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- Metgasco (MEL) has entered a trading halt ahead of an upcoming capital raise
- Company shares will be paused until Monday, July 20 or when the company releases information about the raise to the market
- Today, the company announced it has completed the first stage for the fracture stimulation program at Vali-1 ST1 well
- Metgasco shares last traded for 3.3 cents each on July 16
Metgasco (MEL) has entered a trading halt ahead of an upcoming capital raise.
Company shares will be paused until Monday, July 20 or when the company releases information about the raise to the market. It is unsure how much Metgasco is raising and what for.
Today, the company and its joint venture partners, Vintage Energy (VEN) and Bridgeport, announced that the first fracture stimulation stage for the Vali-1 ST1 well has been completed. MEL says the first stage was conducted in the deepest formation of Tirrawarra sandstone.
Now, this section will be cleaned out before the second feature stimulation stage will begin.
The fracture stimulation program is a six-stage scheme, with the remaining five stages scheduled to take place in just the Patchawarra formation.
The companies only started the program earlier this month. The aim of the program is to measure the gas flow rates from the Patchawarra Formation and the Tirrawarra sandstone, as well as record the down-hole reservoir pressure and individual zonal gas flow contribution.
Metgasco shares last traded for 3.3 cents each on July 16.
