Artist & Entertainment Group (ASX: AEM) is preparing the finalisation and execution of documentation regarding the Wailawi Oil and Gas Project, with the ASX granting the company a trading halt this morning - with its shares placed in pre-open.
AEM is focused on securing a significant interest in the Wailawi project, which is located in Indonesia.
The Wailawi Project was discovered in 1975 and brought into production in 1979 producing gas from just four wells, with peak production reaching 18 million cubic feet of gas per day in 1985. An additional two more wells were drilled in 1986 with production continuing until 1999.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 8th May 2013.
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