Join our daily newsletter At The Bell to receive exclusive market insights
- Global Oil and Gas (GLV) has entered a trading halt while it plans and executes a capital raise
- The energy stock is also acquiring an interest in a project which is likely where the upcoming funding will be put towards however this isn’t known for sure
- In addition, GLV may soon begin on-ground studies at its wholly-owned EP 127 in the Northern Territory after a two-month delay due to COVID-19 disruptions
- The company expects to come out of the trading halt by Tuesday, September 7 at the latest
- Company shares last traded at 1.9 cents on Tuesday, September 2
Global Oil and Gas (GLV) has entered a trading halt while it plans and executes a capital raise.
The energy stock also disclosed it will acquire an interest in a project so it’s likely the upcoming funding will be put towards that or potential development and exploration costs.
No other details on the capital raise or on the acquisition have been released but the company expects to come out of the trading halt by no later than Tuesday, September 7.
In addition, Global Oil and Gas may soon commence on-ground studies at its wholly-owned EP 127 which is located in the Southern Georgina Basin in the Northern Territory.
This work was meant to begin during July but lockdowns and subsequent quarantine requirements caused delays. In an announcement made at the start of August, GLV said the work was rescheduled for early September.
Additional interests the company hold include a 20 per cent interest in two within Western Australia’s Goshawk-Canning Basin, and a 4 per cent stake in the Goshawk Squadron joint venture within WA.
Company shares last traded at 1.9 cents on Tuesday, September 2.
