Ann: Serowe CSG Presentation, page-15

Gilby of Tlou has an every bit as impressive list of CBM achievements in Aussie, but that isn’t particularly helping him crack CBM in Botswana.  The mood in Africa what with the new Resource Plans is to guard against marauding Aussies cruising in, scooping up a few licences and walking away with Crown Jewels.  Most African counties have woken up fully now to that past approach.  So, that logically means Tlou and Strata will now have to deliver actual power which will be a first for them both.  Dilution is killing the Tlou story - it kinda was well on track with around 200m shares in issue. Now though it has 3 listings and 409m shares in issue and waiting to hear if successful in award of an initial 10mw power plant project (which likely is minimum 2 years from  first revenues, never mind break even).  At least Strata in better shape with only 90m shares in issue currently (more equity gonna be needed though).  

All in all, my view is be prepared for the Long haul.