- Warrego Energy (WGO) enters a trading halt pending an upcoming capital raising
- The company will remain in the halt until June 28 or when more details regarding the raise are released, whichever occurs first
- On June 21, the company’s joint venture partner Strike Energy (STX) reported results from the WE5 well at the West Erregulla gas field in Western Australia
- Initial results show the well encountered 183 metres of Kingia Sandstone, 32 metres of net pay and porosities of up to 15 per cent
- Shares in Warrego last traded at 24.5 cents on June 23
Warrego Energy (WGO) has entered a trading halt pending an upcoming capital raising.
The company will remain in the halt until June 28 or when more details regarding the raise are released, whichever occurs first.
Warrego is yet to disclose how much it intends to raise or what it will use the funds for once received.
On June 21, the company’s joint venture partner Strike Energy (STX) reported results from the WE5 well at the West Erregulla gas field in Western Australia.
Initial results show the WE5 well encountered 183 metres of Kingia Sandstone with 32 metres of net pay and porosities of up to 15 per cent
Logging activities are ongoing and the reservoir above WE5 has been interpreted as above average regarding other gas discoveries in the North Perth Basin.
Once logging is complete, the well will be prepared for running the final production casing string which will then be cemented in place for flow testing.
Shares in Warrego last traded at 24.5 cents on June 23. The company has a $244.1 million market cap.