Total
0
Shares
Norwest Energy (ASX:NWE) - Managing Director, Iain Smith - The Market Herald
Managing Director, Iain Smith
Source: Hot Copper
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Hydrocarbon explorer Norwest (NWE) has placed its shares in a trading halt ahead of an upcoming capital raise
  • NWE securities are expected to remain in a trading halt until a formal announcement is made about to the raise on or before January 20
  • The company has not yet indicated how much it hopes to raise or how the funds might be used
  • The Perth-based explorer had roughly $2.8 million sitting in cash as per its most recent cashflow report
  • Prior to the trading halt, NWE shares traded at 0.8 cents each

Hydrocarbon explorer Norwest (NWE) has placed its shares in a trading halt ahead of an upcoming capital raise.

NWE securities are expected to remain in a trading halt until a formal announcement is made pertaining to the raise on or before January 20.

It is unclear how much Norwest hopes to raise or how the funds might be used.

In an annual general meeting from November last year, the company highlighted progress made at its Lockyer Deep-1 prospect in the Perth Basin, hinting at the commencement of a drill program in the first half of 2021.

NWE also touted "significant Permian gas discoveries" at its West Erregulla and Beharra Springs Deep, upgrading the company's Lockyer Deep prospect further.

The Perth-based explorer had roughly $2.8 million sitting in cash as per its most recent cashflow report and says it is "debt-free" following the settlement of a convertible note with Sundowner International, as per its AGM presentation.

Prior to the trading halt, NWe shares traded at 0.8 cents each.

NWE by the numbers
More From The Market Herald
Real Energy (ASX:RLE) - Managing Director, Scott Brown - The Market Herald

" Merger of Real Energy (ASX:RLE) and Strata-X Energy (ASX:SXA) delayed

The proposed merger of Real Energy (RLE) and Strata-X Energy (SXA) has been delayed after the Federal Court of Australia requested further information.
Senex Energy (ASX:SXY) - CEO & Managing Director, Ian Davies - The Market Herald

" Senex Energy (ASX:SXY) concludes $87.5M Cooper Basin sale to Beach Energy (ASX:BPT)

Senex Energy (SXY) has wrapped up the $87.5 million sale of its Cooper Basin business to Beach Energy (BPT).
3D Oil (ASX:TDO) - CEO, Noel Newell - The Market Herald

" 3D Oil’s (ASX:TDO) Otway JV taps Shearwater for 3D seismic data purchase

3D Oil’s (TDO) Otway Basin joint venture has contracted a Shearwater GeoServices seismic vessel to acquire a large 3D seismic dataset from offshore
Australis Oil & Gas (ASX:ATS) - Chairman, Jon Stewart (Right) - The Market Herald

" Australis Oil & Gas (ASX:ATS) drums up $10M for TMS lease renewal

Australis Oil & Gas (ATS) is looking to raise more than $10 million to resume the leasing of mineral rights in the United