Originally incorporated in April 2011 as an investment vehicle, today Karoo Energy Plc owns four significant shale gas exploration licences alongside two for coal-bed methane deposits within Botswana, Africa
April 2011 - Karoo Energy Plc formed
The Company was incorporated on 13 April 2011 as an investment vehicle to identify investment opportunities in the oil and gas sectors.
September 2011 - Successful fundraising of £300,000
On 5 September 2011, the Company successfully completed a fundraise of £300,000 and the Ordinary Shares were admitted to trading on the PLUS Stock Exchange which, following acquisition by ICAP plc in 2012, rebranded itself as the ICAP Securities and Derivatives Exchange or ISDX
September 2012 - first entered Botswana
The Company, through its subsidiary EOAG, first entered Botswana in September 2012 through a farm-in agreement with African Coal and Gas which covered three prospective coal bed methane licences, PL165/2010, PL166/2010 and PL167/2010, all of which were located close to the border of the Western Central Kalahari sub-basin, and the Northern Belt Central Kalahari sub-basin of the Kalahari Karoo Basin in Botswana.
April 2013 - Commenced drilling
Over the course of the next six months, EOAG completed an aeromagnetic survey over the three licences and commenced drilling its maiden borehole on licence PL167/2010 in April 2013, which experienced encouraging results, as announced in August 2013.
April 2015 - Issued with licences PL159/2015 and PL160/2015
Following the cessation of the farm-in arrangements with African Coal and Gas, EOAG then re-applied for the three CBM licences, or licences contiguous to these licences, in its own name. In April 2015, the Company announced that EOAG had been issued with licences PL159/2015 and PL160/2015, prospective for coal bed methane in Botswana covering, in aggregate, 1,574 km2 . PL159/2015 and PL160/2015 were issued in replacement for certain areas of CBM licences PL165/2010, PL166/2010 and PL167/2010.
The two licences are both located within the Western Central Kalahari sub-basin and are in close geologic proximity to proven CBM gas resources. As noted above, previous work was undertaken on these licences when they formed part of the farm-in agreement with African Coal and Gas.
July 2014 - Acquired 85% of Tamboran Botswana
Following the results of the original drilling on the CBM licences, the Company was keen to develop its CBM licences in Botswana and did some research as to available shale gas licences. The result of this research led the Company to identify the four shale gas licences available in Botswana, three were under the control of Australian owned company Tamboran Botswana and one licence was free for application.
In July 2014, the Company announced that EOAG had acquired 85 per cent of Tamboran Botswana, previously a wholly-owned subsidiary of Tamboran Resources. At that time, Tamboran Botswana was the holder of EL001/2012, a petroleum exploration licence prospective for shale gas deposits, covering approximately 56,000 km2 (c. 13.8 million acres) of the Gemsbok Basin in South-West Botswana and had also applied for two further petroleum licences: EL162/2015 and EL161/2015
September 2015 - 3 licences issued for shale gas
In September 2015, the Company announced that the Group had been issued with three petroleum exploration licences in Botswana, all prospective for hosting shale gas.
Tamboran Botswana had been issued with petroleum exploration licence EL162/2015, which is located in the Ghanzi/Kgalagadi/Kweneng districts, and covers 34,435 km2 and petroleum exploration licence EL161/2015, which is located in the Central district and covers 23,980 km2. EOAG had been issued with petroleum exploration licence EL171/2015, which is located in the Kgalagadi district and covers 29,291 km2
July 2016 - The Group now controls four licences
The Group now controls four petroleum exploration licences for shale gas (one of which, EL 001/2012, has expired and is subject to renewal application) over a combined area of approximately 141,250 km2 (which will be reduced to approximately 114,500 km2 in the event the renewal application is successful, and approximately 87,700 km2 if the renewal is not granted), and two licences for coal bed methane exploration over an area of 1,574 km2.