Annual General Meeting 26 November 2025
ASX & BSE: BTE
botalaenergy.com.au
Kris Martinick
Chief Executive Officer
Botala Energy is 100% owner and operator of the Serowe coal bed methane project in Botswana.
The opportunity:
We represent phenomenal exposure to Southern Africa's emerging industrial gas supply crisis, the "Gas Cliff".
4,200km2 of licences
Answering Southern Africa's increasing call for gas.
3
Our goal to deliver first gas at Serowe drew closer in FY2025.
July 2024 | September 2024 | March 2025 | July 2025 | ||||||||
42% Increase in Contingent CBM Resources for the Serowe CBM Project solidifying the project's potential and positioning Botala as a key player in Southern Africa's energy sector. | Independent Feasibility and Concept Studies for the Serowe wellfield confirms the project's compelling economic potential and outline a pathway to commercial production. | Serowe CBM Project Mining Licence awarded, allowing Botala to progress to commercial production. South African industrial major Scaw secured as anchor offtaker -up to 3.5PJ per year of LNG. | Second well brought online at Phase 01 Serowe pilot (Project Pitse), marking further progress in proving sustained gas flow capability across the five-well pilot. | ||||||||
August 2024 | October 2024 | May 2025 | |||||||||
Gas desorption and composition testing at the Serowe CBM Project reveal an exceptional methane purity of up to 94%. | Environmental Impact Approval received for The Serowe CBM Project. | Galileo Technology selected as preferred supplier of startup LNG plant. Chart Industries selected as preferred supplier of 3.5PJ/year LNG plant. | |||||||||
Answering Southern Africa's increasing call for gas.
4
In October 2025, the Mineral Development Company of Botswana (MDCB) confirmed its intention to acquire 15% equity in the Serowe CBM Project.
The transaction is subject to approval by the
MDCB Board and shareholder.
Botala has received an initial Term Sheet confirming the
investment will be at the project/asset level.
MDCB's planned participation reflects confidence in the project's potential and alignment with the Government of Botswana's energy security objectives. This investment will support our immediate work program and provide a foundation for the next stage of project development.
Execution of detailed operating agreements is expected in December 2025.
Answering Southern Africa's increasing call for gas.
5
A clear production pathway.
A phased, risk-managed approach to grow production.Phase 01
5 wells
Phase 02
9 wells
Phase 03
36 wells
Phase 04
108 wells
Project Pitse
Five-well proof of concept
Flow-test four wells over 90 days
Flow test and stimulate fifth well over 90 days
Bankable Feasibility Study
Mini-LNG unit x 1
Four new wells Total nine wells
Galileo mini-LNG unit
685 GJ/day
0.25 PJ/year
Mini-LNG unit x 4
4 x nine-well cluster Total 36 wells
Galileo mini-LNG units 2,740 GJ/day
1.0 PJ/year
Chart LNG unit
12 x nine-well cluster Total 108 wells
Chart small LNG unit 8,220 GJ/day
3.5 PJ/year
Flow testing will determine production
rate, communication between wells,
Potential revenue per year#
Potential revenue per year#
Potential revenue per year#
well spacing, and water handling solutions and be used for recertification of Resources to Reserves.
US~$2.65M
US~$10.60M US~$37.10M
Answering Southern Africa's increasing call for gas.
The maths#
Sale price per gigajoule = US$10.60 Calculation is based on multiplying the potential sales agreement with the current gas price in South Africa as per the following: SASOL Announcement 5-August-2022 "SASOL Position on gas prices", piped gas price R133,34/GJ (1 Rand
= 0.086 A$ 24/2/2025).
NOTE: This is for pipeline gas and not LNG prices which are anticipated by NERSA to be higher.
Budgeted production cost per GJ = US$1.60
Budgeted trucking cost per GJ = US$1.50 GJ
Forecast margin per GJ = US$7.30
#Approximate numbers publicly available and flowrates based on nameplate estimates from vendors.
6
- 5 wells. Proof of concept
9 wells. 0.25 PJ/year.
36 wells. 1.0 PJ/year
108 wells. 3.5 PJ/year
Flow test five wells over 90 days.
Two out of five wells currently flowing gas
<40 gigajoules (GJ)/day). Flow tests will
provide confidence to design and build Phase 2 nine well cluster.
Well 3.2
Well 3.3
Well 3.5
Well 3.4
Well 3.1
Camp
Serowe CBM
Project, Botswana
Answering Southern Africa's increasing call for gas.
7
5 wells. Proof of concept
- 9 wells. 0.25 PJ/year.
36 wells. 1.0 PJ/year
108 wells. 3.5 PJ/year
The five well pilot plus four new wells will target a total of 685 GJ/day | 0.25 PJ/year.
Galileo LNG units are based on the patented Cryobox® LNG Production Station and ZPTS® Conditioning Plant and are easily adaptable to coal bed methane.
Each unit takes seven months to build at a cost of US$3.5M.
The goal is to increase the daily production of each well to at least `76.1 GJ/day which is a conservative benchmark. Proven stimulation techniques present the potential to increase flow rates up to 300 GJ/day.
One Galileo LNG unit has the potential to return
US$2.65M per year
(@US$10.60/GJ)*.
Production 9 wells x
>76.1 GJ/day each
5
Galileo LNG unit SCAW Metals
685 GJ/day
0.25 PJ/year
600km via R33 highway
Answering Southern Africa's increasing call for gas.
The conversion
1000 gigajoules = 1 terajoule.
1000 terajoules =
1 petajoule .
1 petajoule is enough energy to power around 18,000 average Australian homes for one year.
*Sale price per GJ= US$10.60. See Slide 6 for qualification.
1 AUD = 0.65 USD
10 August 2025
`Preliminary analysis of the minimum well flowrates required to cover estimated costs for additional wells based on actual well costs drilled to-date.
8
5 wells. Proof of concept
9 wells. 0.25 PJ/year.
- 36 wells. 1.0 PJ/year
108 wells. 3.5 PJ/year
Each coal bed methane well costs around US$145,000 to
drill and complete for production.
Each well to date has taken seven months to dewater on average and produces around 140 barrels.
The budgeted OPEX for each mini-LNG unit is US$100,000/year.
Four Galileo LNG units have the potential to return
US$10.6M per year
(@US$10.60/GJ)*.
Answering Southern Africa's increasing call for gas.
The maths
36 wells x 76.1GJ per well per day = 2,740GJ/day.
2,740GJ/day x 365 days =
1,000,100GJ/year
1,000,100GJ =
1,000TJ
1,000TJ = 1.0PJ
*Sale price per GJ= US$10.60. See Slide 6 for qualification.
9
5 wells. Proof of concept
9 wells. 0.25 PJ/year.
36 wells. 1.0 PJ/year
- 108 wells. 3.5 PJ/year
Bankable Feasibility Study underway to develop an estimated ^12 production clusters made up of nine wells each (108 wells total) with each well producing an average of 89 GJ/day.
LNG facility would be built 40km from gas fields. Gas would be delivered by trucks to start with before an above ground pipeline is constructed.
One Chart LNG unit has the potential to return
US$37.10M per year
(@ US$10.60/GJ)*.
I can create a schematic like this if you give me a mud map
Chart Industries' LNG units are off-the-shelf, smaller and modular which allow projects to scale as production increases.
Answering Southern Africa's increasing call for gas.
The maths
108 wells x 89 GJ per well per day = 9,612 GJ/day.
9,612 GJ/day x 365 days =
3,508,380 GJ/year
3,508,380 GJ =
3,508 TJ
3,508 TJ = 3.5 PJ
*Sale price per GJ= US$10.60. See
Slide 6 for qualification.
Production Clusters
108 wells x 89 GJ is based on a back calculation required to produce 200tpd of LNG from a Chart LNG plant. Final number of wells and clusters will be determined from the extended well testing.
10
We use the same coal bed methane wells as Queensland's established industry.
Wells with perforated steel casing will target three seams - Serowe (360 - 390m), Upper Moruple 410 - 430m and Lower Moruple 460 - 490m.
Simple, shallow, vertical wells with no complex pressure management.
Low well development costs drive a strong business case even for smaller gas flows. You can just drill more to meet required production volumes.
Modular, scalable development allows staged capital deployment.
Worth noting, our neighbour Kalahari Energy has flow
rates above 120 GJ/day from their CBM wells*.
Answering Southern Africa's increasing call for gas.
*Refer to Botala Announcement "Unlocking Gas Resource Upside Across Serowe Project Through Strategic Expansion and Low-Cost Drilling" 30 April
2025.
Xingjin Wang and Tim
A. Moore, 24 June 2013. Initial flow model for G2a coal seam, MAS-13 Area.
11
The Serowe Project has been derisked for major upside.
Completed Milestones Current and Future Milestones
Production licences approved Botswana Government support secured Environmental approvals received Community support secured
Offtaker secured for production up to 3.5 PJ/year CBM wells flowing
Maiden resource declared
LNG plant technologies selected
Upgrade Resources to Reserves Increase well flows via stimulation
Secure partner funding for Galileo LNG units
Finalise BFS
Final Investment Decision
Build first Galileo unit (0.25 PJ/year nameplate) Targeted first production
Nov 2025 - July 2026
Jan 2026 - July 2026
Q1 2026
2H 2026
2H 2026
Q4 2026
End 2026
Any timelines included in this presentation are indicative only and subject to change without
further notice, subject to the ASX Listing Rules and the Corporations Act 2001 (Cth).
Answering Southern Africa's increasing call for gas.
12
Botala Energy Ltd ABN 41 626 751 620 ASX & BSE: BTE
Level 1, 1292 Hay Street,
West Perth 6005
Kris Martinick
Chief Executive Officer
Ke A Leboga
Thank you
eNews
kris.martinick@botalaenergy.com.au
+61 421 322 737
Join the conversation https://x.com/Botala_Energy
Follow us https://www.linkedin.com/ company/botsgas-pty-ltd/
Subscribe to our e-news: botalaenergy.com.au
Cautionary StatementProspective Resources Cautionary Statement
For prospective resources, the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
Prospective Resources Reporting Notes
The prospective resources information in this document is effective as of the date of the Prospectus (Listing Rules (LR) 5.25.1).
The prospective resources information in this document has been estimated and is classified in accordance with
SPE-PRMS (Society of Petroleum Engineers Petroleum Resources Management System) (LR 5.25.2).
The prospective resources information in this document is reported according to the Company's economic
interest in each of the resources and net of royalties (LR 5.25.5).
The prospective resources information in this document has been estimated and prepared using the deterministic method (LR 5.25.6).
This document does not include estimates of petroleum reserves, contingent resources and/or prospective resources in units of equivalency between oil and gas (LR 5.25.7).
This document does not include estimates of petroleum reserves (LR 5.26.5).
Prospective resources are reported on a low, best and high estimate basis (LR 5.28.1).
See slide 5.
For prospective resources, the estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons (LR 5.28.2).
In respect to the contingent and prospective resources referred to in this document, Botala's working interest is 100% as at the date of this document.
The contingent and prospective resources and the methodology for their estimation is set out in the Prospectus.
Botala deems the chance of discovery of methane in the target coals to be excellent with a probably of greater than 90% (LR 5.35.3).
Prospective resources are un-risked and have not been adjusted for an associated chance of discovery and a chance of development (LR 5.35.4).
Answering Southern Africa's increasing call for gas.
14
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |