LONDON (ShareCast) -

The pre-revenue firm turned in a loss of $1.52m, a touch below the $1.67m loss turned in a year earlier, despite seeing net spend on exploration activities increase 72% to $3.59m as a result of new development wells commenced during the reporting period.

Tlou, which started production testing at its Lesedi 3 development pod in Botswana on Monday, said its narrowed loss tied in with its continued focus on reducing corporate, administrative, and operating costs wherever possible.

The AIM-listed outfit ended December with $5.52m of cash and equivalents on hand.

Tlou added that subject to the results of its ongoing drilling program and the tender submission to the Government of Botswana, the coming months "could be transformational" for the company and would update the market as the process progresses.

As of 1020 GMT, Tlou shares had climbed 5.71% to 5.55p.

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