June 5, 2017 - 10:00 AM EDT
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Tec CTL Announces Letter Of Commitment For The Purchase of 20,000 Barrels Per Day From Botswana Oil Limited, a Government-Owned Company In Botswana

NEW YORK, June 05, 2017 (GLOBE NEWSWIRE) -- Tec CTL, Inc., New York-based energy company announced today that it has received a commitment of a total of 20,000bpd from the Botswana government–owned company, Botswana Oil Limited. This represents approximately 25% of the expected average annual production from our total projects, which could generate well above $350 million in annual revenues based upon the current oil prices. The current average price is around US$40pb and a combination of fixed and market-related pricing with attractive floors and ceilings is under discussion in order to secure positive margins in the early years of production. The parties have agreed to negotiate an off-take agreement over the coming months.

Ogaisitse Khama, Vice-Executive Chairman of Tec CTL, commented: "We are extremely pleased to have received this Letter of Commitment with BOL as another step to ensuring the economic success of the Phungula Plant. We can now go out to the market with great confidence and raise all the necessary capital for the development of our first phase which will be in production within the next 24 months.

“We are pleased to have this commitment from BOL in this juncture and believe that our success will be a bellwether for others in the African market,” says Bernard Yaw, Co-Chairman of Tec CTL, Inc. “Now, we will be able to focus on securing more of these partnerships across Africa until we have secured off-takes for the remaining 60,000bpd. While we are wild at it, our advisors will be working tirelessly to raise the necessary project financing.”

About Tec CTL, INC.

Tec CTL is a New York-based, vertically integrated United States oil & gas corporation. The company explores, develops and produces oil, gas and chemicals. It owns four projects in Botswana and the same have the capacity to produce a total of 80,000 bpd and seeks to increase through inorganic growth within Africa and elsewhere.

About BOTSWANA OIL LIMITED

Botswana Oil Limited (BOL) was established to support the government of Botswana to achieve two broad, national economic objectives. These objectives are to ensure the security and efficiency of fuel supply to Botswana and promote active citizen involvement in the petroleum industry.

BOL is wholly owned by the government of Botswana, represented by Ministry of Mineral Resources, Green Technology and Energy Security, and incorporated under the Companies Act of Botswana.

For More information
Darlene Aulder
[email protected]

Source: GlobeNewswire (June 5, 2017 - 10:00 AM EDT)

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