- Global Oil and Gas (GLV) has requested back-to-back trading halts ahead of a capital raise and potential project acquisition
- The Australian oil and gas explorer ended the June quarter with around $405,000 in the bank
- In its June quarterly report, Global Oil and Gas stated it will undertake a rights issue to fund its 2020 helium exploration program
- While the details of the acquisition are not yet known, the company has a specific focus on the Georgina Basin in the Northern Territory
- Before entering a trading halt this morning, company shares were trading 10 per cent higher at 1.1 cents
Global Oil and Gas (GLV) has requested back-to-back trading halts ahead of a capital raise and potential project acquisition.
The company’s shares will remain in a trading halt until the earlier commencement of trading on Friday, August 7, unless the announcement is made to the market earlier.
The Australian oil and gas explorer ended the June quarter with around $405,000 in the bank, which is a decrease from the $523,000 it ended the March quarter with.
In its June quarterly report, Global Oil and Gas stated it will undertake a rights issue to fund its 2020 helium exploration program. It hopes the not-yet-disclosed funding amount will support its exploration programs, the cost of the offer and general working capital.
While the details of the acquisition are not yet known, the company has a specific focus on the Georgina Basin in the Northern Territory.
Before entering a trading halt this morning, company shares were trading 10 per cent higher at 1.1 cents each.