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Global Oil and Gas (ASX:GLV) in trading halt for capital raise and acquisition

The Market Online Deal Room
ASX:GLV
05 September 2021 14:00 (AEST)
Global Oil and Gas (ASX:GLV) - Chairman, Chris Zielinski

Source: Chris Zielinski/Twitter

Global Oil and Gas (GLV) has entered a trading halt while it plans and executes a capital raise.

The energy stock also disclosed it will acquire an interest in a project so it’s likely the upcoming funding will be put towards that or potential development and exploration costs.

No other details on the capital raise or on the acquisition have been released but the company expects to come out of the trading halt by no later than Tuesday, September 7.

In addition, Global Oil and Gas may soon commence on-ground studies at its wholly-owned EP 127 which is located in the Southern Georgina Basin in the Northern Territory.

This work was meant to begin during July but lockdowns and subsequent quarantine requirements caused delays. In an announcement made at the start of August, GLV said the work was rescheduled for early September.

Additional interests the company hold include a 20 per cent interest in two within Western Australia’s Goshawk-Canning Basin, and a 4 per cent stake in the Goshawk Squadron joint venture within WA.

Company shares last traded at 1.9 cents on Tuesday, September 2.

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