- Red Sky Energy (ROG) has begun the week in a trading halt as it plans to undertake a capital raising
- The company will remain in the halt until the earlier of January 20 or when an announcement is made
- Red Sky last entered a trading halt in early November in regards to a $4 million capital raise
- The funds were raised via a rights issue which saw existing shareholders receive one new share for every existing one held
- Once received, the money was used to secure Beach Energy’s (BPT) interest in the Killanoola oil project in South Australia
- The Killanoola oil field was discovered in 1998 and flow tests have shown it can produce up to 300 barrels of oil per day
- Shares in Red Sky last traded at 0.2 cents on January 6
Red Sky Energy (ROG) has begun the week in a trading halt as it plans to undertake a capital raising.
The company will remain in the halt until the earlier of January 20 or when an announcement is made.
Red Sky is yet to disclose how much it intends to raise or what it will use the funds for, once received.
The company last entered a trading halt in early November in regards to a $4 million capital raise.
The funds were raised via a rights issue which saw existing shareholders receive one new share for every existing one held.
The rights issue was originally meant to close on December 4 but was pushed back to December 18 as some shareholders had not received the documents due to mail delays.
Once received, the money was used to secure Beach Energy’s (BPT) interest in the Killanoola oil project in South Australia and redeveloping the project once the interest has been received.
The Killanoola oil field was discovered in 1998 from the Killanoola-1 well and flow tests have shown it can produce up to 300 barrels of oil per day.
Shares in Red Sky last traded at 0.2 cents on January 6. The company has a $4.86 million market cap.