- Black Mountain Energy (ASX:BME) is set to go ahead with its WA Valhalla project
- However, BME has told the ASX it wants to delist
- Shareholders will vote on the delisting at an upcoming meeting
- BME has to go through both federal and state approval chains but expects no issue
- Shares last traded at 1.2 cents
Black Mountain Energy (ASX:BME) has posted its quarterly for Q2 FY24, posting a settled sale for Half Moon of US$6.57 million (A$9.99 million).
Shares for the microcap energy explorer jumped 33 per cent in the first hour of trade.
Meanwhile, the company is set to have a busy 1H CY24. Except, it might not be doing so with the status of an ASX stock.
BME has told the ASX it wants to be delisted; shareholders will vote on that at a general meeting recently called.
But the company doesn’t appear to be planning to sell and move on – BME offered a Q1 CY24 outlook this morning, pointing towards monitoring of where a key environmental document is travelling along the state government compliance chain.
What key document?
In the background, BME’s Valhalla project was the subject of a resubmission by the company to the WA EPA last year.
BME announced it “expects to receive initial feedback … and enter the public review period.”
The company did not give a timeframe, but, mining activity at the moment is low anyway, even for January (relatively speaking for WA).
Progress on-site continues
When that public comment period ends – all cards in order – the company will be set to launch ahead with Valhalla in H2. With any luck, the company can jag the start of its operations after a Fed rate cut.
Progress on-site Valhalla continues while the paperwork goes through the Dumas House pipeline.
Company geotechs continue to monitor existing oil and gas wells for maintenance as the project is referred to the Federal approvals ecosystem.
BME shares last traded at 1.2 cents.