- Stonehorse Energy (SHE) has entered a trading halt ahead of a capital raise
- The company will remain in the halt until February 10 or when an announcement is made
- On Thursday last week, Stonehorse and joint venture partner Brookside Energy (BRK) completed the second sale of oil from the Thelma 21-1 well in Oklahoma
- The second load of oil consisted of around 300 barrels and the sale was completed on January 20
- Looking at its finances, Stonehorse burnt $263,000 in the December quarter with the majority going towards administration and corporate costs
- As of December 31, Stonehorse had just over $1.5 million in funding available, enough to sustain 5.11 quarters of operations if spending levels remain the same
- Shares in Stonehorse last traded at 2.2 cents on February 5
Stonehorse Energy (SHE) has entered a trading halt ahead of a capital raise.
The company will remain in the halt until February 10 or when an announcement is made.
Stonehorse is yet to disclose how much it is intending to raise or what it will use the funds for once received.
On Thursday last week, Stonehorse and joint venture partner Brookside Energy (BRK) completed the second oil sale from the Thelma 21-1 well in Oklahoma.
The second load of oil consisted of around 300 barrels and the sale was completed on January 20.
Additionally, the reservoir is continuing to perform as expected, with oil being produced in a safe and efficient manner.
Looking at its finances, Stonehorse burnt through $263,000 in the December quarter, with the majority of funds going towards administration and corporate costs.
The company also invested $32,000 in exploration and evaluation.
As of December 31, Stonehorse had just over $1.5 million in funding available, enough to sustain 5.11 quarters of operations if spending levels remain the same.
Shares in Stonehorse last traded at 2.2 cents on February 5.