Join our daily newsletter At The Bell to receive exclusive market insights
- Energy company Pancontinental Oil & Gas (PCL) has entered the week in a trading halt ahead of an upcoming capital raise
- Currently, there are no details on how much the company is aiming to raise or where the funds will be spent
- PCL shares will be paused until Wednesday, February 17, or when the company releases further details on the capital raise
- At the end of the December quarter, PCL had a cash balance of $343,000
- PCL last traded for 0.1 cents per share on February 12
Pancontinental Oil & Gas (PCL) has entered a trading halt ahead of an upcoming capital raise.
So far, there are no details on how much the company is aiming to raise and where the funds will be spent.
Under the halt, PCL shares will be paused until Wednesday, February 17, or when the company releases further details on the capital raise.
PCL is an ASX-listed exploration company targeting conventional oil and gas projects, with key assets in Namibia and Queensland.
Last month, the company released its half year report for the 2021 financial year. Over the period, PCL burnt through $157,000 on operating activities and $16,000 on investing activites.
At the end of the period, PCL had a cash balance of $343,000.
In Queensland, operator of PCL’s Cooper Basin assets, Key Petroleum, is navigating through COVID-19 restrictions and associated risks with remote communities to organise Heritage Surveys in the potential well location.
While over at Namibia, exploration and evaluation work continues at PCL’s two Namibian properties.
On the market, PCL last traded for 0.1 cents per share on February 12.
