- Blue Energy (BLU) enters the week in a trading halt as it plans an upcoming capital raise
- It is unknown much the company is aiming to raise or where the funds will be spent
- Trading in company shares will be paused until Wednesday, September 22, or when more details about the raise are released to the market
- On the market, Blue Energy last traded at 6.3 cents per share
Blue Energy (BLU) has entered the week in a trading halt as it plans an upcoming capital raise.
It is currently unknown how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Wednesday, September 22, or when more details about the raise is released to the market.
Blue Energy is a rapidly evolving oil and gas exploration company with assets in Queensland and Northern Territory.
The Federal Government is aiming to make the east coast gas market more competitive and transparent by creating the Australian Gas Hub, which includes unlocking three key basins.
Notably, Blue’s assets are located within these three basins – North Bowen Basin, Galilee Basin and Beetaloo and Great McArthur Basin.
For the quarter ending June 30, the company spent $303,000 in investing activities, all of this went to exploration and evaluation.
Cash and cash equivalents at the end of the period was recorded at $1.9 million.
On the market, Blue Energy last traded at 6.3 cents per share.