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- Norwest Energy (NWE) enters a trading halt due to an upcoming capital raise
- It is currently unknown how much the company is aiming to raise and where the funds will be spent
- Shares will be paused until Wednesday, April 6, or when further details of the capital raising are released to the market
- Last week, the company recorded one of the highest instantaneous gas flow rates onshore Australia at the Lockyer Deep-1 conventional gas discovery well
- On the market, NWE last traded at 3.8 cents
Norwest Energy (NWE) has entered a trading halt due to an upcoming capital raise.
It is currently unknown how much the company is aiming to raise and where the funds will be spent.
Shares will be paused until Wednesday, April 6, or until further details of the capital raising are released to the market.
Norwest Energy is a gas and oil exploration company with operations in the Perth basin.
At the end of the last quarter, it had $5.8 million in cash, which was estimated to last over five quarters.
Last week, the company recorded one of the highest instantaneous gas flow rates onshore Australia at the Lockyer Deep-1 conventional gas discovery well. It has now begun production testing operations at the well.
“The highest gas flow rate seen thus far in the Perth Basin gas play, a low level of impurities and with associated condensate providing a significant uplift in value,” Managing Director Iain Smith said last week.
“With planning under way for appraisal and additional exploration across our joint 1725-square-kilometre acreage position, this is just the start and bodes well for an exciting 2022.”
On the market, NWE last traded at 3.8 cents.
