- Prominence Energy (PRM) has entered a trading halt ahead of an upcoming capital raise
- Currently, it is unknown how much the company is aiming to raise and where the funds will be spent
- Company shares will be paused until Friday or when more details about the raise are released to the market
- Prominence is an oil and gas exploration and development company and is focused on its asset in Louisiana in the United States
- On the market, Prominence last traded for 0.9 cents per share on January 12
Prominence Energy (PRM) has entered a trading halt ahead of an upcoming capital raise.
So far, there are no details about how much the company is aiming to raise and where the funds will be spent.
Under the halt, Prominence shares will be paused until Friday, January 15, or when more details are released to the market.
Prominence is an oil and gas exploration and development company and is focused on its asset in the United States.
It’s Louisiana conventional oil project, known as Bowsprit, was purchased in 2017 with Pinnacle Exploration. However, last year, the company agreed to purchase Pinnacle’s interest and now owns 100 per cent of the project.
The Bowsprit leases are located around 70 kilometres southeast of New Orleans.
Prominence is planning to drill a vertical pilot hole to evaluate the prospective reservoirs at the project.
During the September quarter, the company burnt through $73,000 on operating actitives, which all went to staff, administration and corporate costs.
At the end of the quarter, Prominence had just over $1.2 million in the bank.
Company shares last traded for 0.9 cents per share on January 12.