- Pancontinental Oil & Gas (PCL) enters into a trading halt as it plans an upcoming capital raise
- It is unknown how much the company is aiming to raise or where the funds will be spent
- Under the halt, company shares will be paused until Thursday, August 18, or when more information is released to the market
- On the market, PCL last traded at 0.2 cents per share
Pancontinental Oil & Gas (PCL) has entered into a trading halt as it plans an upcoming capital raise.
So far, it is unknown how much the company is aiming to raise or how the funds will be spent.
Under the halt, company shares will be paused until Thursday, August 18, or when more information is released to the market.
Pancontinental is an exploration company targeting conventional oil and gas projects, with key assets in Namibia and Queensland.
In Namibia, PCL holds 75 per cent and is the operator of PEL 87 in the Orange Basin. Namibia has an encouraging oil and gas regime and it is economically and stable.
Over in Queensland, PCL has purchased Copper Basin assets in the recent years. The original idea was to seek shorter term projects with near term activity that would complement its assets in Namibia.
However, delays have been encountered due to the COVID-19 pandemic and a number of natural disasters.
On the market, PCL last traded at 0.2 cents per share.