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- Energy stock Norwest Energy (NWE) ends the week in a trading halt as it plans an upcoming capital raise
- There is no information on how much the company is aiming to raise or where the funds will be spent
- Under the halt, NWE shares will be paused until Tuesday, August 31, or when more information about the raise is released
- On the market, Norwest last traded at one cent per share
Norwest Energy (NWE) has entered into a trading halt as it plans an upcoming capital raise.
It is currently unknown how much the company is aiming to raise or where the funds will be spent.
Under the halt, NWE shares will be paused until Tuesday, August 31, or when more information about the raise is released.
Norwest Energy is focused on the Perth Basin and is headquartered in Perth, Western Australia.
Earlier this week, the company posted a drilling update from its Lockyer Deep-1 exploration well.
The company recently commenced to test a structure within the Permian deep gas play of the north Perth Basin.
Norwest said drilling had reached the intermediate casing point at a depth
of 3097 metres and elevated gas shows were evident at various depths.
On the market, Norwest last traded at one cent per share.
