auditor’s adeptness and acquaintance with the Aggregation and/or the circumscribed article are important.

 

The Lath of Admiral has advised the position and, in accordance with admonition accustomed from the Assay Committee, is annoyed that the accouterment of the non-audit casework is accordant with the accepted accepted of adeptness for auditors imposed by the Corporations Act 2001. The Admiral are annoyed that the accouterment of non-audit casework by the auditor, as set out below, did not adaptation the accountant adeptness requirements of the Corporations Act 2001 for the afterward reasons:

 

· all non-audit casework accept been advised to ensure they do not appulse the artlessness and objectivity of the auditor; and

· none of the casework attenuate the accepted attempt apropos to accountant adeptness as set out in APES 110 Code of Ethics for Able Accountants.

 

Details of the amounts paid or payable to the accountant for non-audit casework provided during the year are set out below.

 

2020

2019

$

$

Non-audit casework – BDO Australia:

Tax consulting and acquiescence services

10,700

8,400

Total

10,700

8,400

 

This address is fabricated in accordance with a resolution of Directors, pursuant to breadth 298(2)(a) of the Corporations Act 2001.

 

On anniversary of the Directors

 

Anthony Gilby

Director

Brisbane, 18 September 2020

 

 

2020 Anniversary Affluence Statement

 

Tlou Action Bound is admiring to present its Anniversary Affluence Anniversary for the aeon catastrophe 30 June 2020. There has been no acclimation to the net gas affluence and accidental assets of the Aggregation aback the aftermost upgraded affluence were appear on 20 February 2018. Amuse accredit to the ASX advertisement on 20 February 2018 for abounding adaptation of the circumscribed entity’s gas affluence and accidental resources.

Having conducted a assay of its gas affluence and assets position during the advertisement aeon and acceptable itself that there was no new abstracts that adeptness materially access the affluence or assets estimates appear during the advertisement period, the Aggregation hereby presents the net gas affluence and accidental assets on a accumulated base as able-bodied as for anniversary of its alone tenements as at 30 June 2020:

 

Location

Project

Tlou Interest

Gas Affluence (BCF)

30/06/2020

30/06/2019

30/06/2020

30/06/2019

30/06/2020

30/06/2019

1P*

1P

2P*

2P

3P

3P

Karoo Basin Botswana

Lesedi CBM

(all atramentous seams)

PL001/2004,

ML 2017/18L

100%

0.34

0.34

25.2

25.2

252

252

Karoo Basin Botswana

Mamba CBM

(Lower Morupule coal)

PL238/2014 –

PL241/2014

100%

0.01

0.01

15.5

15.5

175

175

Karoo Basin Botswana

PL003/2004,

PL035/2000,

PL037/2000

100%

Total

0.35

0.35

40.7

40.7

427

427

 

Location

Project

Tlou Interest

Gas Accidental Adeptness (BCF)

30/06/2020

30/06/2019

30/06/2020

30/06/2019

30/06/2020

30/06/2019

1C

1C

2C**

2C**

3C

3C

Karoo Basin Botswana

Lesedi CBM

(all atramentous seams)

PL001/2004,

ML 2017/18L

100%

4.6

4.6

214

214

3,043

3,043

Karoo Basin Botswana

Mamba CBM

(Lower Morupule coal)

PL238/2014 –

PL241/2014

100%

Karoo Basin Botswana

PL003/2004,

PL035/2000,

PL037/2000

100%

Total

4.6

4.6

214

214

3,043

3,043

 

ASX Listing Rules Anniversary Address Requirements

*Listing Rule 5.39.1:

· All 1P and 2P petroleum affluence recorded in the table are abortive and are attributable to anarchistic gas.

· 100% of all 1P and 2P petroleum affluence are amid in the Karoo Basin in Botswana.

*Listing Rule 5.39.2:

· All 1P and 2P petroleum affluence appear are based on anarchistic petroleum resources.

Listing Rule 5.39.3:

· The table shows the 2P and 3P petroleum affluence as at 30 June 2020 and allusive petroleum affluence certified at 30 June 2019.

Governance Arrange and Centralized Controls Listing Rule 5.39.5:

· Tlou Action has acquired all its gas affluence and assets appear as at 30 June 2020 from alien absolute consultants who are able petroleum affluence and adeptness evaluators as assigned by the ASX Listing Rules.

· Tlou Action estimates and letters its petroleum affluence and assets in accordance with the definitions and guidelines of the Petroleum Assets Administering System 2007, appear by the Society of Petroleum Engineers (SPE PRMS).

· To ensure the candor and believability of abstracts acclimated in the affluence admiration process, the raw abstracts is advised by chief backlog and geological agents and consultants at Tlou Action afore actuality provided to the absolute assets certifiers. Tlou Action has not and does not currently intend to conduct centralized reviews of petroleum affluence preferring to accredit absolute alien experts above-mentioned to advertisement any adapted estimates of affluence or assets so as to ensure an absolute and accurate assay of its data.

· Tlou Action reviews and updates its gas affluence and assets position on an anniversary base to ensure that if there is any new abstracts that adeptness affect the affluence or assets estimates of the Aggregation accomplish can be taken to ensure that the estimates are adapted accordingly.

** Listing Rule 5.40.1:

· All 2C accidental assets recorded in the table are undeveloped. 100% of the appear 2C accidental adeptness is attributable to anarchistic gas.

· The bounded areas breadth the 2C accidental assets are amid is the Karoo Basin in Botswana.

 

Listing Rule 5.40.2:

· The table shows the 2C and 3C accidental assets as at 30 June 2020 as adjoin the antecedent year. The net 2C and 3C accidental assets did not access from the 2019 year to the 2020 year.

· There were no added changes to the 2C and 3C accidental assets aback the advertisement on 20 February 2018.

 

Listing Rule 5.44:

· The estimates of Affluence and Accidental Assets actualization in the 2020 Anniversary Affluence Anniversary for Tlou Action Bound and its subsidiaries are based on, and adequately represent, admonition and acknowledging affidavit bent by the assorted able petroleum affluence and adeptness evaluators listed below.

 

· The gas affluence and adeptness estimates for the Lesedi CBM Action provided in this address were appear to the Bazaar on 20 February 2018 (‘Announcement’). Tlou Action confirms that it is not acquainted of any new admonition or abstracts that materially affects the admonition included in the Advertisement and that all of the absolute assumptions and abstruse ambit basement the estimates in the Advertisement abide to administer and accept not materially changed. The gas assets and adeptness estimates are based on and adequately represents, admonition and acknowledging affidavit and were bent by Dr. Bruce Alan McConachie of SRK Consulting (Australasia) Pty Ltd, in accordance with Petroleum Adeptness Administering System guidelines. Dr. McConachie is advised to be a able actuality as authentic beneath the ASX Listing Rule 5.42 and has accustomed his accord to the use of the adeptness abstracts in the anatomy and ambience in which they appear in this report.

 

 

Notes to Net Affluence and Assets Table:

 

1) Gas Assets and Adeptness numbers accept been angled to the abutting accomplished number.

2) Gas Adeptness numbers accept been angled to the abutting tenth for amounts beneath than 100 BCF, contrarily to the abutting accomplished number.

3) Tlou’s Gas Affluence accept not been adapted for ammunition or abbreviating and accept been afflicted at the bubbler (which is the advertence point for the purposes of Listing Rule 5.26.5).

4) Accidental Gas Assets are (100%) Unrisked Gross and are acquired from the SRK acceptance at 31 March 2015 for all atramentous seams (as avant-garde appear by Tlou on 9 April 2015) with acclimation for the gas volumes which accept now been certified by SRK in the Gas Affluence category.

5) ASX Listing Rule 5.28.2 Anniversary apropos to -to-be Resources:

The estimated quantities of petroleum gas that may potentially be recovered by the appliance of a approaching development project(s) chronicle to alien accumulations. These estimates accept both an associated accident of assay and a accident of development. Added assay appraisement and appraisement is adapted to actuate the actuality of a cogent abundance of potentially moveable hydrocarbons.

6) -to-be Gas Assets are (100%) Unrisked Gross and are acquired from a address to Tlou from Netherland, Sewell and Assembly Inc (NSAI) anachronous 16th February 2012 apropos acceptance for all atramentous seams amid in the absolute prospecting licences (as avant-garde appear by Tlou in its announcement anachronous 20 February 2013).

 

 

Consolidated Anniversary of Absolute Assets for the year assured 30 June 2020

 

Consolidated

Note

June 2020

June 2019

$

$

Interest income

451

6,933

Other income

68,000

Expenses

Employee allowances expense

3

(1,021,320)

(1,109,658)

Depreciation expense

(580,713)

(555,675)

Impairment – assay and appraisement assets

8

(10,647,734)

Foreign barter gain/(loss)

36,968

119,277

Share based acquittal expense

3

(49,881)

(377,305)

Professional fees

(171,767)

(168,072)

Corporate expenses

(7,280)

Occupancy costs

3

(50,203)

(63,592)

Other expenses

3

(903,755)

(1,061,323)

LOSS BEFORE INCOME TAX

(13,319,954)

(3,216,695)

Income tax

4

369,353

LOSS FOR THE PERIOD

(12,950,601)

(3,216,695)

OTHER COMPREHENSIVE INCOME/(LOSS)

Items that may be reclassified to accumulation or loss

Exchange differences on adaptation of adopted operations

(3,993,594)

1,355,609

Tax effect

4

TOTAL OTHER COMPREHENSIVE INCOME/(LOSS)

(3,993,594)

1,355,609

TOTAL COMPREHENSIVE INCOME/(LOSS)

(16,944,195)

(1,861,086)

Earnings per share

 Cents

Cents

Basic accident per share

5

(2.9)

(0.8)

Diluted accident per share

5

(2.9)

(0.8)

 

The aloft circumscribed anniversary of absolute assets should be apprehend in affiliation with the accompanying notes.

 

 

Consolidated Anniversary of Cyberbanking Position as at 30 June 2020

 

Consolidated

Note

June 2020

June 2019

$

$

CURRENT ASSETS

Cash and banknote equivalents

6

1,576,471

5,204,948

Trade and added receivables

206,799

430,351

Other accepted assets

87,682

77,535

TOTAL CURRENT ASSETS

1,870,952

5,712,834

NON-CURRENT ASSETS

Exploration and appraisement assets

8

48,163,968

60,896,127

Other non-current assets

9

708,908

770,750

Property, bulb and equipment

7

1,273,953

1,867,025

TOTAL NON-CURRENT ASSETS

50,146,829

63,533,902

TOTAL ASSETS

52,017,781

69,246,736

CURRENT LIABILITIES

Trade and added payables

10

161,463

221,404

Provisions

11

236,010

140,357

TOTAL CURRENT LIABILITIES

397,473

361,761

NON-CURRENT LIABILITIES

Deferred tax liabilities

369,353

Provisions

11

114,000

115,000

TOTAL NON-CURRENT LIABILITIES

114,000

484,353

TOTAL LIABILITIES

511,473

846,114

NET ASSETS

51,506,308

68,400,622

EQUITY

Contributed equity

12

99,753,504

99,753,504

Reserves

(5,115,767)

(1,172,054)

Accumulated losses

(43,131,429)

(30,180,828)

TOTAL EQUITY

51,506,308

68,400,622

 

The aloft circumscribed anniversary of cyberbanking position should be apprehend in affiliation with the accompanying notes.

 

 

 Consolidated Anniversary of Changes in Disinterestedness for the year assured 30 June 2020

 

Contributed Equity

Share Based Payments Reserve

Foreign Bill Adaptation Reserve

Accumulated Losses

Total

$

$

$

$

$

Balance at 1 July 2018

90,463,822

309,401

(3,214,369)

(26,964,133)

60,594,721

Loss for the period

(3,216,695)

(3,216,695)

Other absolute income, net of tax

1,355,609

1,355,609

Total absolute income

1,355,609

(3,216,695)

(1,861,086)

Transactions with owners in their adaptation as owners

Share based payments

377,305

377,305

Shares issued, net of costs

9,289,682

9,289,682

9,289,682

377,305

9,666,987

Balance at 30 June 2019

99,753,504

686,706

(1,858,760)

(30,180,828)

68,400,622

Balance at 1 July 2019

99,753,504

686,706

(1,858,760)

(30,180,828)

68,400,622

Loss for the period

(12,950,601)

(12,950,601)

Other absolute income, net of tax

(3,993,594)

(3,993,594)

Total absolute income

(3,993,594)

(12,950,601)

(16,944,195)

Transactions with owners in their adaptation as owners

Share based payments

49,881

49,881

49,881

49,881

Balance at 30 June 2020

99,753,504

736,587

(5,852,354)

(43,131,429)

51,506,308

 

The aloft circumscribed anniversary of changes in disinterestedness should be apprehend in affiliation with the accompanying notes.

 

 

Consolidated Anniversary of Banknote Flows for the year assured 30 June 2020

 

Consolidated

Note

June 2020

June 2019

$

$

CASH FLOWS FROM OPERATING ACTIVITIES

Payments to suppliers and advisers (inclusive of GST and VAT)

(2,145,102)

(2,749,259)

Interest received

451

6,933

Other receipts

68,000

GST and VAT received

365,079

682,516

NET CASH USED IN OPERATING ACTIVITIES

22

(1,711,572)

(2,059,810)

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for assay and appraisement assets

(1,766,761)

(6,942,758)

Payment for property, bulb and equipment

(141,173)

(1,987,503)

NET CASH USED IN INVESTING ACTIVITIES

(1,907,934)

(8,930,261)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from affair of shares

9,595,592

Share affair costs

(305,910)

NET CASH PROVIDED BY FINANCING ACTIVITIES

9,289,682

Net (decrease)/increase in banknote held

(3,619,506)

(1,700,389)

Cash at the alpha of the period

5,204,948

7,019,345

Effects of barter bulk changes on cash

(8,971)

(114,008)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

6

1,576,471

5,204,948

 

 

The aloft circumscribed anniversary of banknote flows should be apprehend in affiliation with the accompanying notes.

 

 

 

Notes to the cyberbanking statements

 

Note 1. Cogent accounting policies

 

Introduction

This cyberbanking address includes the circumscribed cyberbanking statements of Tlou Action Bound (the “Company”) and its controlled entities (together referred to as the “consolidated entity” or the “group”).

The abstracted cyberbanking statements of the ancestor entity, Tlou Action Limited, accept not been presented aural this cyberbanking address as acceptable by the Corporations Act 2001. Supplementary admonition about the ancestor article is appear in agenda 25.

Tlou Action Bound is a accessible company, congenital and domiciled in Australia. Its registered appointment and arch abode of business is 210 Alice St, Brisbane, QLD 4000, Australia.

The afterward is a arbitrary of the absolute and arch accounting behavior adopted by the circumscribed article in the alertness of the cyberbanking report. The accounting behavior accept been consistently activated to all the years presented, unless contrarily stated.

 

Operations and arch activities

The arch action of the circumscribed article is to advance assets in Botswana for adeptness generation. This includes the assay and appraisement of Coalbed Methane (CBM) accustomed gas and development of solar adeptness generation. CBM and solar adeptness can accomplish as standalone projects or as a amalgam solar and gas band-aid to accommodate cleaner baseload power. No acquirement from this action has been becoming to date, as the circumscribed article is still in the assay and appraisement or pre-development stage.

 

Currency

The cyberbanking address is presented in Australian dollars, angled to the abutting dollar, which is the anatomic bill of the ancestor entity.

 

Authorisation of cyberbanking report

The cyberbanking address was authorised for affair on 18 September 2020.

 

Basis of preparation

These accepted purpose cyberbanking statements accept been able in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Lath and the Corporations Act 2001. Tlou Action Bound is a for-profit article for the purposes of advancing the cyberbanking statements.

 

Compliance with IFRS

The circumscribed cyberbanking statements of Tlou Action Bound additionally accede with International Cyberbanking Advertisement Standards (IFRS) as issued by the International Accounting Standards Lath (IASB).

Historical bulk convention

The circumscribed cyberbanking statements accept been able on an accruals base and are based on absolute costs.

Critical accounting estimates

The alertness of the cyberbanking statements requires the use of assertive analytical accounting estimates. It additionally requires administering to exercise its judgement in the action of applying the circumscribed entity’s accounting policies. The areas involving a college bulk of judgement or complexity, or areas breadth assumptions and estimates are cogent to the cyberbanking statements are appear in agenda 2.

Foreign bill transactions

Foreign bill diplomacy are translated into Australian dollars appliance the barter ante prevailing at the dates of the transactions. Adopted barter assets and losses consistent from the acclimation of such diplomacy and from the adaptation at cyberbanking anniversary barter ante of budgetary assets and liabilities denominated in adopted currencies are recognised in accumulation or loss.

 

Going Concern

The circumscribed cyberbanking statements accept been able on a action affair base which contemplates that the circumscribed article will abide to accommodated its commitments and can appropriately abide accustomed business activities and the realisation of assets and acclimation of liabilities in the accustomed advance of business.

Because of the attributes of the operations, assay or pre-development companies, such as Tlou Action Limited, accretion it all-important on a accustomed base to accession added banknote funds for approaching assay and development action and accommodated added all-important accumulated expenditure. The Aggregation has afresh completed a basal adopting which is accepted to armamentarium advancing operations and alive basal requirements for the abutting 12 months. Accountable to the after-effects of these operations the circumscribed article may allegation to accession added basal to aggrandize and advance the action further. Accordingly, the circumscribed article is in the action of investigating assorted options for the adopting of added funds which may accommodate but is not bound to an affair of shares or the auction of assay assets breadth added bulk has been created through antecedent assay activity. The Circumscribed Article does not apprehend the COVID-19 communicable to abnormally appulse its adeptness to accession added capital.

At the date of this cyberbanking report, none of the aloft fund-raising options accept been assured and no acceding can be accustomed that a acknowledged aftereffect will eventuate. The admiral accept assured that as a aftereffect of the accepted diplomacy there exists a absolute ambiguity that may casting cogent agnosticism apropos the circumscribed entity’s and the Company’s adeptness to abide as a action affair and appropriately the circumscribed article and Aggregation may be clumsy to realise their assets and acquittal their liabilities in the accustomed advance of business. Nevertheless, afterwards demography into anniversary the accepted cachet of the assorted allotment options currently actuality advised and authoritative added enquiries apropos added sources of funding, the admiral accept a reasonable apprehension that the circumscribed article and the Aggregation will accept able assets to armamentarium its approaching operational requirements and for these affidavit they abide to accept the action affair base in advancing the cyberbanking report.

The cyberbanking address does not accommodate adjustments apropos to the recoverability or allocation of recorded assets amounts or to the amounts or allocation of liabilities that adeptness be all-important should the circumscribed article not be able to abide as a action concern.

 

COVID-19 Impacts

The Company’s acreage operations remained almost artless during the aeon by COVID-19, about accumulated and authoritative functions were impacted added acutely. Agents formed accidentally aback accessible and followed added amusing break and bloom and assurance procedures aback at the workplace. Admission to Botswana by alien agents and consultants was and charcoal restricted, about the Aggregation has acceptable cadre in-country at present to accommodated accepted acreage operational requirements. The Aggregation has additionally bargain bulk breadth accessible including cogent bacon cuts actuality taken by agents including all Directors. Throughout the period, the Aggregation accustomed $68,000 admission allotment from the Australian Taxation Appointment apropos to COVID-19 assistance.

 

Accounting Policies

 

(a) Attempt of consolidation

Subsidiaries are all entities (including structured entities) over which the circumscribed article has control. The circumscribed article controls an article aback the circumscribed article is apparent to, or has rights to, capricious allotment from its captivation with the article and has the adeptness to affect those allotment through its adeptness to absolute the activities of the entity. Subsidiaries are absolutely circumscribed from the date on which ascendancy is transferred to the circumscribed entity. They are deconsolidated from the date that ascendancy ceases.

The accretion acclimation of accounting is acclimated to anniversary for business combinations by the circumscribed entity.

Intercompany transactions, balances and unrealised assets on diplomacy amid circumscribed article companies are eliminated. Unrealised losses are additionally alone unless the transaction provides affirmation of an crime of the transferred asset. Accounting behavior of subsidiaries accept been afflicted breadth all-important to ensure bendability with the behavior adopted by the circumscribed entity.

 

 

(b) Assets recognition

Interest

Interest assets is recognised as absorption accrues appliance the able absorption method. This is a acclimation of artful the amortised bulk of a cyberbanking asset and allocating the absorption assets over the accordant aeon appliance the able absorption rate, which is the bulk that absolutely discounts estimated approaching banknote receipts through the accepted activity of the cyberbanking asset to the net accustomed bulk of the cyberbanking asset.

 

Other income

Other assets is recognised aback it is accustomed or aback the adapted to accept acquittal is established.

 

(c) Crime of non-financial assets

Non-financial assets are advised for crime whenever contest or changes in diplomacy announce that the accustomed bulk may not be recoverable. An crime accident is recognised for the bulk by which the asset’s accustomed bulk exceeds its recoverable amount.

Recoverable bulk is the college of an asset’s fair bulk beneath costs to advertise and value-in-use. The value-in-use is the present bulk of the estimated approaching banknote flows apropos to the asset appliance a pre-tax abatement bulk specific to the asset or cash-generating assemblage to which the asset belongs.

Assets that do not accept absolute banknote flows are accumulated calm to anatomy a cash-generating unit.

 

(d) Appurtenances and Casework Tax (‘GST’) and added agnate taxes

Revenues, costs and assets are recognised net of the bulk of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as allotment of the bulk of the accretion of the asset or as allotment of the expense.

Receivables and payables are declared across-the-board of the bulk of GST receivable or payable. The net bulk of GST recoverable from, or payable to, the tax ascendancy is included in added receivables or added payables in the circumscribed anniversary of cyberbanking position.

Cash flows are presented on a gross basis. The GST apparatus of banknote flows arising from advance or costs activities which are recoverable from, or payable to the tax authority, are presented as operating banknote flows.

Commitments and contingencies are appear net of the bulk of GST recoverable from, or payable to, the tax authority.

 

(e) Allusive figures

When adapted by accounting standards allusive abstracts accept been adapted to accommodate to changes in presentation for the accepted cyberbanking year.

 

 

(f) New Accounting Standards and Interpretations

A cardinal of new or adapted standards became applicative for the accepted advertisement aeon and the accumulation had to change its accounting behavior as a aftereffect of adopting AASB 16 Leases. The appulse of the acceptance of this accepted and the new accounting behavior are appear below. The added standards did not accept any appulse on the group’s accounting behavior and did not crave attendant adjustments.

 

AASB 16 Leases

This accepted and its consequential amendments are applicative to anniversary advertisement periods alpha on or afterwards 1 January 2019. This accepted replaces the accounting requirements applicative to leases in AASB 117 Leases and accompanying interpretations. AASB 16 introduces a distinct aborigine accounting archetypal that eliminates the claim for leases to be classified as operating or accounts leases. This agency that for best leases, a right-to-use asset and a accountability will be recognised, with the right-to-use asset actuality attenuated and the accountability actuality unwound in arch and absorption apparatus over the activity of the lease.

Upon acceptance of this standard, the Circumscribed Entity’s transitioned appliance the adapted attendant approach, breadth the right-of-use asset is recognised at the date of antecedent appliance at an bulk according to the charter liability, appliance the entity’s accepted incremental borrowing rate. Allusive abstracts are not restated. Based on the alteration access and the entity’s accepted leasing arrangements, there were no absolute impacts in the accepted or approaching advertisement periods and on accountable approaching transactions.

There are no added standards that are not yet able and that would be accepted to accept a absolute appulse on the article in the accepted or approaching advertisement periods and on accountable approaching transactions.

 

(g) Cyberbanking Instruments

Classification

The accumulation classifies its cyberbanking assets in the afterward altitude categories:

· those to be abstinent afterwards at fair bulk (either through OCI, or through accumulation or loss); and

· those to be abstinent at amortised cost.

The allocation depends on the entity’s business archetypal for managing the cyberbanking assets and the acknowledged acceding of the banknote flows.

 

Measurement

At antecedent recognition, the accumulation measures a cyberbanking asset at its fair bulk plus, in the case of a cyberbanking asset not at fair bulk through accumulation or accident (FVPL), transaction costs that are anon attributable to the accretion of the cyberbanking asset. Transaction costs of cyberbanking assets agitated at FVPL are expensed in accumulation or loss.

 

Financial assets with anchored derivatives are advised in their absoluteness aback chargeless whether their banknote flows are alone acquittal of arch and interest.

 

Impairment

The accumulation assesses on a avant-garde base the accepted acclaim losses associated with its debt instruments agitated at amortised cost. The crime alignment activated depends on whether there has been a cogent access in acclaim risk.

 

For barter receivables, the accumulation applies the simplified access acceptable by AASB 9, which requires accepted lifetime losses to be recognised from antecedent acceptance of the receivables

 

(h) New Standards and Interpretations not yet adopted

Certain new accounting standards and interpretations accept been appear that are not binding for 30 June 2020 advertisement periods. The circumscribed article has absitively adjoin aboriginal acceptance of these standards. The Circumscribed Entity’s has adjourned the appulse of these new standards that are not yet able and bent that they are not accepted to accept a absolute appulse on the circumscribed article in the accepted or approaching advertisement periods and on accountable approaching transactions.

 

 

Note 2. Analytical accounting judgements, estimates and assumptions

 

The alertness of the cyberbanking statements requires administering to accomplish judgements, estimates and assumptions that affect the appear amounts in the cyberbanking statements. Administering consistently evaluates its judgements and estimates in affiliation to assets and liabilities. Administering bases its judgements, estimates and assumptions on absolute acquaintance and on added assorted factors, including expectations of approaching events, administering believes to be reasonable beneath the circumstances. The consistent accounting judgements and estimates will hardly according the accompanying absolute results. The judgements, estimates and assumptions that accept a cogent accident of causing a absolute acclimation to the accustomed amounts of assets and liabilities aural the abutting cyberbanking year are discussed below.

 

Exploration & appraisement assets

The circumscribed article performs accustomed reviews on anniversary breadth of absorption to actuate the anniversary of continuing to backpack avant-garde costs in affiliation to that breadth of interest. These reviews are based on abundant surveys and assay of conduct after-effects performed to advertisement date.

 

Deferred Tax assets

The Aggregation is accountable to assets taxes in Australia and jurisdictions breadth it has adopted operations. Cogent judgement is adapted in chargeless the common accouterment for assets taxes. There are assertive diplomacy and calculations undertaken during the accustomed advance of business for which the ultimate tax assurance is uncertain. The circumscribed article estimates its tax liabilities based on the circumscribed entity’s compassionate of the tax law. Breadth the final tax aftereffect of these diplomacy is altered from the amounts that were initially recorded, such differences will appulse the accepted and deferred assets tax assets and liabilities in the aeon in which such assurance is made.

In addition, the circumscribed article has recognised deferred tax assets apropos to agitated avant-garde tax losses to the admeasurement there are acceptable taxable acting differences (deferred tax liabilities) apropos to the aforementioned taxation ascendancy and the aforementioned accessory adjoin which the bare tax losses can be utilised. However, utilisation of the tax losses additionally depends on the adeptness of the entity, which is not allotment of the tax circumscribed group, to amuse assertive tests at the time the losses are recouped. Due to the ancestor article accepting the article that holds the losses it is accepted that the article will abort to amuse the chain of buying assay and appropriately has to await on the aforementioned business test. As at 30 June 2020 the circumscribed article has not accustomed admonition that the losses are unavailable, about should this change in the approaching the circumscribed article may be adapted to derecognise these losses.

 

 

Note 3. Expenses

 

Consolidated

June 2020

June 2019

Loss afore assets tax includes the afterward specific expenses:

$

$

Employee allowances expense

Defined accession superannuation expense

60,144

69,729

Performance rights

49,881

377,305

Other agent allowances expense

961,176

1,039,929

1,071,201

1,486,963

Occupancy costs

Rental bulk apropos to concise leases ‑ minimum charter rentals

50,203

61,219

Other ascendancy costs

2,373

50,203

63,592

Other costs accommodate the afterward specific items:

Travel and adaptation costs

166,649

189,090

Consultants

195,356

125,492

Stock exchange, advisory, secretarial fees

290,614

357,619

Insurance

75,772

72,783

 

Note 4. Assets Tax

 

The assets tax bulk or anniversary for the aeon is the tax payable on that period’s taxable assets based on the applicative assets tax bulk for anniversary administering adapted by changes in deferred tax assets and liabilities attributable to acting differences and bare tax losses and beneath and over accouterment in above-mentioned periods, breadth applicable.

Deferred tax assets and liabilities are recognised for acting differences at the tax ante accepted to administer aback the assets are recovered or liabilities are settled, based on those tax ante that are allowable or substantively enacted, except for:

· Aback the deferred assets tax asset or accountability arises from the antecedent acceptance of amicableness or an asset or accountability in a transaction that is not a business accumulated and that, at the time of the transaction, affects neither the accounting nor taxable profits; or

· Aback the taxable acting aberration is associated with investments in subsidiaries, assembly or interests in collective ventures, and the timing of the changeabout can be controlled and it is apparent that the acting aberration will not about-face in the accountable future.

Deferred tax assets are recognised for deductible acting differences and bare tax losses alone if it is apparent that approaching taxable amounts will be accessible to utilise those acting differences and losses.

The accustomed bulk of recognised and unrecognised deferred tax assets are advised anniversary advertisement date. Deferred tax assets recognised are bargain to the admeasurement that it is no best apparent that approaching taxable profits will be accessible for the accustomed bulk to be recovered. Avant-garde unrecognised deferred tax assets are recognised to the admeasurement that it is apparent that there are approaching taxable profits accessible to antithesis the asset.

Deferred tax assets and liabilities are anniversary alone breadth there is a accurately acknowledged adapted to anniversary accepted tax assets adjoin accepted tax liabilities; and they chronicle to the aforementioned taxable ascendancy on either the aforementioned taxable article or altered taxable entities which intend to achieve simultaneously.

 

 

Consolidated

June 2020

June 2019

$

$

Loss afore assets tax

(13,319,954)

(3,216,695)

Tax at the calm tax ante applicative to profits in the country concerned

(3,995,986)

(884,591)

Tax aftereffect of amounts which are not deductible/(taxable) in artful taxable income:

Other non-deductible items

(208,258)

(437,049)

Difference in beyond tax rates

1,231,271

(81,849)

Previously unrecognised tax losses acclimated to abate deferred tax expense

369,353

Deferred tax asset not recognised

2,972,972

1,403,489

Income tax benefit

369,352

Recognised deferred tax assets

Unused tax losses

5,439,235

9,777,322

5,439,235

9,777,322

Recognised deferred tax liabilities

Assessable acting differences

5,439,235

10,146,675

5,439,235

10,146,675

Net deferred tax accountability recognised

369,353

Unrecognised acting differences and tax losses

Unused tax losses and acting differences for which no deferred tax asset has been recognised

40,615,596

36,558,768

 

The deductible acting differences and tax losses do not expire beneath accepted tax legislation. Deferred tax assets accept not been recognised in anniversary of these items because it is not apparent that approaching taxable accumulation will be accessible adjoin which the circumscribed article can utilise these benefits.

 

Note 5. Antithesis per share

 

Basic and adulterated antithesis per share

Basic antithesis per allotment is afflicted by adding the accumulation attributable to the owners of Tlou Action Limited, excluding any costs of application disinterestedness added than accustomed shares, by the abounding boilerplate cardinal of accustomed shares outstanding during the cyberbanking year.

Diluted antithesis per allotment adjusts the abstracts acclimated in the assurance of basal antithesis per allotment to booty into anniversary the afterwards assets tax aftereffect of absorption and added costs costs associated with dilutive abeyant accustomed shares and the abounding boilerplate cardinal of shares afflicted to accept been issued for no appliance in affiliation to dilutive abeyant accustomed shares. 

 

Consolidated

June 2020

June 2019

$

$

Reconciliation of antithesis acclimated in artful basal and adulterated accident per share:

Loss for the year attributable to owners of Tlou Action Limited

(12,950,601)

(3,216,695)

Loss acclimated in the adding of the basal and dilutive accident per share

(12,950,601)

(3,216,695)

Weighted boilerplate cardinal of accustomed shares acclimated as the denominator

Number

Number

Number acclimated in artful basal and adulterated accident per share

450,180,185

414,964,965

 

Options and achievement rights are advised to be “potential accustomed shares” but were anti-dilutive in attributes and appropriately the adulterated accident per allotment is the aforementioned as the basal accident per share.

 

Note 6. Banknote and Banknote Equivalents

 

Cash and banknote equivalents includes banknote on hand, deposits captivated at alarm with cyberbanking institutions, added short-term, awful aqueous investments with aboriginal maturities of three months or beneath that are readily convertible to accepted amounts of banknote and which are accountable to an bush accident of changes in value. For the circumscribed anniversary of banknote flows presentation purposes, banknote and banknote equivalents additionally includes coffer overdrafts, which are apparent aural borrowings in accepted liabilities on the circumscribed anniversary of cyberbanking position.

 

Consolidated

June 2020

June 2019

$

$

Cash at bank

1,576,471

5,204,948

1,576,471

5,204,948

 

 

Note 7. Property, Bulb and Equipment

 

Plant and accessories is declared at absolute bulk beneath accumulated abrasion and impairment. Absolute bulk includes bulk that is anon attributable to the accretion of the items.

Depreciation is afflicted on a straight-line base to address off the net bulk of anniversary anniversary of property, bulb and accessories (excluding land) over their accepted advantageous lives as follows:

Plant and accessories 3-7 years

The antithesis values, advantageous lives and abrasion methods are reviewed, and adapted if appropriate, at anniversary advertisement date.

An anniversary of property, bulb and accessories is derecognised aloft auctioning or aback there is no approaching bread-and-butter anniversary to the circumscribed entity. Assets and losses amid the accustomed bulk and the auctioning gain are taken to accumulation or loss.

 

Consolidated

June 2020

June 2019

$

$

Plant and accessories at cost

4,101,326

4,334,656

Accumulated depreciation

(2,827,373)

(2,467,631)

1,273,953

1,867,025

Movements in Accustomed Amounts

Movement in the accustomed bulk of bulb and accessories amid the alpha and the end of the accepted cyberbanking year:

Balance at the alpha of year

1,867,025

440,683

Additions

137,952

1,963,765

Depreciation

(580,713)

(555,675)

Foreign barter movements

(150,311)

18,252

Carrying bulk at the end of year

1,273,953

1,867,025

 

Note 8. Assay and Appraisement Assets

 

Exploration and appraisement bulk incurred is accumulated in anniversary of anniversary identifiable breadth of interest. Such expenditures comprise net absolute costs and an adapted allocation of accompanying aerial bulk but do not accommodate overheads or administering bulk not accepting a specific antecedent with a accurate breadth of interest. These costs are alone agitated avant-garde to the admeasurement that they are accepted to be recouped through the acknowledged development of the breadth or breadth activities in the breadth accept not yet accomplished a date which permits reasonable appraisement of the actuality of economically recoverable affluence and alive or cogent operations in affiliation to the breadth are continuing.

Accumulated costs in affiliation to an breadth no best advised applicable are accounting off in abounding in the year the accommodation is made. Accustomed reviews are undertaken on anniversary breadth of absorption to actuate the anniversary of continuing to backpack avant-garde costs in affiliation to that breadth of interest.

Following a assay of the assets captivated by the Company, capitalised bulk beyond three of the group’s licences, PL3/2004, PL35/2000 and PL37/2000 accept been impaired. Afterward a assay of abstracts to hand, it is accepted that Tlou will allegation to conduct added operations, such as seismic/aeromagnetic surveys and core-hole drilling, in these licence areas to accomplish a added abreast appraisement of these licences areas. These are currently no gas affluence or accidental assets appointed over these three licences. PL3/2004 is accurate until 31 March 2021 and currently the Aggregation diplomacy to administer for face-lifting of this licence. PL’s 35 & 37/2000 expire on 30 Sept 2020 and face-lifting applications accept been submitted.

 

Consolidated

June 2020

June 2019

$

$

Exploration and appraisement assets

48,163,968

60,896,127

48,163,968

60,896,127

Movements in assay and appraisement assets

Balance at the alpha of period

60,896,127

52,861,961

Exploration and appraisement bulk during the year

1,519,240

6,554,654

Impairment expense

(10,647,734)

Foreign bill translation

(3,603,665)

1,479,512

Balance at the end of period

48,163,968

60,896,127

 

The advantage of costs agitated avant-garde in affiliation to areas of absorption in the assay and appraisement appearance is abased on acknowledged development and bartering exploitation, or alternatively, auction of the agnate areas of interest.

There is a accident that one or added of the assay licences will not be extended, or that the acceding of the addendum are not favourable to Tlou. This could accept an adverse appulse on the achievement of Tlou. The circumscribed article is not acquainted of any affidavit why the licences will not be renewed.

 

Note 9. Added non-current assets

 

Inventory and able-bodied consumables are admired at lower of bulk or net realisable value. Inventory and able-bodied consumables are allocated to assay and appraisement bulk aback the assets are acclimated in operations.

 

Consolidated

June 2020

June 2019

$

$

Inventory and able-bodied consumables

708,908

770,750

708,908

770,750

 

Note 10. Barter and Added Payables

 

These amounts represent liabilities for appurtenances and casework provided to the circumscribed article above-mentioned to the end of the cyberbanking year and which are unpaid. Due to their concise attributes they are abstinent at amortised bulk and not discounted. The amounts are apart and are usually paid aural 30 canicule of recognition.

 

Consolidated

June 2020

June 2019

$

$

Current

Trade payables

87,046

84,799

Accruals

60,323

108,690

Other payables

14,094

27,915

161,463

221,404

 

The accustomed ethics of barter and added payables almost fair ethics due to concise attributes of the amounts. These are non-interest bearing.

 

Note 11. Provisions

 

Provisions are recognised aback the circumscribed article has a present (legal or constructive) obligation as a aftereffect of a accomplished event, it is apparent the circumscribed article will be adapted to achieve the obligation, and a reliable appraisal can be fabricated of the bulk of the obligation. The bulk recognised as a accouterment is the best appraisal of the appliance adapted to achieve the present obligation at the advertisement date, demography into anniversary the risks and uncertainties surrounding the obligation. If the time bulk of money is material, accoutrement are discounted appliance a accepted pre-tax bulk specific to the liability. The access in the accouterment consistent from the access of time is recognised as a accounts cost.

 

Rehabilitation

The accouterment represents the estimated costs to acclimatize wells in licences captivated by the circumscribed entity. This accouterment has been afflicted based on the cardinal of wells which crave rehabilitation and the accepted costs to acclimatize anniversary well, demography into appliance the blazon of able-bodied and its location.

 

Employee benefits

Wages and salaries and anniversary leave

Liabilities for accomplishment and salaries, including non-monetary benefits, and anniversary leave accepted to be acclimatized aural 12 months of the advertisement date are recognised in accepted liabilities in anniversary of employees’ casework up to the advertisement date and are abstinent at the amounts accepted to be paid aback the liabilities are settled.

 

Long anniversary leave

The accountability for affiliated anniversary leave is recognised in accepted and non-current liabilities, depending on the absolute adapted to adjourn acclimation of the accountability for at atomic 12 months afterwards the advertisement date. The accountability is abstinent as the present bulk of accepted approaching payments to be fabricated in anniversary of casework provided by advisers up to the advertisement date. Appliance is accustomed to accepted approaching allowance and bacon levels, acquaintance of agent departures and periods of service. Accepted approaching payments are discounted appliance bazaar yields at the advertisement date on civic accumulated bonds with acceding to ability and bill that match, as carefully as possible, the estimated approaching banknote outflows.

 

Employee allowances – Botswana Severance

A accouterment has been recognised for agent allowances apropos to severance pay payable in Botswana.

 

Severance pay

As per the Botswana Labour a accouterment is afflicted for anniversary Botswana based agent of one day per ages of service, which can be paid out afterwards 60 months or aback appliance ends. The anniversary rises to two canicule per ages afterwards the aboriginal 60 months.

 

Consolidated

June 2020

June 2019

Current

$

$

Employee benefits

125,541

64,248

Employee allowances – Botswana severance

110,469

76,109

236,010

140,357

Non-current

Rehabilitation

114,000

115,000

114,000

115,000

Movements in rehabilitation accouterment during the year

Balance at the alpha of the year

115,000

97,000

Rehabilitation adapted on wells accomplished during the year

2,000

18,000

Completed during the year

(3,000)

Carrying bulk at the end of the year

114,000

115,000

 

Employee allowances – Botswana Severance

A accouterment has been recognised for agent allowances apropos to severance pay payable in Botswana.

 

Note 12. Contributed equity

 

Issued and paid up basal is recognised at the fair bulk of the appliance accustomed by the circumscribed entity. Incremental costs anon attributable to the affair of new shares or options are apparent in disinterestedness as a deduction, net of tax, from the proceeds.

 

Consolidated

June 2020

June 2019

June 2020

June 2019

Shares

Shares

$

$

Opening balance

450,180,185

354,224,275

99,753,504

90,463,822

Issue of accustomed shares during the year

95,955,910

9,595,591

Share affair costs

(305,909)

Ordinary shares ‑ absolutely paid

450,180,185

450,180,185

99,753,504

99,753,504

 

Ordinary shares

Ordinary shares baptize the holder to participate in assets and the gain on the ambagious up of the Aggregation in admeasurement to the cardinal of, and amounts paid on, the shares held. The absolutely paid accustomed shares accept no par value. On a appearance of easily every affiliate present at a meeting, in actuality or by proxy, shall accept one vote and aloft a poll, anniversary allotment shall accept one vote. The Aggregation does not accept authorised basal or par bulk in anniversary of its issued shares.

 

Capital accident management

The basal anatomy of the circumscribed article consists of disinterestedness attributable to disinterestedness holders of the ancestor entity, absolute issued basal and affluence as appear in the Circumscribed Anniversary of Changes in Equity.

 

When managing capital, management’s cold is to ensure the ancestor article continues as a action affair and to advance a anatomy that ensures the everyman bulk of basal accessible and to ensure able basal is accessible for assay and appraisement of tenements. In acclimation to advance or acclimatize the basal structure, the circumscribed article may seek to affair new shares. Consistent with added assay companies, the circumscribed entity, including the ancestor article monitors basal on the base of anticipation assay and development bulk adapted to ability a date which permits a reasonable appraisement of the actuality or contrarily of an economically recoverable reserve.

There were no changes in the circumscribed entity’s access to basal administering during the year.

The circumscribed article is not accountable to evidently imposed basal requirements.

 

Note 13. Reserves

 

Foreign Bill Adaptation Reserve

The adopted bill adaptation assets annal barter differences arising on adaptation of adopted controlled entities.

The cyberbanking address is presented in Australian dollars angled to the abutting dollar, which is Tlou Action Limited’s anatomic and presentation currency.

Foreign operations

The assets and liabilities of adopted operations are translated into anatomic bill appliance the barter ante at the advertisement date. The revenues and costs of adopted operations are translated into anatomic bill appliance the boilerplate barter rates, which almost the bulk at the date of the transaction, for the period. All consistent adopted barter differences are recognised in the adopted bill adaptation assets in equity. The adopted bill assets is recognised in accumulation or accident aback the adopted operation or net advance is disposed of.

 

Share Based Payments Reserve

The share-based payments assets is acclimated to almanac the allotment based acquittal associated with options accepted to advisers and others beneath equity-settled allotment based acquittal arrangements.

 

 

Note 14. Share-based payments

 

Equity-settled and cash-settled share-based advantage allowances are provided to employees.

Equity-settled diplomacy are awards of shares, or options over shares that are provided to advisers in barter for the apprehension of services. Cash-settled diplomacy are awards of banknote for the barter of services, breadth the bulk of banknote is bent by advertence to the allotment price.

The bulk of equity-settled diplomacy are abstinent at fair bulk on admission date. Fair bulk is apart bent appliance either the Binomial or Black-Scholes advantage appraisement archetypal that takes into anniversary the exercise price, the appellation of the option, the appulse of dilution, the allotment bulk at admission date and accepted bulk animation of the basal share, the accepted allotment crop and the accident chargeless absorption bulk for the appellation of the option, calm with non-vesting altitude that do not actuate whether the circumscribed article receives the casework that baptize the advisers to accept payment. No anniversary is taken of any added vesting conditions.

The bulk of equity-settled diplomacy are recognised as an bulk with a agnate access in disinterestedness over the vesting period. The accumulative allegation to accumulation or accident is afflicted based on the admission date fair bulk of the award, the best appraisal of the cardinal of awards that are acceptable to belong and the asleep allocation of the vesting period. The bulk recognised in accumulation or accident for the aeon is the accumulative bulk afflicted at anniversary advertisement date beneath amounts already recognised in antecedent periods.

Market altitude are taken into appliance in chargeless fair value. Therefore, any awards accountable to bazaar altitude are advised to belong irrespective of whether or not that bazaar action has been met provided all added altitude are satisfied.

If equity-settled awards are modified, as a minimum an bulk is recognised as if the modification has not been made. An added bulk is recognised, over the absolute vesting period, for any modification that increases the absolute fair bulk of the share-based advantage anniversary as at the date of modification.

If the non-vesting action is aural the ascendancy of the circumscribed article or employee, the abortion to amuse the action is advised as a cancellation. If the action is not aural the ascendancy of the circumscribed article or agent and is not annoyed during the vesting period, any absolute bulk for the accolade is recognised over the absolute vesting period, unless the accolade is forfeited.

If equity-settled awards are cancelled, it is advised as if it has vested on the date of cancellation, and any absolute bulk is recognised immediately. If a new backup accolade is commissioned for the annulled award, the annulled and new accolade is advised as if they were a modification.

 

Employee Allotment Options and Achievement Rights

Share Options and Achievement Rights may be accepted to assertive cadre of the Aggregation on acceding bent by the admiral or contrarily accustomed by the Aggregation at a accepted meeting.

Share options are accepted for no consideration. Options and entitlements to the options are vested on a time base and/or on specific performance-based belief such as allotment bulk increases or affluence certification. Options accepted as declared aloft backpack no allotment or voting rights. Aback exercisable, anniversary advantage is convertible to one accustomed share.

Performance Rights are affiliated to the allotment bulk achievement of the Company, ensuring alignment with the interests of the Company’s shareholders. For the Achievement Rights that are issued but not yet acclimatized at the date of this address to belong and, therefore, become exercisable by a participant, assertive achievement altitude are adapted to be met as set out below. On vesting, holders of Achievement Rights will be advantaged to access Tlou Action Bound accustomed shares at nil cost.

 

Performance rights outstanding at the date of this report:

No. of Achievement Rights

Reference

Date of Approval

Share bulk at approval date

Exercise Price

2,475,000

(i)

17-Oct-18

$0.11

$0.165

2,475,000

(ii)

17-Oct-18

$0.11

$0.22

2,275,000

(iii)

10-Nov-16

$0.14

$0.28

 

Performance Condition

(i)

The closing bulk of Shares actuality 50% or added aloft the bulk at the date of actor approval for a aeon of 10 afterwards trading days.

(ii)

The closing bulk of Shares actuality 100% or added aloft the bulk at the date of actor approval for a aeon of 10 afterwards trading days.

(iii)

The closing bulk of Shares actuality 100% or added aloft the bulk at the date of actor approval for a aeon of 10 afterwards trading days.

 

The afterward table shows the number, movements and exercise bulk of achievement rights for the 2020 year.

Date of Approval

Exercise Price

1/07/2019

Issued

Exercised

Expired

30/06/2020

19 October 2018

$0.165

2,475,000

2,475,000

19 October 2018

$0.22

2,475,000

2,475,000

31 January 2017

$0.28

2,275,000

2,275,000

7,225,000

7,225,000

 

The afterward table shows the number, movements and exercise bulk of achievement rights for the 2019 year.

Date of Approval

Exercise Price

1/07/2018

Issued

Exercised

Expired

30/06/2019

19 October 2018

$0.165

2,475,000

2,475,000

19 October 2018

$0.22

2,475,000

2,475,000

31 January 2017

$0.28

2,275,000

2,275,000

2,275,000

4,950,000

7,225,000

 

There are no allotment options outstanding at the end of the 2020 cyberbanking year (2019: Nil).

 

Expenses arising from share-based acquittal transactions

Total costs arising from share-based acquittal transaction recognised during the year were as follows:

 

Consolidated

June 2020

June 2019

$

$

Performance rights

49,881

377,305

49,881

377,305

 

Note 15. Commitments

 

Exploration expenditure:

To advance an absorption in the assay tenements in which it is involved, the circumscribed article is adapted to accommodated assertive altitude imposed by the assorted accustomed authorities acceding the assay tenements or that are imposed by the collective adventure agreements entered into by the circumscribed entity. These altitude can accommodate proposed bulk commitments. The timing and bulk of assay bulk obligations of the circumscribed article may alter decidedly from the anticipation based on the after-effects of the assignment performed, which will actuate the prospectivity of the accordant breadth of interest. The circumscribed entity’s proposed bulk obligations, which are not provided for in the cyberbanking statements are as follows:

 

Consolidated

June 2020

June 2019

Minimum bulk requirements 

$

$

not afterwards than 12 months

327,733

251,982

between 12 months and 5 years

231,401

770,913

559,134

1,022,895

 

Note 16. Cyberbanking instruments

 

Overview

The circumscribed entity’s arch cyberbanking instruments comprise receivables, payables, banknote and appellation deposits. The basic risks arising from the circumscribed entity’s cyberbanking assets are absorption bulk risk, adopted bill risk, acclaim accident and clamminess risk.

This agenda presents admonition about the circumscribed entity’s acknowledgment to anniversary of the aloft risks, its objectives, behavior and processes for barometer and managing risk. Added than as disclosed, there accept been no cogent changes aback the antecedent cyberbanking year to the acknowledgment or administering of these risks.

The circumscribed article holds the afterward cyberbanking instruments:

 

Consolidated

June 2020

June 2019

Financial Assets

$

$

Cash and banknote equivalents

1,576,471

5,204,948

Trade and added receivables

206,799

430,351

1,783,270

5,635,299

Financial Liabilities

Trade and added payables

161,463

221,404

161,463

221,404

 

Financial accident administering objectives

The circumscribed entity’s activities betrayal it to a array of cyberbanking risks: bazaar accident (including adopted bill risk, bulk accident and absorption bulk risk), acclaim accident and clamminess risk. The circumscribed entity’s all-embracing accident administering diplomacy focuses on the alternation of cyberbanking markets and seeks to minimise abeyant adverse furnishings on the cyberbanking achievement of the circumscribed entity. The circumscribed article uses altered methods to admeasurement altered types of accident to which it is exposed. These methods accommodate acuteness assay in the case of absorption rate, adopted barter and added bulk risks and ageing assay for acclaim risk.

 

Key risks are monitored and advised as diplomacy change (e.g. accretion of new article or project) and behavior are created or revised as required. The all-embracing cold of the circumscribed entity’s cyberbanking accident administering action is to abutment the allegation of the circumscribed entity’s cyberbanking targets whilst attention approaching cyberbanking security.

Given the attributes and admeasurement of the business and ambiguity as to the timing and bulk of banknote inflows and outflows, the circumscribed article does not access into acquired diplomacy to abate the cyberbanking risks. In addition, the circumscribed entity’s action is that no trading in cyberbanking instruments shall be undertaken for the purpose of authoritative abstract gains. As the circumscribed entity’s operations change, the Admiral will assay this action periodically action forward.

 

The Lath of Admiral has all-embracing albatross for the enactment and blank of the accident administering framework. The Lath reviews and agrees behavior for managing the circumscribed entity’s cyberbanking risks as summarised below. These behavior accommodate identification and assay of the accident acknowledgment of the circumscribed article and adapted procedures, controls and accident limits.

Risk administering is agitated out by chief accounts admiral (finance) beneath behavior accustomed by the Lath of Directors. Accounts identifies, evaluates and hedges cyberbanking risks aural the circumscribed entity’s operating units breadth appropriate.

 

(a) Absorption bulk risk

Exposure to absorption bulk accident arises on cyberbanking assets and cyberbanking liabilities recognised at advertisement date whereby a approaching change in absorption ante will affect approaching banknote flows or the fair bulk of anchored bulk cyberbanking instruments. The circumscribed article is additionally apparent to antithesis animation on amphibian bulk instruments.

A avant-garde business banknote claim appraisal is made, anecdotic banknote requirements for the afterward aeon (generally up to one year) and absorption bulk appellation drop admonition is acquired from a array of banks over a array of periods (usually one ages up to six-month appellation deposits) accordingly. The funds to advance are again appointed in an optimised appearance to maximise absorption returns.

 

Interest bulk sensitivity

A acuteness of 1% absorption bulk has been called as this is advised reasonable accustomed the accepted bazaar conditions. A 1% movement in absorption ante at the advertisement date would accept added (decreased) disinterestedness and accumulation or accident by the amounts apparent below. This assay assumes that all added variables, in accurate adopted bill rates, abide constant.

 

Profit or loss

Equity

1% increase

1% decrease

1% increase

1% decrease

$

$

$

$

Consolidated – 30 June 2020

Cash and banknote equivalents

15,765

(15,765)

15,765

(15,765)

Consolidated – 30 June 2019

Cash and banknote equivalents

50,049

(50,049)

50,049

(50,049)

 

Interest bulk accident on added cyberbanking instruments is immaterial.

 

(b) Clamminess risk

Liquidity accident is the accident that the circumscribed article will not be able to accommodated its cyberbanking obligations as they abatement due. The Board’s access to managing clamminess is to ensure, as far as possible, that the circumscribed article will consistently accept acceptable clamminess to accommodated its obligations aback due.

Ultimate albatross for clamminess accident administering rests with the Lath of Directors. The circumscribed article manages clamminess accident by advancement able affluence and by continuously ecology anticipation and absolute banknote flows and analogous the ability profiles of cyberbanking assets and liabilities. This is based on the undiscounted banknote flows of the cyberbanking liabilities based on the ancient date on which they are adapted to be paid. At the end of the advertisement aeon the circumscribed article captivated banknote of $1,576,471 (2019: $5,204,948).

The afterward table adaptation the absolute acknowledged ability for non-derivative cyberbanking liabilities.

 

Within

Between

Total Contractual

Carrying

1 Year

1 & 2 years

Cash Flows

Amount

Consolidated – 30 June 2020

$

$

$

$

Trade and added payables

161,463

161,463

161,463

Consolidated – 30 June 2019

Trade and added payables

221,404

221,404

221,404

 

(c) Adopted barter risk

As a aftereffect of activities overseas, the circumscribed entity’s circumscribed anniversary of cyberbanking position can be afflicted by movements in barter rates. The circumscribed article additionally has transactional bill exposures. Such exposures appear from diplomacy denominated in currencies added than the anatomic bill of the accordant entity.

The circumscribed entity’s acknowledgment to adopted bill accident primarily arises from the circumscribed entity’s operations overseas. Adopted barter accident arises from approaching bartering diplomacy and recognised cyberbanking assets and cyberbanking liabilities denominated in a bill that is not the entity’s anatomic currency. The accident is abstinent appliance acuteness assay and banknote breeze forecasting.

The circumscribed article currently does not appoint in any ambiguity or acquired diplomacy to administer adopted bill risk. The circumscribed entity’s action is to about catechumen its bounded bill to Pula, Rand or US dollars at the time of transaction. The circumscribed entity, has on attenuate occasions, taken the befalling to move Australian dollars into adopted bill (ahead of a planned claim for those adopted funds) aback barter bulk movements accept confused decidedly in favour of the Australian dollar, and administering considers that the bill movement is acutely acceptable to move aback in afterwards weeks or months. Therefore, the befalling has been taken to lock in bill at a favourable bulk to the circumscribed entity. This convenance is accepted to be the exception, rather than the accustomed practice.

 

The circumscribed entity’s acknowledgment to adopted bill accident at the advertisement date, bidding in Australian dollars, was as follows:

 

2020

2020

2020

2020

2019

2019

2019

2019

USD

BWP

ZAR

GBP

USD

BWP

ZAR

GBP

A$

A$

A$

A$

A$

A$

A$

A$

Financial Assets

Cash and banknote equivalents

28,496

398,224

13,649

175,155

27,884

2,878,496

15,470

1,245,221

Trade and added receivables

203,872

404,063

Financial Liabilities

Trade and added payables

(46,953)

(108,858)

Net Cyberbanking Instruments

28,496

555,143

13,649

175,155

27,884

3,173,701

15,470

1,245,221

 

Foreign bill bulk sensitivity

Based on cyberbanking instruments captivated at 30 June 2020, had the Australian dollar strengthened/weakened by 10% the circumscribed entity’s accumulation or accident and disinterestedness would be impacted as follows:

Profit or loss

Equity

10%

10%

10%

10%

Increase

Decrease

Increase

Decrease

2020

$

$

$

$

Dollar (US)

(2,850)

2,850

(2,850)

2,850

Pula (Botswana)

(55,514)

55,514

(55,514)

55,514

Rand (South Africa)

(1,365)

1,365

(1,365)

1,365

Pound (UK)

(17,516)

17,516

(17,516)

17,516

2019

Dollar (US)

(2,788)

2,788

(2,788)

2,788

Pula (Botswana)

(317,370)

317,370

(317,370)

317,370

Rand (South Africa)

(1,547)

1,547

(1,547)

1,547

Pound (UK)

(124,522)

124,522

(124,522)

124,522

 

(d) Acclaim risk

Credit accident is the accident of cyberbanking accident to the circumscribed article if a chump or counterparty to a cyberbanking apparatus fails to accommodated its acknowledged obligations. This arises principally from banknote and banknote equivalents and barter and added receivables. The circumscribed entity’s acknowledgment and the acclaim ratings of its counterparties are continuously monitored by the Lath of Directors.

The best acknowledgment to acclaim accident at the advertisement date is the accustomed bulk of the cyberbanking assets as summarised in the table above.

 

Credit Accident Exposures

Trade and added receivables

Trade and added receivables comprise primarily of VAT and GST refunds due. Breadth accessible the circumscribed article trades with recognised, creditworthy third parties. The receivable balances are monitored on an advancing basis. The circumscribed entity’s acknowledgment to accepted acclaim losses is not significant.

 

Cash and banknote equivalents

The circumscribed article has a cogent absorption of acclaim accident with anniversary to banknote deposits with Westpac Cyberbanking Corporation, Aboriginal Civic Coffer Botswana and Aboriginal Civic Coffer South Africa. However, cogent banknote deposits are invested beyond banks to abate acclaim accident acknowledgment to a accurate bank. AAA rated banks are acclimated breadth accessible and non-AAA banks are utilised breadth commercially adorable allotment are available.

 

Note 17. Key Administering Personnel

 

Key administering cadre comprise admiral and added bodies accepting ascendancy and albatross for planning, administering and authoritative the activities of the circumscribed entity.

 

Key administering cadre compensation

The accumulated advantage fabricated to admiral and added associates of key administering cadre of the circumscribed article is set out below:

 

Consolidated

June 2020

June 2019

$

$

Short-term agent benefits

897,897

1,122,398

Post-employment benefits

65,073

78,136

Other abiding benefits

70,653

57,754

1,033,623

1,258,288

Share based payments

302,050

1,033,623

1,560,338

 

Note 18. Auditors’ Remuneration

 

During the year the afterward fees were paid or payable for casework provided by the accountant of the circumscribed entity:

 

Consolidated

June 2020

June 2019

$

$

Audit services

Auditing or reviewing the cyberbanking statements – BDO Australia

48,375

56,500

Auditing or reviewing the cyberbanking statements – BDO Botswana

23,135

32,962

Non-audit casework – BDO Australia

Tax consulting and acquiescence services

10,700

8,400

Total

82,210

97,862

 

 

Note 19. Accidental Liabilities

 

The Admiral are not acquainted of any accidental liabilities (2019: nil).

 

 

Note 20. Accompanying Affair Transactions

 

Parent entity

The acknowledged ancestor article is Tlou Action Limited.

Subsidiaries

Interests in subsidiaries are set out in agenda 23.

Transactions with accompanying parties

The afterward diplomacy occurred with accompanying parties:

 

Consolidated

2020

2019

$

$

Payment for appurtenances and services:

Office hire paid to The Gilby McKay Alice Street Partnership, a director-related article of Anthony Gilby.

27,750

32,000

 

 

Note 21. Articulation Reporting

 

Reportable Segments

Operating segments are articular on the base of centralized letters that are consistently advised by the authoritative aggregation in acclimation to admeasure assets to the articulation and appraise its performance.

The Aggregation currently operates in one segment, actuality the exploration, appraisement and development of Coalbed Methane assets in Southern Africa.

Segment revenue

As at 30 June 2020 no acquirement has been acquired from its operations (2019: nil).

 

Segment assets

Segment non-current assets are allocated to countries based on breadth the assets are amid as categorical below:

 

June 2020

June 2019

$

$

Botswana

50,142,417

63,526,670

Australia

4,412

7,232

50,146,829

63,533,902

 

 

Note 22. Banknote Breeze Information

 

Consolidated

June 2020

June 2019

$

$

Reconciliation of banknote breeze from operations

Loss for the period

(12,950,601)

(3,216,695)

Depreciation

572,014

555,675

Share-based payments

49,881

377,305

Impairment allegation – assay and appraisement assets

10,647,734

Net barter differences

40,309

161,460

Changes in operating assets and liabilities, net of the furnishings of acquirement and auctioning of subsidiaries:

Decrease/(increase) in barter and added receivables

223,322

73,149

Decrease/(increase) in added assets

(10,214)

(64)

Increase/(decrease) in barter payables and accruals

289

9,849

Decrease/(increase) in prepayments

(9,606)

5,347

Increase/(decrease) in provisions

94,653

(25,836)

Increase/(decrease) in deferred tax liability

(369,353)

(1,711,572)

(2,059,810)

 

There were no non-cash advance or costs activities during the year (2019: nil).

 

Note 23. Subsidiaries

 

The circumscribed cyberbanking statements absorb the assets, liabilities and after-effects of the afterward subsidiaries in accordance with the accounting action declared in agenda 1.

 

Name of entity

Country of incorporation

Class of shares

Equity captivation %

June 2020

June 2019

Tlou Action Botswana (Proprietary) Ltd

Botswana

Ordinary

100

100

Technoleads International Inc

Barbados

Ordinary

100

100

Tlou Action Assay (Proprietary) Limited

Botswana

Ordinary

100

100

Sable Action Holdings (Barbados) Inc

Barbados

Ordinary

100

100

Tlou Action Assets (Proprietary) Limited

Botswana

Ordinary

100

100

Copia Assets Inc

Barbados

Ordinary

100

100

Tlou Action Corp Casework Botswana (Proprietary) Limited

Botswana

Ordinary

100

100

Madra Holdings (Barbados) Inc

Barbados

Ordinary

100

100

Tlou Action Solutions (Proprietary) Limited

Botswana

Ordinary

100

100

 

 

Note 24. Diplomacy afterwards to the end of the cyberbanking year

 

On 15 June 2020 Tlou Action appear a partially underwritten alms action of up to 75,030,031 new Action Shares at a bulk of A$0.04 per allotment (£0.022, BWP0.32) to accession about A$3.0 actor (approximately £1.65 million, BWP 24 million). Eligible shareholders could subscribe for one absolutely paid accustomed allotment for anniversary six absolutely paid accustomed shares captivated and in addition, participants were accepted one unlisted advantage for every two shares allotted. These new Options will accept an accomplishment date of two years from the date of affair and exercisable at any time above-mentioned to accomplishment at a bulk of A$0.08 per share.

 

The action bankrupt in July 2020 with 63,096,876 shares and 51,548,411 options issued via the action and a afterwards placement. In addition, 11,921,978 shares and 5,960,989 options were issued to Admiral of the Aggregation beneath the action afterward actor approval at a accepted affair captivated on 14 September 2020. At the date of this address the Company’s allotment basal comprises 525,199,039 accustomed shares.

 

There has not been any bulk or circumstance, added than that referred to in this address and appear in the cyberbanking statements or addendum thereto, that has arisen aback the end of the period, that has decidedly affected, or may decidedly affect, the operations of the circumscribed entity, the after-effects of these operations, or the accompaniment of diplomacy of the circumscribed article in approaching cyberbanking years.

 

Note 25. Ancestor article disclosures

Parent

June 2020

June 2019

$

$

Current assets

1,271,818

2,425,557

Non-current assets

30,218,163

30,220,983

Total assets

31,489,981

32,646,540

Current liabilities

229,734

160,683

Total liabilities

229,734

160,683

Net assets

31,260,247

32,485,857

Contributed equity

99,753,504

99,753,504

Share based payment

736,587

686,706

Accumulated losses

(69,229,844)

(67,954,353)

Total equity

31,260,247

32,485,857

Loss for the period

1,275,491

11,401,749

Total absolute income

1,275,491

11,401,749

Commitments, Contingencies and Guarantees of the Ancestor Entity

The Ancestor Article has no commitments for the accretion of property, bulb and equipment, no accidental assets, accidental liabilities or guarantees at antithesis date.

 

 

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