- Emperor Energy (EMP) enters a trading halt while it plans a capital raise
- The energy stock recently analysed seismic data from its Judith Gas Field in Victoria
- It seems the company has some development plans for the gas field but whether or not the capital raise will support that isn't yet clear
- Nevertheless, the market will only have to wait until Friday, June 18, at the latest to find out
- EMP last traded at 3.4 cents on Tuesday, June 15
Emperor Energy (EMP) has entered a trading halt while it plans a capital raise.
It isn't yet clear how much the energy stock plans to raise or what it will use the money for, but the market will only have to wait until Friday, June 18, at the latest to find out.
Last week, the company announced its team of geologists and geophysicists were analysing recently accessed data from a seismic survey that was conducted last year across Emperor's wholly-owned Judith Gas Field in Victoria.
Once the seismic data is interpreted, Emperor Energy plans to develop new structural mapping and a 3D view of each gas-bearing reservoir sand penetrated by the Judith-1 Discovery Well.
The data provides significant detail to define the Judith Gas Field and contributes to de-risking the proposed Judith-2 Well.
Whether or not the upcoming funding will support proposed drilling or further exploration at the Judith Gas Field is not yet known.
In April, Emperor Energy released its report for the March quarter which it closed off with $468,000 in cash and an estimated 1.92 quarters left of funding.
The company then stated that while it didn't have plans to raise capital at the time, it received strong interest from parties regarding some fresh capital for EMP.
EMP last traded at 3.4 cents on Tuesday, June 15.