- Triangle Energy (TEG) enters a trading halt regarding a potential capital raise
- It isn’t clear how much the oil producer will raise nor how it plans to spend the money once received
- Earlier this week, the company began a seismic survey over two partially-owned permits within the Perth Basin
- Details of the capital raise are expected when Triangle comes out of the trading halt by Monday, May 2
- The company’s shares last traded at 1.5 cents on April 27
Triangle Energy (TEG) has entered a trading halt regarding a potential capital raise.
The company placed its shares in the halt until Monday, May 2 when the details of the capital raise will be released. At this stage, there isn’t any information on how much the energy stock will raise nor how it will spend the funds.
Earlier this week, Triangle Energy announced that a 3D seismic survey had commenced at two permits in the Perth Basin.
The permits include the highly prospective L7 Permit, 50 per cent owned by Triangle Energy and 50 per cent owned by Key Petroleum (KEY), and the EP437 Permit.
Triangle signed a sales and purchase agreement with ASX-listed Pilot Energy (PGY) to acquire its 13.058 per cent interest in the adjacent EP437 Permit.
The oil producer sees this as a first step towards having a full ownership in the permit, when the acquisition of the remaining 86.942 per cent from Key Petroleum is complete.
The seismic recording is expected to begin in early May and will take up to six weeks to complete
Triangle Energy is also yet to release its report for operations and expenditure in the March quarter.
The company’s shares last traded at 1.5 cents on April 27.