- Blue Energy (BLU) enters a trading halt, ahead of an upcoming capital raise
- Trading of BLU shares will be paused at least Thursday, July 28, by which time the company would have released more details on the funds it is looking to raise
- Whilst it is not yet known where the money will be spent, the company has six oil and gas exploration operations being undertaken across the Northern Territory and Queensland
- BLU last undertook a capital raise in September last year, where it raised $10 million to underpin activities in the North Bowen basin
- Shares in the company last traded at 7.5 cents each on July 26
Blue Energy (BLU) has entered a trading halt, ahead of an upcoming capital raise.
Trading of BLU shares will be paused at least Thursday, July 28, by which time the company would have released more details on the funds it is looking to raise.
Whilst it is not yet known where the money will be spent, the company has six oil and gas exploration operations being undertaken across the Northern Territory and Queensland.
Its most recent activities have been in the Sapphire Block in Queensland’s North Bowen basin, with the company achieving a resource upgrade earlier this month.
In addition, the company reached total depth of the Sapphire 5V well and spudded the Sapphire 6V well.
BLU last undertook a capital raise in September last year, where it raised $10 million to underpin activities in the North Bowen basin.
Shares in the company last traded at 7.5 cents each on July 26.