Botala Energy

Jul 14, 2022

Thu, 14 July 2022 5:06PM Camera Icon No shares were traded in Botala Energy on its first day on the ASX as a listed entity. Credit: Rick Rycroft/AP Share to Facebook Copy the Link Botswana-focused coal bed methane player Botala Energy has experienced an inconspicuous debut on the ASX on Thurday after raising $5 million in an initial public offering. No shares changed hands in the tightly-held company on its first day on the boards. Botala holds a 70 per cent stake in the in the Serowe coal bed methane project in Botswana. The project hosts a contingent resource about 317 billion cubic feet of gas and a prospective resource to more than 8 trillion cubic feet. Botala is chaired by WA mining veteran Wolf Martinick, who has retained a 23 per cent stake in the company. Sydney-based listed player Pure Hydrogen, a working partner of the company, holds a 19.9 per cent stake. “We will soon drill four regional exploration wells and a pilot cluster of four wells around our best well to measure commercial gas flows,” he said in a letter to shareholders. The company raised $5m via the issue of 25 million shares at 20¢ through GTT Ventures.