- Metgasco (MEL) enters trading halt while it finalises plans for an upcoming capital raise
- So far, it is not known how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Tuesday, February 22, or when further details about the raise are released to the market
- Earlier this month, the company said it was set to spud the Cervantes-1 well located in the Perth Basin
- On the market, Metgasco last traded at 3.1 cents per share
Metgasco (MEL) has entered into a trading halt as it plans for an upcoming capital raise.
It is currently not known to the market how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Tuesday, February 22, or when further details about the raise are released to the market.
Metgasco is a petroleum exploration and production company, with a focus on the onshore Australian Cooper/Eromaga and Perth Basins.
Earlier this month, the company said it was set to spud the Cervantes-1 well located in the Perth Basin with a drill rig and all approvals secured, as the price of oil hits a seven-year high.
The Cervantes-1 well is to be drilled by the L14 Cervantes Joint Venture in which Metgasco, the project manager, is earning its 30 per cent stake by funding 50 per cent of the costs.
On the market, Metgasco last traded at 3.1 cents per share.