- Brookside Energy (BRK) enters a mid-week trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until August 6 or when an announcement is made, whichever occurs first
- In its June quarterly report, Brookside revealed it spent $550,000 in administration and corporate costs, and $88,000 in staff costs
- As of June 30, the company had $7.41 million in total available funding, representing 2.86 quarters of use
- Shares in Brookside have been trading at 3.5 cents since August 3
Brookside Energy (BRK) has entered a mid-week trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until August 6 or when an announcement is made, whichever occurs first.
Brookside is yet to disclose how much it intends to raise or what it will do with the money once received.
In its June quarterly report, Brookside revealed it had spent $550,000 in administration and corporate costs, and $88,000 in staff costs.
The company also invested just over $2.5 million in exploration and evaluation, and $30 million in property, plant and equipment.
As of June 30, Brookside had $7.41 million in total available funding, representing 2.86 quarters of use if spending levels remain the same.
Prior to releasing its June quarterly, Brookside revealed it is advancing preparations for its upcoming oil and gas excavation program at the Jewell Well in Oklahoma.
The preparation work includes pressure testing the equipment, mechanical integrity testing, and mobilising and rigging the coiled tubing unit.
Brookside is now waiting for its contracted well production services team to arrive on site before work can begin.
Shares in Brookside have been trading at 3.5 cents since August 3. The company has a $104.1 million market cap.