Oilex (LON:OEX) shares dropped around 8% in early deals on Wednesday as investors anticipate funding news.
A statement today revealed the company had requested a halt to trading in its Australian shares “pending the outcome of a proposed capital raising”.
Trading may not resume in the Aussie listed securities until the end of the week.
“Oilex requests the trading halt remain in place until the earlier of such time as it is in a position to make an announcement in relation to the outcome of the proposed capital raising and the commencement of trading on Friday 3 July,” the company said in the statement.
On AIM, Oilex shares were down 0.25p, 8.3%, trading at 2.75p each.
Monday brought the news that gas sales had begun from Oilex’s flagship Cambay field in India.
Production begun with the Cambay-73 well, which came online with indications that it could potentially exceed expectations.
Output is expected to ramp-up with the ongoing development of the Cambay field; which will see the 77-H well come online, and five additional work-over wells. Gas production is also expected from the start-up of the Bhandut 3 well.
Oilex is targeting ‘cash flow positive operations’ in India by the end of 2015.